Epl Oil & Gas 10-Q 16 Feb 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Dec. 31, 2015shares
Document And Entity Information [Abstract]
Entity Registrant Name	EPL OIL & GAS, INC.
Entity Central Index Key	750,199
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Trading Symbol	EPL

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents		$ 217
Trade accounts receivable - net	$ 42,480	71,323
Derivative financial instruments		888
Restricted cash	$ 6,025	6,024
Prepaid expenses	2,631	1,831
Total current assets	51,136	80,283
Property and equipment, net - full cost method of accounting, including $45.5 million and $435.4 million of unevaluated properties not being amortized at December 31, 2015 and June 30, 2015, respectively	481,426	1,415,025
Restricted cash	30,008
Other assets and debt issuance costs, net of accumulated amortization	1,036	1,039
Total assets	563,606	1,496,347
Current liabilities:
Accounts payable	33,076	24,548
Due to EGC	202,767	170,728
Accrued liabilities	94,567	95,981
Asset retirement obligations	$ 29,077	38,056
Derivative financial instruments		1,057
Current maturities of long-term debt		3,364
Total current liabilities	$ 359,487	333,734
Long-term debt, less current maturities	651,462	689,459
Promissory note payable to EGC	325,000	325,000
Asset retirement obligations	160,909	202,306
Total Liabilities	$ 1,496,858	$ 1,550,499
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, par value $0.001 per share. Authorized 1,000,000 shares; no shares issued and outstanding at December 31, 2015 and June 30, 2015
Common stock, par value $0.001 per share. Authorized 75,000,000 shares; shares issued and outstanding: 1,000 at December 31, 2015 and June 30, 2015
Additional paid-in capital	$ 1,599,341	$ 1,599,341
Accumulated deficit	(2,532,593)	(1,653,493)
Total stockholder's deficit	(933,252)	(54,152)
Total liabilities and stockholder's deficit	$ 563,606	$ 1,496,347

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Consolidated Balance Sheets [Abstract]
Unevaluated properties	$ 45,549	$ 435,429
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Revenues
Oil sales	$ 54,408	$ 120,828	$ 127,780	$ 279,144
Natural gas sales	8,256	12,548	20,874	26,502
Gain on derivative financial instruments	906	22,262	3,684	44,119
Total Revenues	63,570	155,638	152,338	349,765
Costs and expenses
Lease operating	30,889	55,304	57,042	111,604
Transportation	664	1,149	1,387	1,774
Depreciation, depletion and amortization	62,333	88,547	119,993	162,292
Accretion of asset retirement obligations	6,317	6,098	13,058	12,279
Impairment of oil and natural gas properties	504,772	690,312	812,850	690,312
Goodwill impairment				329,293
General and administrative expense	9,978	6,810	17,922	14,852
Taxes, other than on earnings	39	1,944	(896)	4,472
Other				21
Total costs and expenses	614,992	850,164	1,021,356	1,326,899
Operating Loss	(551,422)	(694,526)	(869,018)	(977,134)
Other income (expense)
Other income, net	2,393	4	2,405	4
Gain on early extinguishment of debt	21,269		21,269
Interest expense	(16,772)	(10,947)	(33,756)	(21,848)
Total other income (expense), net	6,890	(10,943)	(10,082)	(21,844)
Loss before income taxes	(544,532)	(705,469)	(879,100)	(998,978)
Income tax benefit		(250,857)		(238,010)
Net loss	$ (544,532)	$ (454,612)	$ (879,100)	$ (760,968)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (879,100)	$ (760,968)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	119,993	162,292
Accretion of asset retirement obligations	13,058	12,279
Gain on early extinguishment of debt	(21,269)
Change in fair value of derivative financial instruments	(1,573)	(14,657)
Deferred income taxes		(238,010)
Impairment of oil and natural gas properties	812,850	690,312
Goodwill impairment		329,293
Amortization of premium and debt issuance costs	(6,532)	(5,104)
Changes in operating assets and liabilities:
Trade accounts receivable	26,776	9,721
Prepaid expenses and other assets	(800)	16,762
Accounts payable and accrued expenses	12,687	(70,981)
Asset retirement obligation settlements	(48,627)	(32,038)
Net cash provided by operating activities	27,463	98,901
Net cash used in investing activities
Property acquisitions		(350)
Capital expenditures	(16,122)	(239,090)
Other property and equipment additions		(58)
Net cash used in investing activities	(16,122)	(239,498)
Cash flows provided by (used in) financing activities:
Payments on long-term debt	(3,395)
Cash restricted under revolving credit facility	(30,008)
Advances from EGC	22,034	135,480
Debt issuance costs	(189)
Net cash provided by (used in) financing activities	(11,558)	135,480
Net decrease in cash and cash equivalents	(217)	(5,117)
Cash and cash equivalents at beginning of period	217	5,601
Cash and cash equivalents at end of period		484
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Changes in capital expenditures accrued in accounts payable	(2,071)	(49,814)
Changes in asset retirement obligations	(14,807)	5,212
Cash paid during period for: Interest	$ 24,679	$ 26,948

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies Nature of Operations. EPL Oil & Gas, Inc. (referred to herein as “we,” “our,” “us,” “EPL” or “the Company”) was incorporated as a Delaware corporation on January 29, 1998 and is a wholly-owned subsidiary of Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation and an indirect wholly-owned subsidiary of Energy XXI Ltd, an exempted company under the laws of Bermuda and our ultimate parent company (“Energy XXI” or “parent”). We operate as an independent oil and natural gas exploration and production company with our current operations concentrated in the U.S. Gulf of Mexico shelf (the “GoM shelf”) focusing on state and federal waters offshore Louisiana, which we consider our core area. Principles of Consolidation and Reporting. The accompanying consolidated financial statements include the accounts of EPL and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany transactions are eliminated in consolidation. Our interest s in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. Interim Financial Statements . The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2015 Annual Report. Use of Estimates . The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. Other items subject to estimates and assumptions include fair value estimates used in accounting for acquisitions and dispositions; carrying amounts of property, plant and equipment; goodwill; asset retirement obligations; deferred income taxes; and valuation of derivative financial instruments, among others. Accordingly, our accounting estimates require the exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. ASU No. 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are evaluating the impact of the pending adoption of ASU No. 2014-09 on our financial position and results of operations and have not yet determined the method that will be adopted. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. Our early adoption of ASU 2014-15 during the quarter ended December 31, 2015 impacted our disclosures but had no effect on our consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In June 2015, the FASB issued ASU 2015-15 as an amendment to this guidance to address the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements. The SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU is effective for public entities for annual periods beginning after December 15, 2015, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been previously issued. The guidance will be applied on a retrospective basis. We are currently evaluating the provisions of ASU 2015-03 and assessing the impact it may have on our consolidated financial position, results of operations or cash flows. In November 2015, the FASB issued ASU. No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred taxes on the balance sheet by requiring classification of all deferred tax items as noncurrent including valuation allowances by jurisdiction. The ASU is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. Our early adoption of ASU 2015-17 during the quarter ended December 31, 2015 had no effect on our consolidated financial position, results of operations or cash flows other than presentation.

