Exhibit 99.1

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

EPL Announces First Quarter 2012 Results

New Orleans, Louisiana, May 3, 2012…Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today reported financial and operational results for the first quarter 2012.

Highlights

Financial Results

Revenue for the first quarter of 2012 was $98.8 million, compared to $67.2 million for the same period a year ago, driven by higher realized oil production and prices from the Company’s continued focus on oil-weighted development projects.

For the first quarter of 2012, EPL reported net income to common stockholders of $1.5 million, or $0.04 per diluted share, compared to a net loss of $14.5 million, or $0.36 per diluted share for the same period a year ago. Net income for the first quarter of 2012 included $16.5 million of non-cash unrealized losses on derivative instruments and $2.3 million of non-cash costs attributable to property impairments of small gas fields. Excluding the impact of non-cash items, EPL’s adjusted first quarter net income, a non-GAAP measure, would have been $13.4 million, or $0.34 per diluted share.

For the first quarter of 2012, EBITDAX was $67.6 million and discretionary cash flow was $64.0 million, or $1.63 per share (see reconciliation to GAAP of EBITDAX and discretionary cash flow in the tables). Cash flow from operating activities in the first quarter of 2012 was $57.1 million, a 285% increase over cash flow from operating activities for the same quarter a year ago.

Gary C. Hanna, the Company’s President and CEO, stated, “I am pleased with our execution so far in 2012. This continues to be a pivotal year for our Company as we continue to implement our organic and acquisition growth strategy. We continue to stay focused on the execution of high quality oil projects from our inventory and sourcing targeted acquisitions, both of which provided prudent growth for our Company. With our substantial liquidity and continued free cash flow generation, we intend to execute on selective acquisition targets to accelerate our growth and provide additional opportunity sets. As it relates to our organic growth, we announced a modest increase to our capital budget from $168 million to $184 million to allow us to exploit a few additional oil opportunities within our focus areas later this year. Although the year is just underway, we are feeling comfortable that our 2012 annual oil production should come within the mid to upper end of our full year guidance range and significantly ramp up during the second half of this year.”

Production and Price Realizations

Oil production for the first quarter of 2012 averaged 9,386 Barrels (Bbls) per day, which was in the upper end of the Company’s guidance range. First quarter 2012 oil production volumes were 43% higher than in the comparable quarter last year, primarily as a result of oil production growth from the Company’s acquire and exploit strategy.

Natural gas production averaged 15.0 million cubic feet (Mmcf) per day in the first quarter of 2012, which was flat compared to gas production in the prior fourth quarter of 2011. The Company continues to focus on the oil development opportunities within its portfolio which have higher revenue generation capability.

Price realizations for the first quarter of 2012, all of which are stated before the impact of derivative instruments, averaged $114.87 per barrel for crude oil and $2.48 per thousand cubic feet (Mcf) of natural gas, compared to $101.34 per barrel of crude oil and $4.17 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.

Operating Expenses

Lease operating expenses (LOE) for the first quarter of 2012 totaled $18.4 million, while general and administrative (G&A) expenses were $5.3 million. Reported LOE increased over the same period a year ago mainly due to two property acquisitions concluded during 2011 while G&A was essentially flat versus the comparable period. G&A expenses included non-cash stock based compensation recorded in the first quarter 2012 of $1.0 million.

Capital Expenditures and P&A Operations

During the first three months of 2012, capital expenditures on exploration and development projects totaled approximately $43.5 million. 2012 operational results to date include 11 successful development projects for an 85% success rate year to date. The successful projects include 7 workovers and 4 development wells performed mainly within its East Bay field and West Delta area. The Company also incurred $10.3 million of regional seismic purchases surrounding EPL’s focus areas from Main Pass to West Delta and $3.5 million of facility related capital expenditures during the first quarter.

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Capital spending is expected to be front-loaded this year, intended to drive both production and organic reserve replacement. Major rig operations are ongoing, mainly executing additional development work, as well as opportunities within the Company’s in field exploration drilling program. Currently the Company has two operated and one non-operated rig executing opportunities within its West Delta and Bay March and fields, with three additional rigs expected to begin operations within the second quarter and early third quarter. For full year 2012, EPL has increased its initial capital budget from $168 million to approximately $184 million as a result of adding additional high quality oil projects within its core areas later this year. The Company projects that 2012 annual oil production should come within the mid to upper end of the current full year guidance range of 9,000 to 10,000 Bbls per day, with a significant ramp up expected during the second half of this year.

The Company continues to proactively spend on abandonment and decommissioning of its idle infrastructure, which will serve to reduce future maintenance and insurance costs. The Company plans to spend approximately $27 million abandoning approximately 116 wells and removing 35 jackets and 16 platforms in total for the year. The program is well underway with 60 wells plugged and abandoned and 25 jackets removed to date. Within two to three years, EPL expects to be largely finished with the abandonment and decommissioning of its current idle infrastructure, which predominately resides within its East Bay field.

Liquidity and Capital Resources

As of March 31, 2012, the Company had unrestricted cash on hand of $91.4 million and restricted cash of $6.0 million. The Company’s borrowing base under its $250 million credit facility has recently been reaffirmed at $200 million. EPL continues to maintain substantial liquidity of $291 million (the undrawn revolver capacity of $200 million combined with $91.4 million of cash on hand) and its net debt level remained low at $3.20 per Boe, on a proved reserve basis, a non-GAAP measure.

Share Repurchase Program

Recently the Board of Directors authorized an increase to its existing program for the repurchase of outstanding common stock from an aggregate cash purchase price of $20 million to $40 million. Since the share repurchase was first implemented in August, 2011, the Company has repurchased 1,199,000 shares at an aggregate cash purchase price of approximately $15.9 million. The repurchased shares are held in treasury and could be used to provide available shares for possible resale in future public or private offerings and employee benefit plans. As of April 27, the Company had approximately 39.2 million shares of common stock outstanding.

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Second Quarter and Full Year 2012 Guidance

ESTIMATED EBITDAX RANGES

2012 EBITDAX Estimates Using the Production Guidance and Various Realized Prices ⁽¹⁾

ESTIMATED PRODUCTION & SWAP HEDGE VOLUMES

Conference Call Information

EPL has scheduled a conference call for today, May 3, 2012, at 10:00 A.M. Central Time/11:00 A.M. Eastern Time to review results for the first quarter 2012 and to discuss its outlook for the remainder of the year. 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 74375236.

The call will be available for replay beginning two hours after the call is completed through midnight of May 17, 2012. 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 74375236.

The conference call will be webcast live as well as for on-demand listening at the Company’s web site, www.eplweb.com. Listeners may access the call through the “Events and Webcasts” 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 properties acquired in acquisitions; 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/).

12-011

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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, exploration expenditures and dry hole costs, loss (gain) on abandonment activities, loss on early extinguishment of debt 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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