IPAA 2004 Oil and Gas Investment Symposium Richard A. Bachmann Founder, Chairman, President and CEO Bruce R. Sidner Executive Vice President - Exploration New York, NY April 2004

2003 Report Card Grew production 23% organically Reached record highs for revenue, net income, and discretionary cash flow Replaced 130% of production, exclusively through the drill bit Achieved $11.19/boe drill bit finding and development cost Drilled 21 exploratory wells; 81% exploratory success rate Lowered lease operating expense to $4.77/Boe Strengthened balance sheet Doubled public float

2004: Continuing the Momentum Increased capital budget 14% to $125 million Planning 26 to 30 exploratory wells and 6 to 8 development wells 4 successful exploratory wells to date in 2004; 1 well drilling High bid on 8 blocks at March 2004 Central Gulf Lease Sale 5% - 10% annual production growth guidance $104 million in cash plus $60 million credit facility at year-end 2003

Geographic Focus: Gulf of Mexico Shelf NEW ORLEANS HOUSTON Grand Isle West Delta South Pass Green Canyon Main Pass High Island Garden Banks Ewing Bank Mississippi Canyon East Breaks Eugene Island S. Marsh Island Vermilion Ship Shoal South Timbalier East Cameron West Cameron High Island East Atwater Lund Walker Ridge Keathly Canyon Alaminos Canyon South Padre Island North Padre Port Isabel Corpus Christi Mustang Matagorda Brazos Galveston 12/31/03 Reserves 49.8 Mmboe 12/31/03 Reserves/Production 6.5 years 12/31/03 % Gas Reserves 45% 2003 % Gas Production 62% 2004 Production Guidance 22,200 – 23,200 Boe/day GREATER BAY MARCHAND EAST BAY EPL Interests March 2004 Lease Sale High Bid (8 Blocks)

2003 Exploratory Program: 81% Success Rate NEW ORLEANS HOUSTON Grand Isle West Delta South Pass Green Canyon Main Pass High Island Garden Banks Ewing Bank Mississippi Canyon East Breaks Eugene Island S. Marsh Island Vermilion Ship Shoal South Timbalier East Cameron West Cameron High Island East Atwater Lund Walker Ridge Keathly Canyon Alaminos Canyon South Padre Island North Padre Port Isabel Corpus Christi Mustang Matagorda Brazos Galveston Exploratory Wells Successful Wells (17) EC 44 #2 100% WI BM2 - Eyeball 44% WI Unsuccessful Wells (4) EC 44 #1 33% WI ST 26 - Mossy Creek 100% WI Production Timing 8 Currently Producing 3 Expected 1H2004 6 Expected 2H2004 GI 20 94% WI HI 55L #4 35% WI ST 41 – Rock Creek 60% WI EI 142 17% WI Mesa Verde E. 67% WI EAST BAY GREATER BAY MARCHAND HI 55L #6 35% WI BA 495S 50% WI EC 161 100% WI EC 280 50% WI EC 378 33% WI EB - Glacier 50% WI SMI 109 #1 27% WI EB - Grizzly 63% WI EI 145 33% WI SMI 109 #2 27% WI EPL Interests Blocks SMI 109 #3 27% WI ST 185 80% WI

Track Record of Drill-Bit Success Reserve Replacement 2003: EPL vs. GOM Peers* 2003 Drill-Bit: 130% Drill-Bit since inception: 134% EPL Average 112% Cost per Boe 2003: EPL vs. GOM Peers* 2003 Drill-Bit: $11.19 Drill-Bit since inception: $11.57 Average $16.49 EPL *Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

All-In Reserve Replacement and Cost 4 Year Average: EPL vs. GOM Peers* All-in 4 year average: 309% All-in since inception: 327% EPL Average 225% Cost per Boe 4 Year Average: EPL vs. GOM Peers* All-in 4 year average: $8.13 All-in since inception: $7.97 Average $11.54 EPL *Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