Liquidity and Capital Resources

Liquidity and Capital Resources	6 Months Ended
	Dec. 31, 2015
Liquidity and Capital Resources [Abstract]
Liquidity and Capital Resources	Note 2 – Liquidity and Capital Resources Currently, we fund our operations primarily th rough cash flows from operating activities and advances from EGC . However, future cash flows are subject to a number of variables, and are highly dependent on the prices we receive for oil and natural gas. Oil and natural gas prices declined severely during fiscal year 2015 and have declined even further through fiscal 2016 to date. The price of WTI crude oil per barrel dropped below $27.00 per barrel in January 2016 for the first time in twelve years. These lower commodity prices have negatively impacted revenues, earnings and cash flows, and sustained low oil and natural gas prices will have a material and adverse effect on our liquidity position. As of December 31, 2015, we had $150 million in borrowing s outstanding under the second amended and restated first lien credit agreement (“First Lien Credit Agreement” or “Revolving Credit Facility” or “Revolver”) , to which we are a party with EGC , and we were in compliance with our financial covenants; however, based on current market conditions and depressed commodity prices, if Energy XXI is unable to execute on one of the strategic alternatives discussed below and adequately address liquidity concerns , we will not be in compliance with the consolidated net secured leverage ratio covenant under the Revolving Credit Facility for the quarter ending March 31, 2016. In addition, as part of our quarterly compliance certificates required under the Revolving Credit Facility, we must make certain representations, including representations about our solvency and we must remain in compliance with the financial ratios in the Revolving Credit Facility. Generally, the solvency representation requires, among other things, for us to determine at the time we desire to make a future borrowing, or issue or extend letters of credit, that the fair market value of our assets exceeds the face amount of our liabilities. The current commodity environment creates substantial uncertainty in determining fair market value of oil and natural gas assets which accordingly may impact our ability to continue to give the required representation. Energy XXI is evaluating various alternatives with respect to the Revolving Credit Facility, but there is no certainty that it will be able to implement any alternatives or otherwise resolve our covenant issues. If the lenders under the Revolving Credit Facility are unwilling to provide us with the covenant flexibility we seek, and we are unable to comply with those covenants, we may be forced to repay or refinance amounts then outstanding under the Revolving Credit Facility, and there is no assurance that we will reach an agreement with our lenders on any such amendment or waiver. Absent success in these pursuits, a resultant breach under the Revolving Credit Facility would cause a default under such facility, potentially resulting in acceleration of all amounts outstanding under the Revolving Credit Facility. If the lenders under the Revolving Credit Facility were to accelerate the indebtedness under the Revolving Credit Facility as a result of su ch defaults, such acceleration w ould cause a cross-default or cross-acceleration of all of our , EGC and Energy XXI’s other outstanding indebtedness. Such a cross-default or cross-acceleration could have a wider impact on our liquidity than might otherwise arise from a default or acceleration of a single debt instrument. If an event of default occurs, or if other debt agreements cross-default, and the lenders under the affected debt agreements accelerate the maturity of any loans or other debt outstanding, we will not have sufficient liquidity to repay all of our outstanding indebtedness. EGC may face other impediments to accessing available borrowing capacity under the Revolving Credit Facility. Borrowings under the First Lien Credit Agreement are limited to a borrowing base based on oil and natural gas reserve values which are redetermined on a periodic basis. During the quarter ended December 31, 2015, we , EGC and our lenders completed our fall borrowing base redetermination with no changes to the existing borrowing base available to EPL of $150 million (the “Revolving Credit EPL Sub-Facility), although we were required to maintain restricted cash of $30 million with respect to amounts outstanding under the Revolving Credit EPL Sub-Facility. As of December 31, 2015, we had fully utilized amounts available under the Revolving Credit EPL Sub-Facility. If we experience the continuation of low oil and natural gas prices, or if they decline even further, we anticipate that our Revolving Credit EPL Sub- Facility borrowing base and commitment amounts will likely be reduced in the spring of 2016 as part of our next borrowing base redetermination, which would require us to repay any outstanding indebtedness in excess of any reduced borrowing base. In addition, in response to commodity price declines, our fiscal year 2016 capital budget was substantially reduced compared to actual capital expenditures in fi scal year 2015 . Due to the depressed commodity prices and our lack of capital resources to develop our properties, the Company believes that all of its proved undeveloped oil and gas re serves no longer qualify as being proved as of the period ended December 31, 2015. We have thus removed all of our proved un developed oil and gas reserves from the proved ca tegory as of December 31, 2015. Almost a ll of the proved undeveloped reserves that were removed from the proved category as of December 31, 2015 are still economic at current prices, but were reclassed to the probable category because they are no longer expected to be drilled within five years of initial booking due to current constraints on ability to fund development drilling. In addition, as of December 31, 2015, we identified certain of our unevaluat ed properties totaling to $314.4 million as being uneconomical and have transferred such amounts to the full cost pool , subject to amortization . T he curtailment of the development of our properties will eventually lead to a decline in our production and reserves. A decline in our production and reserves will further reduce our liquidity and ability to satisfy our debt obligations by negatively impacting our cash flow from operati ng activities and the value of our assets. We may experience a further strain on our liquidity if the BOEM requires us to provide additional bonding as a means to assure our decommissioning obligations, such as the plugging of wells, the removal of platforms and other facilities, the abandonment of pipelines and the clearing of the seafloor of obstructions , or if the surety companies providing such bonds on our behalf require us to provide