Exhibit 99.1

EPL Announces Second Quarter and First Half Results for 2011

New Orleans, Louisiana, August 3, 2011…Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today reported financial and operational results for the second quarter and first half of 2011.

Highlights

Financial Results

Revenue for the second quarter and first half of 2011 was $92.8 million and $160.0 million, respectively. Revenue for the second quarter and first half of 2011 increased 60% and 24% versus prior periods, respectively, resulting from significantly higher oil production averages and realized oil prices.

For the second quarter of 2011, EPL reported net income to common stockholders of $25.0 million, or $0.62 per diluted share. The net income for the second quarter of 2011 included $18.9 million ($11.7 million, net of deferred income taxes) of non-cash or non-recurring items, primarily non-cash unrealized gains on derivative instruments of $23.3 million ($14.5 million, net of deferred income taxes). Excluding the impact of these items, EPL’s adjusted second quarter net income, a non-GAAP measure, would have been net income of $13.3 million, or $0.33 per diluted share.

For the six months ended June 30, 2011, net income was $10.5 million, or $0.26 per diluted share. The net income for the first half of 2011 included $14.7 million ($9.2 million, net of deferred income

taxes) of non-cash and non-recurring items, mainly comprised of $13.7 million of non-cash impairments ($8.5 million, net of deferred income taxes). The majority of the property impairments for the first half of the year occurred as a result of mechanical and performance issues with gas wells outside of the Company’s focus areas. Excluding the impact of these items, EPL’s adjusted net income for the first half of 2011, a non-GAAP measure, would have been net income of $19.7 million, or $0.49 per diluted share.

For the second quarter of 2011, EBITDAX was $56.4 million and discretionary cash flow was $52.6 million, or $1.31 per share (see reconciliation of EBITDAX and discretionary cash flow in the tables). Cash flow from operating activities in the second quarter of 2011 was $47.4 million, compared with cash flow from operating activities of $28.0 million in the same quarter a year ago.

For the first half of 2011, EBITDAX and discretionary cash flow totaled $94.3 million and $88.8 million, respectively (see reconciliation of EBITDAX and discretionary cash flow in the tables). Cash flow from operating activities in the first half of 2011 was $62.2 million compared to $67.5 million in 2010.

Gary C. Hanna, the Company’s President and CEO, stated, “Our results for the second quarter of this year reflect the full integration of our property acquisition that closed mid-February and continuing execution of oil-focused development activities within our expanded asset base. With oil comprising 75% of our forecasted production for this year, we are positioned in this commodity market to provide substantial value to our stakeholders.

Production and Price Realizations

Oil production for the second quarter of 2011 averaged 8,286 Bbls per day, comprised of 98% crude oil production and 2% natural gas liquids. Natural gas production averaged 17.4 million cubic feet (Mmcf) per day. Second quarter 2011 crude oil production volumes were 48% higher than in the comparable quarter last year, primarily as a result of the recent acquisition of oil-weighted properties which closed mid-first quarter and the continued focus on oil-weighted projects. Natural gas production has declined sequentially in recent periods as the Company has continued its focus on the oil development opportunities which have higher revenue generation capability. Price realizations, all of which are stated before the impact of derivative instruments, averaged $114.52 per barrel for crude oil and $4.74 per thousand cubic feet (Mcf) of natural gas in the second quarter of 2011, compared to $75.87 per barrel of crude oil and $4.29 per Mcf of natural gas in the same quarter a year ago. The Company’s crude oil is advantaged by receiving Heavy Louisiana Sweet and Light Louisiana Sweet crude oil basis differentials.

Oil production for the first half of 2011 averaged 7,431 Bbls per day, comprised of 97% crude oil production and 3% natural gas liquids. Natural gas production averaged 20.2 Mmcf per day. Price realizations, all of which are stated before the impact of derivative instruments, averaged $108.80 per barrel for crude oil and $4.41 per Mcf of natural gas in the first half of 2011, compared to $76.54 per barrel of crude oil and $4.82 per Mcf of natural gas in the same period a year ago.

Hanna commented, “As projected, we delivered a material increase in our oil production this past quarter. Additionally, our oil-weighted capital program will continue to ramp up significantly within the last four months of this year. This should allow us to reach new oil production highs as we exit the year and provide good momentum into 2012, whereby we plan to keep operations very active weather permitting.”

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Operating Expenses

Lease operating expenses (LOE) for the second quarter of 2011 totaled $17.9 million, while general and administrative (G&A) expenses were $4.8 million. Reported G&A expenses include non-cash stock based compensation recorded in the second quarter of 2011 of $0.8 million.

LOE for the first half of 2011 totaled $33.2 million, while G&A expenses were $10.1 million for the same period. Reported G&A expenses for the first half of 2011 include non-cash stock based compensation of $1.3 million.

