Exhibit 99.1

		News Release		Energy Partners, Ltd.
				201 St. Charles Avenue, Suite 3400
				New Orleans, Louisiana 70170
				(504) 569-1875

EPL Announces Fourth Quarter and Year-End Results for 2010

New Orleans, Louisiana, March 03, 2011…Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today reported financial and operational results for the fourth quarter and full year 2010.

Highlights

Financial Results

Revenue for the fourth quarter of 2010 was $54.7 million, compared to $56.8 million for the same period a year ago, resulting from higher oil revenues from higher realized oil prices offset by lower gas revenues from the decline in gas production resulting from the Company’s focus on oil-weighted development projects during 2010 and lower realized gas prices. The benefit from the Company’s focus on oil-weighted projects, coupled with increased oil prices, resulted in full year 2010 revenues increasing 25% to $239.9 million versus $191.6 million for full year 2009.

For the fourth quarter of 2010, EPL reported a net loss to common stockholders of $1.1 million, or $0.03 per diluted share, compared to a net loss of $21.0 million, or $0.53 per diluted share for the same period a year ago. The net loss for the fourth quarter of 2010 was attributable to $4.8 million of non-cash unrealized losses on derivative instruments and $2.1 million of non-cash costs attributable to property impairments. Excluding the impact of these non-cash items, EPL’s adjusted fourth quarter net income, a non-GAAP measure, would have been $3.1 million, or $0.08 per diluted share.

For full year 2010, the net loss was $8.5 million, or $0.21 per diluted share. The net loss for 2010 included non-cash and non-recurring items, including $26.1 million of non-cash impairments and $5.6 million of non-recurring costs from the extinguishment of debt, offset by $3.5 million of non-cash unrealized gains on derivative instruments. Excluding the impact of these non-cash items, EPL’s adjusted full year 2010 net income, a non-GAAP measure, would have been $10.1 million, or $0.25 per diluted share.

Due to the Company’s Chapter 11 reorganization and emergence from bankruptcy in September 2009 and the application of fresh-start accounting as of September 30, 2009, the results of operations for the full year 2009 are not comparable to full year 2010.

For the fourth quarter of 2010, EBITDAX was $34.0 million and discretionary cash flow was $33.8 million (see reconciliation of EBITDAX and discretionary cash flow in the tables). Cash flow from operating activities in the fourth quarter of 2010 was $30.4 million, compared with $16.9 million in the same quarter a year ago.

For full year 2010, EBITDAX and discretionary cash flow totaled $148.8 million and $132.5 million, respectively. Cash flow from operating activities in 2010 totaled $127.4 million.

Gary C. Hanna, the Company’s CEO, stated, “I am pleased with our execution on our stated goals for 2010 which included increasing our cash flow through converting non-producing proved reserves and becoming a cost leader amongst our peers, together with a host of other operational initiatives. We have established a solid operational and financial foundation that will serve us well as we now seek to prudently grow this Company. We will continue to exploit our focus areas through capital efficient development and begin unlocking the upside potential within our asset base through the drillbit. Our recently closed shallow water GOM acquisition is a meaningful first step in our targeted acquisition strategy, and we will maintain financial discipline as we continue to explore additional growth opportunities.”

Production and Price Realizations

Production for the fourth quarter of 2010 averaged 11,524 Boe per day. Oil production averaged 5,764 barrels of oil per day and natural gas production averaged 34.6 million cubic feet (Mmcf) per day. Fourth quarter 2010 production volumes were lower than fourth quarter 2009 production volumes of 13,712 Boe per day, primarily as a result of a decrease in gas production as the Company focused on oil-weighted development activities during the year. Price realizations, all of which are stated before the impact of derivative instruments, averaged $80.28 per barrel of oil and $3.81 per thousand cubic feet (Mcf) of natural gas in the fourth quarter of 2010, compared to $68.03 per barrel of oil and $4.42 per Mcf of natural gas in the fourth quarter of 2009.

Full year 2010 production was 13,482 Boe per day compared to 2009 production averages of 14,899 Boe per day. Price realizations, all of which are stated before the impact of derivative instruments, averaged $72.80 per barrel of oil and $4.49 per Mcf of natural gas in 2010, compared to $55.07 per barrel of oil and $3.99 per Mcf of natural gas in 2009.

Operating Expenses

Lease operating expenses (LOE) for the fourth quarter totaled $11.4 million, or $10.74 per Boe, while general and administrative expenses (G&A) were $4.2 million, or $3.97 per Boe. Reported general and administrative expenses include non-cash stock based compensation of $0.3 million recorded in the fourth quarter of 2010. LOE for full year 2010 totaled $52.4 million, or $10.64 per Boe, while G&A expenses were $18.1 million, or $3.67 per Boe, for the same period. Reported G&A expenses for full year 2010 include non-cash stock based compensation of $1.3 million.

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Lower LOE was realized in the fourth quarter and full year of 2010 compared to periods before the Company’s restructuring through efforts to reduce costs by implementing transportation efficiencies, workforce alignment, and gaining execution efficiencies from streamlined planning and coordination efforts, as well as lower service industry costs. Lower G&A expenses included significant reductions in the Company’s non-technical workforce and office space, reductions in the use of third party contractors and consultants, and lower corporate governance costs.