additional cash collateral for such bonds. Any further expense in providing additional bonds or restrictions on our cash to collateralize existing bonds or new bonds would further reduce our liquidity. Beginning on January 11, 2016, Energy XXI’s common stock has generally traded on NASDAQ at less than $1.00 per share . Due to certain NASDAQ requirements, t here is no assurance that the price of Energy XXI’s common stock will comply with the requirements for continued listing of its shares on NASDAQ. A delisting of Energy XXI’s common stock could constitute a “fundamental change” under the terms of its $400 million aggregate principal amount of 3.0% Senior Convertible Notes due 2018 (the “3 .0 % Senior Convertible Notes”). If such a f undamental c hange occurs at any time prior to the maturity of the 3 .0 % Senior Convertible Notes, each holder of such notes sha ll have the right to require Energy XXI to repurchase all or part of such holder’s 3 .0 % Senior Convertible Notes in accordance with the terms of the 3.0% Senior Convertible Notes . We cannot assure that Energy XXI would have adequate liquidity to fund such a repurchase given its severe liquidity constraints. Such acceleration would cause a cross-default or cross-acceleration of all of Energy XXI’s other outstanding indebtedness , including our indebtedness . Such a cross-default or cross-acceleration could have a wider impact on our liquidity than might otherwise arise from a default or acceleration of a single debt instrument. If an event of default occurs, or if other debt agreements cross-default, and the lenders under the affected debt agreements accelerate the maturity of any loans or other debt outstanding, we will not have sufficient liquidity to repay all of our outstanding indebtedness. As described below under Note 6 – Indebtedness, we had total indebtedness of $ 976.5 million as of December 31, 2015, and taking into account bond repurchases s ubsequent to December 31, 2015 of approximately $266.6 million in aggregate principal amount (carrying value of approximately $279.4 million ) of our 8.25% Senior Notes due 2018 (the “8.25% Senior Notes”) , we had total indebtedness of $697.1 million as of February 15, 2016 . All of our outstanding indebtedness will mature within the next three years. In addition, the Revolving Credit Facility is scheduled to mature on April 9, 2018 ; however, the maturity of the Revolving Credit Facility will accelerate if EGC’s 9.25% Senior Notes due 2017 (the “9.25% Senior Notes”) are not retired or refinanced by May 15, 2017 or the 8.25% Senior Notes are not retired or refinanced by July 15, 2017. All of the factors described above have placed considerable pressure on our ability to pay the principal and interest on our long-term debt , satisfy our other liabilities, continue our development activities to maintain and grow reserves and our ability to refinance our debt as it becomes due. As a result of the commodity price decline and the Company’s substantial debt burden, absent a material improvement in oil and gas prices or a refinancing or restructuring of our debt obligations or other improvement in liquidity, the Company believes forecasted cash and expected available credit capacity will not be sufficient to meet commitments as they come due for the next twelve months. This raises substantial doubt regarding the Company’s ability to continue as a going concern. In February 2016, Energy XXI engaged PJT Partners as a financial advisor and Vinson & Elkins L.L.P as a legal advisor to advise its management and Board of Directors (the “Board”) , EGC and EPL regarding potential strategic alternatives such as a refinancing or restructuring of our indebtedness or capital structure or seeking to raise additional capital through debt or equity financing to address our liquidity issues and high debt levels . We cannot assure that any refinancing or debt or equity restructuring would be possible or that additional equity or debt financing could be obtained on acceptable terms, if at all. Energy XXI is also focused on long- term recurring cost reductions and the identification of non-core assets for p otential sale. We cannot assure that any of these efforts will be successful or will result in cost reductions or additional cash flows or the timing of any such cost reductions or additional cash flows. As a result of the commodity price decline, we will continue to evaluate our ability to make the debt payments as they become due and to meet the additional supplemental bonding requirements of the BOEM and our surety companies’ requirements to provide additional cash collateral for such existing and future bonds in light of our liquidity constraints. On February 16, 2016 , we elected to enter into the 30 -day grace period under the terms of the indenture governing our outstanding 8.25% Senior Notes to extend the timeline for making the cash interest payment to March 17, 2016 . The aggregate amount of the interes t payments is approximately $8.8 million. During the 30-day grace period, the Company, EGC and Energy XXI will work with their debt holders regarding their ongoing effort to develop and implement a comprehensive plan to restructure their balance sheets. The election to enter into the 30-day grace period under the terms of the indenture governing the 8.25% Senior Notes constitutes a default; however, it does not constitute an Event of Default under the indenture governing the 8.25% Senior Notes or the Revolving Credit Facility. As a result of this default, certain restrictions have been placed on the Company, including but not limited to, its ability to incur additional indebtedness, draw on the Revolving Credit EPL Sub-Facility and issue additional letters of credit. The Company has 30 days to cure the default by making the required interest payment that was due on February 1 6 , 2016. Alternatively, the Company may restructure the debt with its creditors. On March 1 7 , 2016, if the interest payment default is not cured, the default would be considered an Event of Default and the trustee or the holders of at least 25% in aggregate principal amount of then outstanding 8.25% Senior Notes may declare the principal and accrued interest for all outstanding 8.25% Senior Notes due and payable immediately. An Event of Default would also trigger cross defaults in the Company’s other debt obligations. An Event of Default would have a material adverse effect on the Company's liquidity, financial condition and results of operatio ns. Absent a material improvement in oil and gas prices or a refinancing or some restructuring of our debt obligations or other improvement in liquidity, we may seek bankruptcy protection to continue our efforts to restructure our business and capital structure and may have to liquidate our assets and may receive less than the value at which those assets are carried on our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities.