Capital Deployment – Drilling and Acquisitions (MM) $140 120 100 $50.0 $124.0 $119.9 80 $47.6 $66.2 60 $18.3 $29.0 40 $75.0 $55.9 $44.8 $45.7 20 $39.1 2000 2001 2002 2003 2004E Total $183.0 $103.5 $192.1 $111.9 $125.0 Development Exploration Acquisitions

Exploitation/Development 2004 Capital Budget 2004 Budget 2004 Risk Profile Lease Bonus G&G High Potential Exploration Moderate Risk Exploration Platforms/ Facilities Exploration $5.0 $5.0 $25.0 15% 25% $40.0 $50.0 60% Development Low Risk Exploitation/Development 2004 Total - $125 million

Executive Vice President - Exploration Bruce R. Sidner Executive Vice President - Exploration

2004 Expanded Exploratory Program NEW ORLEANS HOUSTON Grand Isle West Delta South Pass Green Canyon Main Pass High Island Garden Banks Ewing Bank Mississippi Canyon East Breaks Eugene Island S. Marsh Island Vermilion Ship Shoal South Timbalier East Cameron West Cameron High Island East Atwater Lund Walker Ridge Keathly Canyon Alaminos Canyon South Padre Island North Padre Port Isabel Corpus Christi Mustang Matagorda Brazos Galveston Exploratory Wells West White Lake 50% WI Currently Drilling (1) WC 145 #1 43% WI SM1 100% WI Successful Wells (4) SM2 100% WI HI 87 #1 100% WI EC 43 #1 100% WI East Buck Point 25% WI ST 42 #1 60% WI Scheduled (23) ST 41 #2 60% WI WD 51 #1 100% WI HI 55L #5 35% WI ST 46 #1 100% WI NEW ORLEANS WD 53 #1 100% WI HI A-6 #13 17% WI HOUSTON EC 111 #1 50% WI WC 242 #1 75% WI GREATER BAY MARCHAND MI 639 #1 100% WI EAST BAY EC 161 #A-3 100% WI ST 41 #3 60% WI VM 237 #1 100% WI EI 248 #1 100% WI SMI 109 #A-4 27% WI EI 277 #A-1 50% WI EI 277 #2 50% WI SP27 #98ST 100% WI EC 378 #3 ST5 33% WI ST 180 #A-7 100% WI EI 277 #A-3 ST 50% WI Total program gross unrisked reserve potential > 600 Bcfe

South Timbalier 41, 42 & 46 EPL WI – 60% - 100% Operator – EPL GREATER BAY MARCHAND GI 26 GI 27 ST 41 ST 42 Rock Creek 6 5 4 BM 3 BM 2 (High bid OCS Lease Sale March 17, 2004) GI 37 GI 36 20 21 ST 22 ST 23 ST 24 38 39 EPL #2 Location 29 28 ST 27 ST 26 25 49 48 EPL #3 Location 38 39 ST 40 ST 41 ST 42 42 50 51 47 ST 46 45 44 42 61 60 #1 WORKING INTEREST DRILL TO EARN S N HIGH BID ACREAGE EPL WI – 60% - 100% Operator – EPL Water depth – 60’ 4 exploratory wells in 2004 O4

East Bay – Mesa Verde Area & Peregrine MESA VERDE NORTH TD 13,900’ WHALE TD 13,347’ EAST BAY MESA VERDE WEST Prop. Loc. PTD 16,000’ MESA VERDE EAST TD 13,900’ BHL PTD 16,000’ PTD 16,000’ MESA VERDE TD 13,750’ PEREGRINE ORIGINAL EAST BAY ACQUISITION ADDITIONAL ACREAGE SINCE ACQUISITION PEREGRINE Spud on February 21st, 2004 On production March 20th Current rate: 12 Mmcf/d, 720 Boc/d