Liquidity and Capital Resources

As of June 30, 2011, the Company had unrestricted cash on hand of $76.2 million and $6.0 million of restricted cash. As announced in February of this year, EPL closed on its acquisition of producing Gulf of Mexico shelf properties (the Acquisition). At that same time, the Company issued $210 million aggregate principal amount of 8.25% Senior Notes due 2018 and entered into a new $250 million credit facility with $150 million of undrawn revolving capacity. Currently, EPL estimates unrestricted cash on hand of approximately $80 million for total estimated liquidity of $230 million and net debt of $3.66 per Boe using 2010 year-end proved reserves pro forma for the Acquisition.

Hanna commented, “Post transaction, our credit profile and liquidity remain very strong, with our already low net debt per Boe, currently estimated at $3.66, being driven lower due to our continuing cash build. Our cost of capital is attractive and we have enhanced our growing liquidity through our expanded but unused credit facility. We have the technical capability and financial flexibility to be acquisitive, with our eye squarely on aggregating additional oil-weighted shallow water GOM properties while maintaining a conservative balance sheet.”

Capital Expenditures and Operations Update

During the first half of 2011, capital expenditures on exploration and development activities totaled approximately $27.9 million. In addition, the Company spent approximately $17.4 million in the first half of 2011 on plugging and abandonment and other decommissioning activities. 2011 operational results to date include 15 successful development projects for an 83% success rate year to date.

The Company’s 2011 planned activities, predominately being executed within the third and fourth quarters this year, include major rig programs within its oily focus areas of East Bay, South Timbalier and West Delta. EPL’s budget for 2011 includes $90 to $105 million of development activities, primarily in the East Bay, South Timbalier, West Delta, and Main Pass field areas, as well as an additional $20 million for exploration projects. The Company has expanded its proactive abandonment and decommissioning program, resulting in an increase of the 2011 budget for this program from approximately $17 million to $24 million. The program is ahead of schedule with 121 wells plugged and abandoned and 33 jacket and 2 platform removals completed. With this expanded budget, the Company plans to plug up to 163 wells and remove 53 jackets and 3 platforms in total for the year. By the end of 2011, EPL expects to have plugged over 325 wells since the start of the program in 2009, predominately within its East Bay field.

Hanna continued, “We remain encouraged by the performance of our first quarter acquisition. Now fully integrated, our initial well reactivation program has increased our production estimates for the acquired assets by upwards of 15% and we have reached our goal of decreasing LOE by

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approximately 15% in the operated properties. Our first workover program is now underway in the West Delta area. This development activity is comprised of high quality, low cost recompletion and sidetrack opportunities that are complementary to our other ongoing exploitation work within our existing East Bay and South Timbalier areas. Additionally, this acquisition has added at least a dozen drilling opportunities and has greatly expanded our upside portfolio targeting oil reserves. We should begin unlocking this potential as we head into next year.”

Third Quarter and Full Year 2011 Guidance

Hanna concluded, “Given our current production guidance, our EBITDAX should range between $225 to $270 million, using forecast realized prices of $110 per Bbl for oil and $4.50 per Mcf for gas. These estimates are largely driven by our expected oil production guidance, which is unchanged at 8,000 to 9,000 Bbls per day. While we are not cash flow dependent on our gas production or devoting much of our capital resources to developing this side of our business due to weak prevailing gas prices, it is worth noting our gas production is expected to range from 13 to 18 Mmcf per day for the year. We have recently been informed by the operator of our one deepwater gas well in MC 248 that production will be curtailed for extended periods during the second half of the year due to third party downstream facility modifications. Since we are anticipating realizing around 25 times the revenue for every barrel of crude oil produced versus Mcf of gas produced, this development has not materially impacted our projected revenue or cash flow growth for the year.”

ESTIMATED EBITDAX RANGES

2011 EBITDAX Estimates Using the Production Guidance and Various Realized Prices ⁽¹⁾

ESTIMATED PRODUCTION & SWAP HEDGE VOLUMES

ESTIMATED EXPENSES (in Millions, unless otherwise noted)

Conference Call Information

EPL has scheduled a conference call for today, August 3, 2011 at 9:00 A.M. Central Time/10:00 A.M. Eastern Time, to review results for the second quarter of 2011. To participate in the EPL conference call, callers in the United States and Canada can dial (866) 845-8624 and international callers can dial (706) 634-0487. The Conference I.D. for callers is 85141849.

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The call will be available for replay beginning two hours after the call is completed through midnight of August 17, 2011. For callers in the United States and Canada, the toll-free number for the replay is (855) 859-2056. For international callers the number is (404) 537-3406. The Conference I.D. for all callers to access the replay is 85141849.

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

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 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/).

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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 on abandonment activities and cumulative effect of change in accounting principle, and further deducts 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 or used in 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)

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ENERGY PARTNERS, LTD.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

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