Pushdown Accounting and Goodwil

Pushdown Accounting and Goodwill	6 Months Ended
	Dec. 31, 2015
Pushdown Accounting and Goodwill [Abstract]
Pushdown Accounting and Goodwill	Note 3 - Pushdown Accounting and Goodwill On June 3, 2014, Energy XXI, EGC, Clyde Merger Sub, Inc., a wholly owned subsidiary of EGC (“Merger Sub”), and EPL, completed the transactions contemplated by the Agreement and Plan of Merger, dated as of March 12, 2014 (as amended, the “Merger Agreement”), by and among Energy XXI, EGC, Merger Sub, and EPL, pursuant to which Merger Sub was merged with and into EPL with EPL continuing as the surviving corporation (the “Merger”). Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), the issued and outstanding shares of EPL common stock, par value $0.001 per share (“EPL Common Stock”), were converted, in the aggregate, into the right to receive merger consideration (the “Merger Consideration”) consisting of approximately 65% in cash and 35% in shares of common stock of Energy XXI, par value $0.005 per share (“Energy XXI Common Stock”). The Merger resulted in EPL becoming an indirect, wholly owned subsidiary of Energy XXI. Therefore, in the preparation of our financial statements, we have applied “pushdown” accounting, based on guidance from the Securities and Exchange Commission (“SEC”). Pushdown accounting refers to the use of the acquiring entity’s basis of accounting in the preparation of the acquired entity’s financial statements. In accordance with the acquisition method of accounting, the purchase price established in the Merger was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed was recorded as goodwill. Goodwill recorded in connection with the Merger is not deductible for income tax purposes. ASC 350, Intangibles—Goodwill and Other (ASC 350), requires that intangible assets with indefinite lives, including goodwill, be evaluated for impairment on an annual basis or more frequently if events occur or circumstances change that could potentially result in impairment. Our annual goodwill impairment test is performed during the third quarter each fiscal year. Impairment testing for goodwill is performed at the reporting unit level. We have only one reporting unit, which includes all of our oil and natural gas properties. Accordingly, all of our goodwill, as well as all of our other assets and liabilities, are included in our single reporting unit. At September 30, 2014, we conducted a qualitative goodwill impairment assessment by examining relevant events and circumstances that could have a negative impact on our goodwill, such as macroeconomic conditions, industry and market conditions, cost factors that have a negative effect on earnings and cash flows, overall financial performance, dispositions and acquisitions, and any other relevant events or circumstances. After assessing the relevant events and circumstances for the qualitative impairment assessment, we determined that performing a quantitative goodwill impairment test was necessary. In the first step of the goodwill impairment test, we determined that the fair value of our reporting unit was less than the carrying amount, including goodwill, primarily due to price deterioration in forward pricing curves for oil and natural gas and an increase in our weighted average cost of capital used to estimate fair value, both factors which adversely impacted the fair value of our estimated reserves. Therefore, we performed the second step of the goodwill impairment test, which led us to conclude that there was no remaining implied fair value attributable to goodwill. As a result, we recorded a goodwill impairment charge of $329.3 million to reduce the carrying value of goodwill to zero at September 30, 2014. In estimating the fair value of our reporting unit and our estimated reserves, we used an income approach which estimated fair value primarily based on the anticipated cash flows associated with our estimated reserves, discounted using a weighted average cost of capital rate based on market participant data. The estimation of the fair value of our reporting unit includes the use of significant inputs not observable in the market, such as estimates of reserves quantities, the weighted average cost of capital (discount rate), future pricing beyond a certain period and estimated future capital and operating costs. The use of these unobservable inputs results in the fair value estimate being classified as a Level 3 measurement. Although we believe the assumptions and estimates used in the fair value calculation of our reporting unit are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions.

Property and Equipment

Property and Equipment	6 Months Ended
	Dec. 31, 2015
Property and Equipment [Abstract]
Property and Equipment	Note 4 - Property and Equipment The following table summarizes our property and equipment. December 31, 2015 June 30, 2015 (In thousands) Proved oil and natural gas properties $ 3,385,252 $ 2,993,012 Unevaluated oil and natural gas properties 45,549 435,429 Other - 3,116 Less: accumulated depreciation, depletion, amortization and impairment (2,949,375) (2,016,532) Total property and equipment, net of accumulated depreciation, depletion, amortization and impairment $ 481,426 $ 1,415,025 At December 31 , 2015 and June 30, 2015, our investment in unevaluated properties primarily relates to the fair value of unproved oil and natural gas properties determined during the Merger. Costs associated with unevaluated properties are transferred to evaluated properties upon the earlier of 1) a determination as to whether there are any proved reserves related to the properties, or 2) ratably over a period of time of not more than four years. In the six months ended December 31, 2015, we identified certain of our unevaluated properties totaling to $ 3 14.4 million as being uneconomical and have transferred such amounts to the full cost pool , subject to amortization . Due to the depressed commodity prices and our lack of capital resources to develop our properties, we believe that all of our proved undevelop ed oil and gas reserves no longer qualify as being proved as of the period ended December 31, 2015. We have thus removed all of our proved undeveloped oil and gas reserves from the proved category as of December 31, 2015. Almost a ll of the proved undeveloped reserves that were removed from the proved category as of December 31, 2015 are still economic at current prices, but were reclassed to the probable category because they are no longer expected to be drilled within five years of initial booking due to current constraints on ability to fund development drilling. Under the full cost method of accounting at the end of each financial reporting period, we compare the present value of estimated future net cash flows from proved reserves (computed using the unweighted arithmetic average of the first-day-of-the-month historical price, net of applicable differentials, for each month within the previous 12-month period discounted at 10% , plus the lower of cost or fair market value of unproved properties and excluding cash flows related to estimated abandonment costs associated with developed properties) to the net full cost pool of oil and natural gas properties, net of related deferred income taxes. We refer to this comparison as a “ceiling test.” If the net capitalized costs of these oil and natural gas properties exceed the estimated discounted future net cash flows, we are required to write-down the value of our oil and natural gas properties to the amount of the discounted cash flows. For the three and six months ended December 31 , 2015, our ceiling test computation resulted in impairment s of our oil and natural gas properties of $ 504.8 million and $8 12.9 million, respectively . If the current low commodity price environment or downward trend in oil prices continues, we will incur further impairment to our full cost pool in fiscal 2016 based on the average oil and natural gas price calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the previous 12-month period under the SEC pricing methodology.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Dec. 31, 2015
Asset Retirement Obligations [Abstract]
Asset Retirement Obligations	Note 5 - Asset Retirement Obligations The following table reconciles the changes to our asset retirement obligations. Six Months Ended December 31, 2015 (in thousands) Beginning of period total $ 240,362 Accretion expense 13,058 Liabilities incurred 3,457 Revisions* (18,264) Liabilities settled (48,627) End of period total 189,986 Less: End of period, current portion (29,077) End of period, noncurrent portion $ 160,909 * This downward revision was primarily due to declining service costs resulting from the decline in commodity prices and decrease in demand for oil field services due to excess capacity.

