ENERCOM S LONDON OIL & GAS CONFERENCE

OIL GROWTH VALUE ENERCOM S LONDON OIL & GAS CONFERENCE June 2013

Forward Looking Statements This presentation may contain forward-looking information and statements regarding EPL. Any statements included in this presentation 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: stock market conditions; the trading price of EPL s common stock; cash demands caused by planned and unplanned capital expenditures; 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; 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/). 2

Company Overview At a Glance Oil Value Play Long Lived Oil Growth Driven Portfolio Balanced Growth Strategy Stock Currently Undervalued Core Acreage Louisiana WD 29 Field South Timbalier Area MP Complex Market Data SM 239 Area SP 78 Area Market Cap. (05/31/2013) 1P Reserves (YE 12) R/P $1.2 Billion 61% oil, 77 MMboe 9.6 yrs SS 208 Area East Bay & SP 49 Fields 52 Week High $35.14 Listed NYSE: EPL 3

We Are The Premium Long-Term Play A Targeted Approach Prime Real Estate in the Heart of the Basin Focused Acquire & Exploit Strategy - An Unparalleled Track Record Unmatched Technical Expertise To Exploit Untapped Reservoirs- Shallow Thru Deep Operational Excellence - Consistent Performance and the Highest Cash Margins 4

Impressive Year-Over-Year Growth 21% 96% 28% 53% 54% Increase in Production of Revenue from Crude Oil Increase in EBITDAX Increase in Adj. Net Income Stock Price Appreciation 5

2013 - Compelling Outlook 80% 71% 75% 30% 62% Oil by Production Annual Oil Production Increase Increase in EBITDAX Increase in Capex of Oil Production Hedged All figures estimated based on the midpoint of Company guidance & projections 6

Not Your Typical GOM Company

Acquire & Grow Oil Organically Achieved Oil Growth by Acquiring Assets and Executing Successful Organic Programs Dec 2012 Exit Rate Organic Growth Predominately from ASOP and Legacy Assets Storm Downtime Significant Organic Growth from Hilcorp Begins 2014 8

Grow to Increase Opportunity Set 77.4 MM 37.1MM Organic Growth 9.9 MM 187% Reserve Replacement 27.4 MM Organic Growth 1.2 MM Organic Growth 4.7 MM Acquisition 9.4 100% Reserve Replacement Acquisition 35.7 MM Base* 26.2 MM Base* 23.0 MM Base* 31.8 MM 2010 Proved Reserves 2011 Proved Reserves 2012 Proved Reserves *Base = Beginning year proved reserves minus production. Net production (MMBoe): 2010: 4.9; 2011: 4.5; 2012: 5.3 9

Abundant Free Cash Flow Operating Within Cash Flow Capital spend on exploration & development will remain well within cash flow Free cash flow from assets allows EPL to further grow liquidity Fully identified $300Mm Budget $200 Mm, mainly on existing EPL historic fields 95% focused on oil projects Currently 43 Major Projects ~50% increase over 2012 Includes one open water exploratory test at MP 151 10

Protecting Free Cash Flow Hedges Allow FCF in Any Environment Evergreen hedge program to protect cash flow 62% of 2013 production hedged w/ majority $106/Bbl Brent swaps $100 oil generates ~$700 million in revenue $100 oil generates ~$125 million in free cash flow Hedges protect free cash flow down to ~$50/Bbl 11

Not Your Typical GOM Company

Accelerating Growth Grow the Asset Align the Value with the Asset Form the Base Develop sound financial structure Realign & high grade the staff Position for Growth Begin strategic acquisitions Reprocess 3-D in core areas Grow organically through the drill-bit Acquire transformational Hilcorp assets Continue organic growth using state-of-the-art reprocessing techniques Catalog 3P potential across combined asset base Pursue new acquisition opportunities 13