Capital Expenditures and P&A Operations

For full year 2010, costs incurred for development and exploration activities totaled approximately $57.7 million (see reconciliation in the tables). During the year, the Company completed 29 operations, including 8 successful sidetracks and drillwells and 14 successful workover operations, with a 76% success rate.

In addition, the Company spent approximately $14.5 million in 2010 for largely discretionary plugging and abandonment and other decommissioning activities performed during the year, which will serve to reduce maintenance and insurance costs.

Liquidity and Capital Resources

As of December 31, 2010, the Company had unrestricted cash on hand of $33.6 million and $8.5 million of restricted cash. EPL had zero debt as of the end of December 2010. As recently announced in February of this year, EPL closed on its acquisition of producing Gulf of Mexico (GOM) shelf properties from Anglo-Suisse Offshore Partners, LLC for $200.7 million in cash, subject to customary adjustments to reflect the January 1, 2011 economic effective date (the Acquisition). In order to finance the Acquisition, the Company also closed its previously announced offering of $210 million aggregate principal amount of 8.25% Senior Notes due 2018. Concurrently, the Company entered into a new $250 million credit facility with $150 million of undrawn revolving capacity. At the end of February 2011, EPL estimates its current cash on hand at approximately $35 million for total estimated liquidity of $185 million.

Year-End 2010 Reserves

EPL’s proved reserves at year-end 2010 stood at 17.2 million barrels of oil and 61.3 billion cubic feet of natural gas, or 27.4 million Boe. EPL’s proved reserves at year-end 2010 were 63% oil and 37% natural gas, and 93% were classified as proved developed. In 2010, the Company produced 4.9 million Boe, added 0.7 million Boe from its limited exploration and development program, and recorded 0.5 million Boe in positive revisions to its proved reserves. As stated above, the Company’s total costs incurred for exploration and development in 2010 was modest at $57.7 million.

The present value of the future net cash flows before income taxes of the Company’s estimated proved oil and natural gas reserves at the end of 2010 using a discount rate of 10% (PV-10) was approximately $413 million as calculated in accordance with SEC guidelines and pricing. The 2010 value was determined based on computed prices of $77.85 per barrel of oil and $4.54 per Mcf of natural gas. Using NYMEX forward prices as of February 23, 2011, the year-end 2010 PV-10 would have been approximately $674 million. (PV-10 is a non-GAAP measure; see discussion of PV-10 in the appendix).

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As of December 31, 2010, the recently acquired GOM shelf properties had estimated proved reserves of approximately 8.1 million barrels of oil equivalent (Mmboe), of which 84% were oil and 76% were proved developed reserves. Pro forma for the Acquisition estimated proved reserves increased 30% percent to 35.5 Mmboe from 27.4 Mmboe as of December 31, 2010. Of these pro forma proved reserves, 68% were oil and 89% were proved developed reserves.

Pro forma for the Acquisition, the present value of the future net cash flows before income taxes of the Company’s estimated proved oil and natural gas reserves at the end of 2010 using a discount rate of 10% (PV-10) was approximately $632 million as calculated in accordance with SEC guidelines and pricing. Using NYMEX forward prices as of February 23, 2011, the year-end 2010 pro forma PV-10 would have been approximately $1,007 million. (PV-10 is a non-GAAP measure; see discussion of PV-10 in the appendix).

All of the Company’s proved reserve figures are based upon third party engineering estimates prepared by Netherland, Sewell & Associates, Inc. and Ryder Scott Company, L.P.

Acreage

At year-end 2010, EPL’s gross developed leasehold acreage totaled 121,127 acres and gross acreage totaled 345,535 acres. Net developed leasehold acreage and total net leasehold acreage were 85,655 and 219,594 acres, respectively. Eighty-five percent of the combined undeveloped and developed net leasehold acreage is located on the GOM shelf, and the remaining 15% is located in the deepwater GOM. Pro forma for the Acquisition, EPL’s gross and net developed leasehold totaled 169,233 acres and 123,057 acres, representing a 40% and 44% increase respectively.

Current Operations

The Company has recently announced its 2011 capital budget of $110 to $125 million, $80 million of which is allocated to development of its existing GOM shelf asset base primarily in the East Bay and South Timbalier field areas, $20 million on exploration projects, and an additional $10 to $25 million on development projects within its recently acquired shelf assets. The Company also plans to spend approximately $17 million in 2011 on plugging and abandonment and other decommissioning activities.

Gary Hanna, EPL’s CEO concluded, “Our recently closed shallow water GOM acquisition is a meaningful first step towards growth and consists of three oil-weighted complexes that ideally complement our core assets. These properties contain high quality, low cost recompletion opportunities with the added benefit of upside drilling potential. We have operationally integrated these centrally located, shallow water fields, and our technical team is working on refining our immediate development plans for the properties. We are forecasting ample free cash flow this year to fund our increased capital program planned for this year, with EBITDAX projected to be in excess of $225 million. Post transaction, our debt metrics remain well below our peer group, our cost of capital is low and we have enhanced our growing liquidity through our expanded but unused new credit facility.”