Eugene Island 277 EPL WI – 50% Operator – EPL Water depth – 160’ Partners – Cabot, Palace EPL A-3 BN-2 Sand A-1 BN-7 Sand A-2 BN-2 BN-9 Sand BN-7 BN-9 BN-10 Sand A-1ST BN-10 Bul I-1 Sand A-3 Bul-I1

West Cameron 145 Lower Rob M Sand Operator – EPL EPL WI – 42.5% Partners – Hunt Pet., Vintage 8/8ths unrisked potential – 60 Bcf Shipping Fairway WC 146 WC 145 WC 144 Seismic Line #1 Prop. Loc. PTD 15,900’ TVD WC 171 WC 172 Shipping Fairway WC 173

Founder, Chairman, President and CEO Richard A. Bachmann Founder, Chairman, President and CEO

Discretionary Cash Flow(2) Financial Performance Revenues(1) Net Income $250 $40 $200 $33.3 $20 $150 $229.7 $12.0 $100 $0 -$8.8 $144.1 $134.1 $50 $100.9 -$18.7 -$20 $0 2000 2001 2002 2003 2000 2001 2002 2003 -$40 Discretionary Cash Flow(2) LOE/Boe $8.00 $6.00 $4.00 $150.2 $6.46 $6.21 $5.49 $4.77 $83.1 $60.0 $2.00 $55.7 $0.00 2000 2001 2002 2003 (1) Oil and natural gas revenues (2) See reconciliation in appendix

Flexible Capital Structure December 31, 2003 ($ in millions) Cash $104.4 Revolver ($60 million borrowing base) 0.1 8.75% Senior Notes due 2010 150.0 Other Debt 0.3 Total Debt $150.4 Stockholders’ Equity 261.5 Total Capitalization $411.9 Debt/Total Capitalization 37% Net Debt/Total Capitalization 11% Net Debt/Proved Reserves ($/Boe) $0.92 Debt/LTM EBITDAX 0.95 (1) (2) (2) (3) Moody’s Rating B2; S&P Rating B+ Net debt equals total debt less cash See EBITDAX reconciliation in appendix

Creating Value: Reserve and Production Growth Reserves Production Natural Gas Natural Gas Oil Oil (Mmboe) (Boe per day) 22,200 - 23,200 ? 49.8 47.5 21,100 45% 45% 62% 35.7 35.8 17,200 16,100 53% 23% 29% 36% 77% 10,250 55% 55% 71% 26% 64% 47% 74% 38% 2000 2001 2002 2003 2004E 2000 2001 2002 2003 2004E

Investment Highlights Focus on Gulf of Mexico Shelf Excellent drilling track record Experienced management team 26+ exploratory wells planned for 2004 Demonstrated value creation through acquisitions Multi-year inventory of drilling opportunities Strong balance sheet; capacity for acquisitions

Corporate Information Richard A. Bachmann Founder, Chairman, President And Chief Executive Officer Suzanne V. Baer Executive Vice President Chief Financial Officer John H. Peper General Counsel and Corporate Secretary Bruce R. Sidner Exploration Forward-Looking Statements The information contained in our presentation and materials is our sole property and any use or copying shall be with our permission.   Any statements made in our presentation or materials, other than those of historical fact, about an action, event or development, which we believe or anticipate, may or will occur in the future, are “forward-looking statements” under the US securities laws. Such statements are subject to various assumptions, risks and uncertainties, which are specifically described in our annual report on Form 10-K for fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance or an assurance that the Company’s current assumptions and projections are valid. Actual results may differ materially from those projected. Principal Corporate Office 201 St. Charles Avenue Suite 3400 New Orleans, LA 70170 Phone (504) 569-1875 Fax (504) 569-1874 Web www.eplweb.com Investor Relations Contacts Al Petrie (504) 799-1953 alpetrie@eplweb.com Charles Meade (504) 799-4814 cmeade@eplweb.com

IPAA 2004 Oil and Gas Investment Symposium Richard A. Bachmann Founder, Chairman, President and CEO Bruce R. Sidner Executive Vice President - Exploration New York, NY April 2004