Indebtedness

Indebtedness	6 Months Ended
	Dec. 31, 2015
Indebtedness [Abstract]
Indebtedness	Note 6 - Indebtedness The following table sets forth our indebtedness. December 31, June 30, 2015 2015 (In thousands) 8.25% Senior Notes due 2018 $ 480,244 $ 510,000 Debt premium on 8.25% Senior Notes due 2018 21,218 29,459 Revolving Credit EPL Sub-Facility 150,000 150,000 Derivative instruments premium financing - 3,364 Total debt 651,462 692,823 Less current maturities - (3,364) Long term debt 651,462 689,459 Promissory note payable to EGC 325,000 325,000 Noncurrent portion of indebtedness $ 976,462 $ 1,014,459 During October 2015, we repurchased $29.8 million in aggregate principal amount of the 8.25% Senior Notes in open market transactions at a total price of approximately $10.0 million, and we recorded a gain on this repurchase of approximately $ 21.3 million, including the amount of associated unamortized premium, during the three months ended December 31, 2015. The repurchased notes were cancelled. Subsequent to December 31, 2015, we repurchased approximately $266.6 million in aggregate principal amount (carrying value of approximately $279.4 million ) of our 8.25% Senior Notes in open market transactions at a total price of approximately $11.4 million, including accrued interest of $10.4 million, reducing our total indebtedness to approximately $697.1 million as of February 15, 2016. See below for further discussion of our 8.25% Senior Notes. Revolving Credit EPL Sub-Facility The Revolving Credit Facility underwent its Twelfth Amendment to the First Lien Credit Agreement on November 30, 2015 (the “Twelfth Amendment”) and its Eleventh Amendment and Waiver to the First Lien Credit Agreement was on July 31, 2015 (the “Eleventh Amendment”) . T he Revolving Credit F acility, as amended, has a maximum facility amount and borrowing base of $ 500 million, of which such amount $150 million is the borrowing base under the sub-facility established for EPL , although we were required to maintain restricted cash of $30 million with respect to amounts outstanding under the Revolving Credit EPL Sub-Facility . These respective borrowing bases were set in accordance with the regular annual process for determination of the borrowing bases and the borrowing bases are to remain in effect until the next redetermination thereof under the terms of the First Lien Credit Agreement. Borrowings under the First Lien Credit Agreement are also limited to a borrowing base based on oil and natural gas reserve values , which are redetermined on a periodic basis. During the quarter ended December 31, 2015, we, EGC and the lenders completed the fall borrowing base redetermination with no changes to the existing borrowing base at $500 million, and the lenders temporarily relaxed the requirements of certain financial covenants under the Twelfth Amendment as described below. The scheduled date of maturity of the First Lien Credit Agreement is April 9, 2018 , provided however that the maturity date will accelerate to a date 210 days prior to the date of maturity of EGC’s outstanding 9.25% Sen ior Notes if such notes are not prepaid, redeemed or refinanced prior to such prior date, or to a date 210 days prior to the date of maturity of our outstanding 8.25% Senior Notes if such notes are not prepaid, redeemed or refinanced prior to such prior date, or otherwise to a date that is 180 days prior to the date of maturity of any other permitted second lien or permitted third lien indebtedness or certain permitted unsecured indebtedness or any refinancings of such indebtedness if such indebtedness would come due prior to April 9, 2018 . If we experience the continuation of low oil and natural gas prices, or if they decline even further, we anticipate that our Revolving Credit Facility borrowing base and commitment amounts will likely be reduced in the spring of 2016 as part of our next borrowing base redetermination, which would require us to repay any outstanding indebtedness in excess of any reduced borrowing base. The Revolving Credit Facility permitted EGC to make a loan to us in the amount of $325 million using proceeds from the incurrence of additional permitted second lien or third lien indebtedness of EGC and for us to secure such loan by providing liens on substantially all of our assets that are second in priority to the liens of the lenders under the First Lien Credit Agreement pursuant to the terms of an intercreditor agreement and restricting the transfer of EGC’s rights in respect of such loan or making any prepayment or otherwise making modifications of the terms of such arrangements. Borrowings are limited to a borrowing base based on oil and natural gas reserve values which are re determined on a periodic basis. The Revolving Credit Facility is secured by mortgages on at least 90% of the value of EGC and its subsidiaries’ (other than EPL and its subsidiaries until they shall have become guarantors of the EGC indebtedness under the First Lien Credit Agreement) proved reserves and proved developed producing reserves, but with the threshold for such properties of EPL and its subsidiaries (until they shall have become guarantors of the EGC indebtedness under the First Lien Credit Agreement) at 85% . Additionally, as a result of the Twelfth Amendment, we are required to maintain $30 million of restricted cash in an account subject to a control agreement in favor of the administrative agent under the First Lien Credit Agreement. Currently, the facility bears interest based on the borrowing base usage, at either the applicable London Interbank Offered Rate (“LIBOR”), plus applicable margins ranging from 2.75% to 3.75% or an alternate base rate based on the federal funds effective rate plus applicable margins ranging from 1.75% to 2.75% . The applicable commitment fee under the facility is 0.50% . The First Lien Credit Agreement contains certain restrictions on the prepayment and repayment of outstanding note indebtedness of EGC and its subsidiaries, including the prohibition on using proceeds from credit extensions under the First Lien Credit Agreement for any such prepayment or repayment and the requirement that EGC have net liquidity at the time thereof of at least $250 million. In addition, EGC is required to have pro forma net liquidity of $250 million at the time of any refinancing of outstanding indebtedness. Lender consent is required for any asset disposition that would have the effect of reducing the borrowing base by more than $5 million in the aggregate. The Eleventh Amendment waived certain provisions of the First Lien Credit Agreement to permit EGC to acquire the remaining equity interests of M21K, LLC as well as an additional minor acquisition and disposition. The First Lien Credit Agreement requires that EPL and EGC maintain certain financial covenants separately for so long as the 8.25% Senior Notes remain outstanding. We are currently subject to the following financial covenants: ( a) a consolidated maximum