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First Quarter and Full Year 2011 Guidance

Conference Call Information

EPL has scheduled a conference call for today, March 3, 2011 at 9:00 A.M. Central Time/10:00 A.M. Eastern Time, to review results for the fourth quarter and full year 2010. To participate in the EPL conference call, callers in the United States and Canada can dial (877) 312-8237 and international callers can dial (706) 634-0487. The Conference I.D. for callers is 47937269.

The call will be available for replay beginning two hours after the call is completed through midnight of March 17, 2011. For callers in the United States and Canada, the toll-free number for the replay is (800) 642-1687. For international callers the number is (706) 645-9291. The Conference I.D. for all callers to access the replay is 47937269.

The conference call will be webcast live and for on-demand listening at the Company’s web site, www.eplweb.com. Listeners may access the call through the “Conference Calls” link in the Investor Relations section of the site. The call will also be available through the CCBN Investor Network.

Description of the Company

Founded in 1998, EPL is an independent oil and natural gas exploration and production company based in New Orleans, Louisiana, and Houston, Texas. The Company’s operations are concentrated in the U.S. Gulf of Mexico shelf, focusing on the state and federal waters offshore Louisiana. For more information, please visit www.eplweb.com.

Investors/Media

T.J. Thom, Chief Financial Officer

504-799-1902

tthom@eplweb.com

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Forward-Looking Statements

This press release may contain forward-looking information and statements regarding EPL. Any statements included in this press release that address activities, events or developments that EPL “expects,” “believes,” “plans,” “projects,” “estimates” or “anticipates” will or may occur in the future are forward-looking statements. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include: changes in general economic conditions; uncertainties in reserve and production estimates; unanticipated recovery or production problems; hurricane and other weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas gathering systems, pipelines and processing facilities; changes in legislative and regulatory requirements concerning safety and the environment as they relate to operations; oil and natural gas prices and competition; the impact of derivative positions; production expenses and expense estimates; cash flow and cash flow estimates; future financial performance; planned and unplanned capital expenditures; drilling and operating risks; our ability to replace oil and gas reserves; risks and liabilities associated with the properties to be acquired in the acquisition; volatility in the financial and credit markets or in oil and natural gas prices; and other matters that are discussed in EPL’s filings with the Securities and Exchange Commission. (http://www.sec.gov/).

Appendix

PV-10 Definition and Discussion

PV-10 may be considered a non-GAAP financial measure as defined by the SEC. We believe that the presentation of PV-10 is relevant and useful to our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. Because the standardized measure is dependent on the unique tax situation of each company, our calculation may not be comparable to those of our competitors. Because of this, PV-10 can be used within the industry and by creditors and securities analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

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ENERGY PARTNERS, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

EBITDAX is defined as net income (loss) before income taxes, net interest expense, depreciation, depletion, amortization and accretion, impairments, loss on extinguishment of debt, exploration expenditures and dry hole costs, loss (gain) on abandonment activities and cumulative effect of change in accounting principle, and further deducts reorganization items, loss on discharge of debt and fresh-start adjustments and the unrealized gain or loss on our derivative contracts. We have reported EBITDAX because we believe EBITDAX is a measure commonly reported and widely used in our industry as an indicator of a company’s ability to internally fund exploration and development activities and incur and service debt. EBITDAX is not a calculation based on generally accepted accounting principles (GAAP) in the United States and should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Investors should carefully consider the specific items included in our computation of EBITDAX. Investors should be cautioned that EBITDAX as reported by us may not be comparable in all instances to EBITDAX as reported by other companies. In addition, EBITDAX does not represent funds available for discretionary use.

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ENERGY PARTNERS, LTD.

CONSOLIDATED STATEMENTS OF NET CASH PROVIDED BY

OPERATING ACTIVITIES

(In thousands)

(Unaudited)

The table above reconciles discretionary cash flow to net cash provided by operating activities. Discretionary cash flow is defined as cash flow from operations before changes in working capital and exploration expenditures. Discretionary cash flow is widely accepted as a financial indicator of an oil and natural gas company's ability to generate cash which is used to internally fund exploration and development activities, pay dividends and service debt. Discretionary cash flow is presented based on management's belief that this non-GAAP financial measure is useful information to investors because it is widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. Many investors use the published research of these analysts in making their investment decisions. Discretionary cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities, as defined by GAAP, or as a measure of liquidity, or an alternative to net income. Investors should be cautioned that discretionary cash flow as reported by the Company may not be comparable in all instances to discretionary cash flow as reported by other companies.

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ENERGY PARTNERS, LTD.

SELECTED PRODUCTION, PRICING AND OPERATIONAL STATISTICS

(Unaudited)

NM - not meaningful due to application of fresh-start accounting.

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ENERGY PARTNERS, LTD.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

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ENERGY PARTNERS, LTD.

SUPPLEMENTAL OIL & GAS DISCLOSURE

(Unaudited)

Costs incurred for oil and natural gas property acquisition, exploration and development activities for the two-years ended December 31 are as follows (in thousands):

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