Organic Development Drives Success Rapid Reserve Growth (MMBoe) Efficient exploiter of acquired assets Tripled reserves in < 2 years Acquired assets for $238 million 2012 1P SEC PV-10 $681 million Repeatable formula for success Aim to at least double the acquired Hilcorp assets (18 MMbbls of oil) 9.4 (1) 2011 Acquired Proved Reserves Total: 17.0 Probable 4.2 Proved 11.4 Production 1.4 YE 2011 Reserve Profile Total: 27.0 Probable 7.2 Current Proved 16.5 Production 3.3 YE 2012 Reserve Profile (1) Includes additional acquisition of Main Pass assets in 2011. Demonstrated Organic Success on Acquired Properties 14

Exploit Recently Acquired Assets Underdeveloped Asset Base with High Impact Potential Recent Hilcorp Acquisition Summary Assets were non-core to seller Significant untapped exploitation potential in shallow and deep horizons Reprocessed 3-D seismic due 2Q13 Same approach used successfully in all prior acquisitions Existing robust inventory 80 behind pipe & 22 PUD locations Light spending in 2013; accelerate in 2014 & beyond w/ seismic Proved Reserves (Mmboe) PV-10 (Mm) Net Developed Acreage (M) Producing wells (gross) SS 208 Area 16.6 $472 15.0 28 SP 78 Area 7.3 $185 6.2 23 SMI 239 Area 3.1 $43 13.5 8 Sub-total 27.0 $700 34.7 59 Total package 37.2 $758 149.4 143 Example SS 208 Prospect: 3-4 MMbo Potential Technical teams will grow inventory High-impact projects identified 15 Amplitude Anomaly Trapped Down Dip the Main Field

Growth Potential on the Shelf-Why Now? Before Today Shallow Pay Drilled many shallow wells but bypassed New exploration effort is underway on GOM Shelf productive sandsconcentrated on Significant resources exist just below field pays Deeper Field Pay 100 + zones Big fields get bigger Operators were on a Technology Drives: Deeper Field Potential treadmill - focused on high decline gas in a low oil price Better imaging Reduced risk profile Salt environment Greater drilling and extraction efficiencies Limited 3D seismic - Operators hit Regional understanding is key Deep Potential pressure and stopped drilling EPL holds prime leasehold positions 16 Warning: Data Belongs to WesternGeco. See

EPL s Growth Portfolio 1P 77 MMBOE 2P: 16 MMBOE excludes Hilcorp In historical field pays Multi-year inventory 3P: Just below Field Pays 12,000 20,000 Significant upside potential Longer term view 2P: 16 MMBOE Booked + TBD Hilcorp + 50+ MMBOE Drilling Inventory 3P 150-300 MMBOE 17

1P Reserves Repeatable Development Programs w/ Reserve Add Exposure Combined 1P asset base has over 292 identified locations 257 behind pipe, 35 PUD Technical teams expanding locations Unique, core legacy assets Huge structures with stacked pays Quick cycle times Reserve add exposure Multiple Pay Horizons Low risk projects & access methods 2012 90% execution success & $26/Boe F&D New wells, sidetracks, horizontals Major rig & wireline workovers Reserves By Area Reserves By Category 18

2P Reserves Booked Reserves and Upside Potential Hilcorp Acquisition (Under Review) Inventory 50+ MMBOE Legacy 16 MMBOE PUD s roll off to 2P Performance adds New undrilled opportunities in field pays 19

2P Inventory Prospect Inventory 50+ MMBOE Project Inventory by Area Hilcorp Core 24% Other* 7% Legacy Core 69% Legacy Core Hilcorp Core 50+ MMBOE Inventory Resources 2P Inventory continues to expand 58 total projects identified Inventory Reserves by Area Other* 10% Hilcorp Core 43% Legacy Core 47% 20 * Outside Deals/Lease Sale Prospects