first lien leverage ratio of 1.25 to 1.0 and (b) a consolidated maximum net secured leverage ratio of no more than 3.75 to 1.0 beginning with the fiscal quarter ending March 31, 2017 . If the 8.25% Senior Note s are no longer outstanding and certain other conditions are met, EGC will be subject to the following financial covenants on a consolidated basis: (a) a consolidated maximum net first lien leverage ratio of 1.25 to 1.0, (b) a consolidated maximum net secured leverage ratio of no more than 4.75 to 1.0 as of the end of each fiscal quarter beginning with the fiscal quarter ending March 31, 2016, increasing to 5.25 to 1.0 starting June 30, 2016 and decreasing to 5.00 to 1.0 beginning June 30, 2017 and thereafter, and (c) a minimum current ratio of no less than 1.0 to 1.0 . Additionally, the following changes became effective upon the execution of the Twelfth Amendment: · Modification of triggers that require EPL and its subsidiaries to provide guarantees of the indebtedness of EGC and its subsidiaries and grant liens on the assets of EPL and its subsidiaries to secure such guarantees. Under such modifications, such guarantees and security will be required upon the earlier of EPL’s retirement of its obligations in respect of its outstanding 8.25% Senior Notes and amendments to covenant restrictions under such notes that eliminate restrictions on the ability of EPL and its subsidiaries to guarantee the indebtedness of EGC and its subsidiaries and grant liens on the assets of EPL and its subsidiaries to secure such guarantees (even if such notes have not been refinanced or defeased). · Suspending the maximum net secured leverage ratio covenant with respect to EGC and its subsidiaries (other than EPL and its subsidiaries) to begin on the fiscal quarter ending March 31, 2017 rather than March 31, 2015. · Suspending the maximum net secured leverage ratio covenant with respect to EPL and its subsidiaries to begin on the fiscal quarter ending March 31, 2017 rather than March 31, 2015. · Modifying the maximum net secured leverage covenant with respect to EGC and its subsidiaries to be 3.75 :1.00 as of the end of each fiscal quarter beginning with the fiscal quarter ended September 30, 2015, increasing to 4.75 :1.00 starting March 31, 2016 and to 5.25 :1.00 starting June 30, 2016, and decreasing to 5.00 :1.00 beginning June 30, 2017 and thereafter. As of December 31 , 2015, we had $150 million in borrowings outstanding under the First Lien Credit Agreement, and we were in compliance with all covenants thereunder. Due to current market conditions and depressed commodity prices, Energy XXI engaged PJT Partners as a financial advisor and Vinson & Elkins L.L.P. as a legal advisor to advise its management and Board, EGC and EPL regarding potential strategic alternatives t o address the Company’s liquidity concerns and high debt levels. Based on current market conditions and depressed commodity prices, if it is unable to execute on one of the strategic alternatives being evaluated and adequately address liquidity con cerns, we will not be in compliance with the consolidated net secured leverage ratio under our Revolving Credi t Facility for the quarter ending March 31, 2016. Due to our e lection on February 16 , 2016 to enter into the 30-day grace period for making interest payment under the terms of the indenture governing our outstanding 8.25% Senior Notes, certain restrictions, as fully described below under the caption 8.25% Senior Notes Due 2018 , have been placed on the Company. In addition, a s part of our quarterly compliance c ertificates required under the Revolving C redit Facility , we must make certain representations, including representations about our solvency, and we must remain in compliance wi th the financial ratios in the R e volving Credit Facility . Generally, the solvency representation requires, among other things, for us to determine at the time we desire to make a future borrowing, or issue or extend letters of credit, that the fair market value of our assets exceeds the face amount of our liabilities. The current commodity environment creates substantial uncertainty in determining fair market value of oil and natural gas assets which accordingly may impact our ability to continue to give the required representation. Energy XXI is evaluating various alternatives with respect to the Revolving Credit Facility, but there is no certainty that it will be able to implement any alternatives or otherwise resolve our covenant issues. If the lenders under the Revolving Credit Facility are unwilling to provide us with the covenant flexibility we seek, and we are unable to com ply with those covenants, we will be forced to repay or refinance amounts then outstanding under the Revolving Credit Facility, and there is no assurance that we will reach an agreement with our lenders on any such amendment or waiver. Absent success in these pursuits, a resultant breach under the Revolving Credit Facility would cause a default under such facility, potentially resulting in acceleration of all amounts outstanding under the Revolving Credit Facility . If the lenders under the Revolving C redit F acility were to accelerate the indebtedness under the Revolving Credit Facility as a result of su ch defaults, such acceleration w ould cause a cross-default or cross-acceleration of all of our , EGC and Energy XXI’s other outstanding indebtedness. Such a cross-default or cross-acceleration could have a wider impact on our liquidity than might otherwise arise from a default or acceleration of a single debt instrument. If an event of default occurs, or if other debt agreements cross-default, and the lenders under the affected debt agreements accelerate the maturity of any loans or other debt outstanding, we will not have sufficient liquidity to repay all of our outstanding indebtedness. Promissory Note On March 12, 2015, in connection with EGC’s issuance of its 11.0% senior secured second lien notes due 2020 (the “11.0% Notes”) , we entered into a $325.0 million secured second lien promissory note between us, as the maker, and EGC, as the payee (the “Promissory Note”). Proceeds from the Promissory Note were used to repay a like amount of the outstanding borrowings under the Revolving Credit EPL Sub-Facility. The Promissory Note bears interest at an annual rate of 10% , has a maturity date of October 9, 2018 , and is secured by a second priority lien on certain of our assets that secure the obligations under the First Lien Credit Agreement. EGC may release the collateral securing the Promissory Note at any time. The note has not been, and will not be, registered under the Securities Act of 1933, as amended or the securities laws of any other jurisdiction. We have an option to prepay this note in whole or in part at any time, without penalty or premium. The note bears interest from the date of issuance with interest due quarterly, in arrears, on January 5 th , April 5 th , July 5 th , and October 5 th , beginning September 5, 2015. 