3P Program Building for Future Growth Over the Next 3-5 Years Regional Framework Hire Regional Expert Seismic Acquisition: Regional 3D Data Interpreted 2D Seismic Reprocessing Tie Core Assets to Regional Interpretation Inventory Build 2012 2013 Prospect Identification using Regional Framework Below Field Pays Along Trend Targeted Seismic to Resolve Prospects Ongoing Seismic Reprocessing Data Acquisition Planning(WAZ) Execution Plan Forward Continue Inventory Build: Below Assets On Trend Targeted Seismic Reprocessing Seismic Acquisition? Drill Matured Projects The Oil Corridor All Wells Drilled to Date The Oil Corridor Wells Drilled Below 15,500 TVD Wide Azimuth Acquisition on GOM Shelf 21

Not Your Typical GOM Company

A Case for Owning EPL Balancing Your Portfolio EPL trades at a significant discount to: Oil shale players 9.0 8.0 7.7 Natural gas shale players 7.0 6.6 EPL offers investors significant upside potential with low-risk, underexploited assets Company trades at a discount to NAV 2013 TEV / EBITDA 6.0 5.0 4.0 3.0 2.0 3.8 3.8 1.0 0.0 Oil Shale Gas Shale Peer Avg. EPL Note: As of 4/15/13. Peers include EXXI, SGY, CPE, WTI. Oil Shale group includes NOG, OAS, AXAS, HK, CLR, KOG, ROSE, CRZO, SFY, SM PXD, EOG, GPOR, EVEP, PETD. Gas Shale group include CRK, CXPO, FST, GDP, GMXR, PVA, XCO, ECA, KWK, EOG, REXX, COG, GST, UPL, RRC, MHR, SWN. 23

Cash Margins Outperforming Peers Highest cash margin Highest realized oil price $19.4 $3.8 $17.4 $5.3 $16.6 $63.4 $56.8 $3.8 $46.4 $14.7 $4.1 $32.1 Production from Oil 74.5% 68.1% 50.1% 42.0% Oil Revenue $/Bbl $108.88 $105.68 $106.70 $104.35 Total Revenue $/Boe $86.56 $79.54 $66.87 $50.90 24 Source: SEC public filings as of 12/31/12. Note: Capitalized G&A included when available; Non-cash comp excluded. Peer group used in comparison: EXXI, SGY and WTI.

Comparison Across Basins % Oil Production 2012 Cash Margins ($/boe) 80% $70 $60 60% $50 40% $40 $30 20% $20 $10 0% EPL Peer Avg. Oil Shale Gas Shale PEERS Shallow GoM $0 EPL Peer Avg. Oil Shale Gas Shale $12.0 $9.0 Drilling & Completion ($MM) $7.0 - $10.0 MM $6.0 - $10.0 MM OIL SHALE Bakken Eagle Ford Utica GAS SHALE Haynesville Barnett Marcellus 15.0 12.0 9.0 2P (1) R/P (Years) $6.0 6.0 3.0 $3.0 EPL Oil Shale 0.0 EPL Peer Avg. Oil Shale Gas Shale 25 Source: SEC filings, FactSet, IHS Herold. (1) Includes EPL Probable reserves of 15.9 MMBoe and estimated Hilcorp Probable reserves of 10.0 MMBoe. Probable reserves associated with the Hilcorp assets will be evaluated this year.

Why Invest in EPL? Large, captured asset base of lowrisk, repeatable oily assets Self-funded growth plan Majority of 2013 Capex program allocated toward low-risk, oil development Strong balance sheet Unmatched technical expertise in both exploration and development, few companies our size have similar capabilities 26

Key Takeaways Value Oil Growth Compelling value proposition: current market valuation does not reflect the quality of our assets & organic inventory Captured a large, high-quality oily asset base with low decline curves Technical expertise to unlock our organic inventory & the financial framework to continue aggregating quality assets 27

Appendix

Strong Management & Professional Team Highly Experienced & Scalable Organization Gary Hanna President & CEO Andre Broussard SVP, Geosciences David Cedro SVP, Chief Accounting Officer, Treasurer T. J. Thom SVP, Chief Financial Officer Mac Jensen SVP, Business Development Chad Williams SVP, Production Paul Jones VP, Geosciences Larry Gray VP, Engineering Neel Fallis VP, Reserves Mark Gregory VP, Land Over 237 Years of Combined Experience Strong Technical Staff 29 Deep bench of geoscientists and engineers with technical expertise in shallow GOM Employee careers span years with major oil companies and strong independents Long history with the current assets and extensive knowledge of the region

2013 Guidance ESTIMATED PRODUCTION & SWAP HEDGE VOLUMES Net Production (per day) 2Q 2013 Full Year 2013 Oil, including NGLs (Bbls) 17,000-18,000 17,000-18,500 Natural gas (Mcf) 27,000-33,000 24,000-30,000 Boe 21,500-23,500 21,000-23,500 % Oil, including NGLs (using midpoint of guidance) 78% 80% Swap Contracted Volume Oil (barrels) % of Oil swap contracted 74% 12,577-70% 60% 10,157-55% % of Boe swap contracted 58% - 54% 48% - 43% Average Swap Price Level $104.59 $104.62 ESTIMATED EXPENSES (in Millions, unless otherwise noted) Lease Operating (including energy insurance) $ 37.5 - $ 41.5 $ 150 - $ 160 General & Administrative (cash and non-cash) $ 6.5 - $ 7.0 $ 26 - $ 28 Taxes, other than on earnings (% of revenue) 1% - 3% 1% - 3% Exploration Expense $ 2 - $ 4 $ 8 - $ 16 DD&A ($/Boe) $ 20.00 - $ 24.00 $ 20.00 - $ 24.00 Interest Expense (including amortization $ 13.0 - $ 14.0 $ 52 - $ 56 of discount and deferred financing costs) ESTIMATED EBITDAX RANGE: $475 Million to $525 Million (Midpoint: $500 million) ESTIMATED FREE CASH FLOW: $100 Million to $150 Million (Midpoint: $125 million) 30

Hedging Summary 2013 2014 2015 31 WTI SWAPS BRENT SWAPS BRENT COLLARS TOTAL OIL HEDGED NATURAL GAS SWAPS Daily Volume Monthly Volume Swap Level Daily Volume Monthly Volume Swap Level Daily Volume Monthly Volume Daily Volume Monthly Daily Volume Monthly Volume S wap Level (Bbls) (Bbls) ($/Bbl) (Bbls) (Bbls) ($/Bbl) (Bbls) (Bbls) Floor Ceiling (Bbls) Volume (Bbls) (Mmbtu) (Mmbtu) ($/Mmbtu) Jan-13 1,742 54,000 $ 94.60 11,550 358,050 $ 106.94 1,000 31,000 $ 80.00 $ 104.10 14,292 443,050 13,000 403,000 $ 3.41 Feb-13 1,714 48,000 94.49 11,550 323,400 106.77 1,000 28,000 80.00 104.10 14,264 399,400 13,000 364,000 3.43 Mar-13 1,742 54,000 94.36 11,050 342,550 106.54 1,000 31,000 80.00 104.10 13,792 427,550 11,000 341,000 3.42 Apr-13 1,733 52,000 94.23 11,050 331,500 106.38 1,000 30,000 80.00 104.10 13,783 413,500 11,000 330,000 3.42 May-13 1,677 52,000 94.14 11,050 342,550 106.23 1,000 31,000 80.00 104.10 13,727 425,550 10,000 310,000 3.46 Jun-13 1,667 50,000 94.06 10,550 316,500 106.04 1,000 30,000 80.00 104.10 13,217 396,500 9,000 270,000 3.50 Jul-13 1,645 51,000 94.06 9,800 303,800 106.68 1,000 31,000 80.00 104.10 12,445 385,800 9,000 279,000 3.53 Aug-13 419 13,000 94.22 5,800 179,800 105.46 1,000 31,000 80.00 104.10 7,219 223,800 8,500 263,500 3.55 Sep-13 433 13,000 94.19 5,800 174,000 105.21 1,000 30,000 80.00 104.10 7,233 217,000 8,500 255,000 3.55 Oct-13 419 13,000 94.16 5,300 164,300 104.71 1,000 31,000 80.00 104.10 6,719 208,300 8,000 248,000 3.58 Nov-13 433 13,000 94.14 5,800 174,000 104.67 1,000 30,000 80.00 104.10 7,233 217,000 7,500 225,000 3.67 Dec-13 806 25,000 93.98 8,350 258,850 104.13 1,000 31,000 80.00 104.10 10,156 314,850 6,500 201,500 3.83 2013 Total 1,200 438,000 $ 94.25 8,957 3,269,300 $ 106.01 1,000 365,000 $ 80.00 $ 104.10 11,157 4,072,300 9,562 3,490,000 $ 3.51 Jan-14 - - $ - 11,250 348,750 $ 101.08 - - $ - $ - 11,250 348,750 5,000 155,000 $ 4.01 Feb-14 - - - 11,250 315,000 101.08 - - - - 11,250 315,000 5,000 140,000 4.01 Mar-14 - - - 11,250 348,750 101.08 - - - - 11,250 348,750 5,000 155,000 4.01 Apr-14 - - - 10,250 307,500 101.26 - - - - 10,250 307,500 5,000 150,000 4.01 May-14 - - - 10,250 317,750 101.26 - - - - 10,250 317,750 5,000 155,000 4.01 Jun-14 - - - 10,250 307,500 101.26 - - - - 10,250 307,500 5,000 150,000 4.01 Jul-14 - - - 10,250 317,750 101.26 - - - - 10,250 317,750 5,000 155,000 4.01 Aug-14 - - - 6,000 186,000 101.00 - - - - 6,000 186,000 5,000 155,000 4.01 Sep-14 - - - 6,000 180,000 101.00 - - - - 6,000 180,000 5,000 150,000 4.01 Oct-14 - - - 6,000 186,000 101.00 - - - - 6,000 186,000 5,000 155,000 4.01 Nov-14 - - - 6,000 180,000 101.00 - - - - 6,000 180,000 5,000 150,000 4.01 Dec-14 - - - 6,000 186,000 101.00 - - - - 6,000 186,000 5,000 155,000 4.01 2014 Total - - $ - 8,715 3,181,000 $ 101.13 - - $ - $ - 8,715 3,181,000 5,000 1,825,000 $ 4.01 Jan-15 - - $ - 1,500 46,500 $ 97.70 - - $ - $ - 1,500 46,500 4,300 133,300 $ 4.31 Feb-15 - - - 1,500 42,000 97.70 - - - - 1,500 42,000 4,300 120,400 4.31 Mar-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 Apr-15 - - - 1,500 45,000 97.70 - - - - 1,500 45,000 4,300 129,000 4.31 May-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 Jun-15 - - - 1,500 45,000 97.70 - - - - 1,500 45,000 4,300 129,000 4.31 Jul-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 Aug-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 Sep-15 - - - 1,500 45,000 97.70 - - - - 1,500 45,000 4,300 129,000 4.31 Oct-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 Nov-15 - - - 1,500 45,000 97.70 - - - - 1,500 45,000 4,300 129,000 4.31 Dec-15 - - - 1,500 46,500 97.70 - - - - 1,500 46,500 4,300 133,300 4.31 2015 Total - - $ - 1,500 547,500 $ 97.70 - - $ - $ - 1,500 547,500 4,300 1,569,500 $ 4.31

Not Your Typical GOM Company Principal Corporate Office 201 St. Charles Ave., Suite 3400 New Orleans, LA 70170 Phone: (504) 569-1875 Houston Office 919 Milam, Suite 1600 Houston, TX 77002 Phone: (713) 228-0711 Investor Relations Contact: T.J. Thom Phone: (504) 799-1902 Email: tthom@eplweb.com Website: eplweb.com NYSE: EPL