8.25% Senior Notes due 2018 The 8.25% S enior N otes consist of $510.0 million in aggregate principal amount ($ 5 01.5 million carrying value at December 31 , 2015) of our 8.25% senior notes due 2018 issued under an Indenture dated February 14, 2011 (the “2011 Indenture”). The 8.25% Senior Notes bear interest from the date of their issuance at an annual rate of 8.25% with interest due semi-annually, in arrears, on February 15 th and August 15 th of each year. The 8.25% Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis initially by each of our existing direct and indirect domestic subsidiaries (other than immaterial subsidiaries). The 8.25% Senior Notes will mature on February 15, 2018 . As a result of pushdown accounting, the effective interest rate on the 8.25% Senior Notes is approximately 5.8% . On February 1 6 , 2016, we elected to enter into the 30-day grace period under the terms of the indenture governing the 8.25% Senior Notes to extend the timeline for making the cash interest payment to March 1 7 , 2016. The aggregate amount of the interes t payments is approximately $8.8 million. During the 30-day grace period, the Company, EGC and Energy XXI will work with their debt holders regarding their ongoing effort to develop and implement a comprehensive plan t o restructure their balance sheets . The election to enter into the 30 -day grace period under the terms of the indenture governing the 8.25% Senior Notes constitutes a default; however, it does not constitute an Event of Default under the indenture governing the 8.25% Senior Notes or the Revolving Credit Facility. As a result of this default, certain restrictions have been placed on the Company, including but not limited to, its ability to incur additional indebtedness, draw on the Revolving Credit EPL Sub-Facility and issue additional letters of credit. The Company has 30 days to cure the default by making the required interest payment that was due on February 1 6 , 2016. Alternatively, the Company may restructure the debt with its creditors. On March 1 7 , 2016, if the interest payment default is not cured, the default would be considered an Event of Default and the trustee or the holders of at least 25% in aggregate principal amount of then outstanding 8.25% Senior Notes may declare the principal and accrued interest for all outstanding 8.25% Senior Notes due and payable immediately. An Event of Default would also trigger cross defaults in the Company’s other debt obligations. An Event of Default would have a material adverse effect on the Company's liquidity, financial condition and results of operati ons. Please see Note 2 – Liquidity and Capital Resources for more information. Derivative Instruments Premium Financing We have historically finance d premiums on derivative instruments that we purchase with our hedge counterparties. Substantially all of our hedge transactions are with lenders under the Revolving Credit EPL Sub-Facility. Derivative instruments premium financing is accounted for as debt and this indebtedness is pari passu with borrowings under the Revolving Credit EPL Sub-Facility. The derivative instruments premium financing is structured to mature when the derivative instrument settles so that we realize the value, net of derivative instrument premium financing. As of December 31 , 2015, we had no outstanding derivative instruments p remium financing . Interest Expense For the three and six months ended Dec ember 3 1 , 2015 and 2014, interest expense consisted of the following: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 (In thousands) (In thousands) 8.25% senior notes due 2018 $ 10,130 $ 10,519 $ 20,649 $ 21,038 Amortization of fair value premium - 8.25% senior notes (3,282) (2,570) (6,723) (5,104) Revolving credit EPL sub-facility 1,460 2,998 2,950 5,959 Promissory note payable to EGC 8,305 - 16,611 - Derivative instruments premium financing and other 159 - 269 (45) $ 16,772 $ 10,947 $ 33,756 $ 21,848

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Dec. 31, 2015
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	Note 7 - Derivative Financial Instruments We enter into hedging transactions to reduce exposure to fluctuations in the price of crude oil and natural gas. We enter into hedging transactions with multiple investment-grade rated counterparties, primarily financial institutions, to reduce the concentration of exposure to any individual counterparty. We use various instruments including financially settled crude oil and natural gas puts, put spreads, swaps, zero-cos t collars and three-way collars . Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the consolidated balance sheets. Any gains or losses resulting from c hanges in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included in gain (loss) on derivative financial instruments as a component of revenues in the accompanying consolidated statements of operations. We had no derivative instruments outstanding at December 31, 2015 . The effect of derivative financial instruments on our consolidated statements of operations was as follows: Three Months Ended Six Months Ended December 31, December 31, Gain (loss) on derivative financial instruments 2015 2014 2015 2014 Cash settlements, net of purchased put premium amortization $ 1,397 $ 23,091 $ 2,111 $ 24,903 Proceeds from monetizations - 4,559 - 4,559 Change in fair value (491) (5,388) 1,573 14,657 Total gain on derivative financial instruments $ 906 $ 22,262 $ 3,684 $ 44,119

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note - 8 Fair Value Measurements Certain assets and liabilities are measured at fair value on a recurring basis in our consolidated balance sheets. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of these techniques requires significant judgment and is primarily dependent upon the characteristics of the asset or liability, the principal (or most advantageous) market in which participants would transact for the asset or liability and the quality and availability of inputs. Inputs to valuation techniques are classified as either observable or unobservable within the following hierarchy: · Level 1 – quoted prices in active markets for identical assets or liabilities. · Level 2 – inputs other than quoted prices that are observable for an asset or liability. These include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). · Level 3 – unobservable inputs that reflect our own expectations about the assumptions that market participants would use in measuring the fair value of an asset or liability. For cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses, accounts payable, and accrued liabilities, the carrying amounts approximate fair value due to the short-term nature or maturity of the instruments. For the 8.25% Senior Notes, the fair value is estimated based on quoted prices in a market that is not an active market, which are Level 2 inputs within the fair value hierarchy. The carrying value of the revolving credit facility approximates its fair value because the interest rate is variable and reflective of market rates, which are Level 2 inputs within the fair value hierarchy. Our commodity derivative instruments consist of financially settled crude oil and natural gas swaps and three way collars. We estimate the fair values of these instruments based on published forward commodity price curves, market volatility and contract terms as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published LIBOR rates. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of our own nonperformance risk, each based on the current published issuer-weighted cor porate default rates. See Note 7 – Derivative Financial Instruments. During the three and six months ended Dec ember 3 1 , 2015, we did not have any transfers from or to Level 3. The following table sets forth our financial assets and liabilities that are accounted for at fair value on a recurring basis. December 31, June 30, 2015 2015 (in thousands) Assets Derivative financial instruments Current $ - $ 888 Total derivative financial instruments subject to enforceable netting agreement - 888 Gross amounts offset in consolidated balance sheets - - Net amounts presented in consolidated balance sheets $ - $ 888 Liabilities Derivative financial instruments Current $ - $ 1,057 Total derivative financial instruments subject to enforceable netting agreement - 1,057 Gross amounts offset in consolidated balance sheets - - Net amounts presented in consolidated balance sheets $ - $ 1,057 The following table sets forth the carrying values and estimated fair values of our long-term debt instruments which are classified as Level 2 financial instruments. December 31, 2015 June 30, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.25% senior notes $ 501,462 $ 135,813 $ 539,459 $ 306,000 Revolving credit EPL sub-facility 150,000 150,000 150,000 150,000 Promissory note payable to EGC 325,000 325,000 325,000 325,000 Total $ 976,462 $ 610,813 $ 1,014,459 $ 781,000 The 8.25% Senior Notes contain an option to redeem up to 35% of the aggregate principal amount of the notes outstanding with the net cash proceeds of certain equity offerings. This option is considered an embedded derivative and is classified as a Level 3 financial instrument for which the estimated fair value at December 31 , 2015 is not material.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 9 - Income Taxes We are a (U.S.) Delaware company and, as a result of the Merger, a direct subsidiary of EGC. We are a member of a consolidated group of corporations for U.S. federal income tax purposes where Energy XXI, Inc., (the “U.S. Parent”) is the parent entity. Energy XXI indirectly owns 100% of U.S. Parent, but is not a member of the U.S. consolidated group. We operate through our various subsidiaries in the United States as they apply to our current ownership structure. ASC Topic 740 , Income Taxes , provides that the income tax amounts presented in the separate financial statements of a subsidiary entity that is a member of a consolidated group should be based upon a reasonable allocation of the income tax amounts of that group. We allocate income tax expense/benefit and deferred tax items between affiliates as if each affiliate prepared a separate U.S. income tax return for the reporting period. We have recorded no income tax-related intercompany balances with affiliates. W e esti m ate the annual effe c ti v e tax rate f o r t h e c u rre n t fiscal year a n d a pp ly it to i n ter i m p erio d s. Currently, our estimated annual effective tax/(benefit) rate is zero . Our actual effective tax/(benefit) rate for the three and six months ended December 31 , 2015 was also zero . The variance from the U.S. statutory rate of 35% is primarily due to continued recorded and forecast losses that, based on present circumstances, will not result in us recording a current income tax benefit. Rather, all increases in net deferred tax assets (primarily related to net operating loss (“NOL”) carryovers net of deferred tax liability from oil and natural gas properties’ net book carrying values exceeding their corresponding tax bases) will be completely offset by increases in valuation allowances. As required by ASC Topic 740-270, Income Taxes: Interim Reporting , we forecast our tax position for the year, and may not record an additional tax benefit in an interim period unless we believe that we would be allowed to record a net deferred tax asset at the end of the year. At this time, we do not have such a belief (due to a preponderance of negative evidence as to future realizability) and accordingly reflect a current deferred tax benefit of zero. We continue to evaluate the need for the valuation allowance based on current and expected earnings and other factors, and adjust it accordingly.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 - Related Party Transactions On June 3, 2014, we entered an intercompany services and cost allocation agreement with Energy XXI Services, LLC (“Energy Services”), an affiliate of the Company. Services provided by Energy Services include management, legal, accounting, tax, corporate secretarial, human resources, employee benefit administration, office space and other furniture and equipment management, and other support services. Cost of these services for the three and six months ended December 31 , 2015 was approximately $ 8.9 million and $ 18.2 million, respectively , of which approximately $7.5 million and $15.0 million, respectively, is included in general and administrative expense. Cost of these services for the three and six months ended December 31, 2014 was approximately $ 5.8 and $9.8 million, respectively, of which approximately $ 5.4 million and $9.1 million, respectively, is included in general and administrative expense. On March 12, 2015 , in connection with EGC’s issuance of the 11.0% Notes, we entered into the Promissory Note with a face value of $325 million. The Promissory Note bears interest at an annual rate of 10% , ha s a maturity date of October 9, 2018 , and is secured by a second priority lien on certain of our assets that secure the obligations under the First Lien Credit Agreement. For the three and six months ended December 31, 2015, i nterest expense on the Promissory Note amounted to approximately $8.3 million and $16.6 million, respectively . See Note 6 - Indebtedness for more information regarding the Promissory Note.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 1 1 - Commitments and Contingencies Litigation. We are involved in various legal proceedings and claims, which arise in the ordinary course of our business. We do not believe the ultimate resolution of any such actions will have a material effect on our consolidated financial position, results of operations or cash flows. Performance Bonds. As of December 31 , 2015, we had $189.7 million of performance bonds outstanding relating to assets in the Gulf of Mexico . As a lessee and operator of oil and natural gas leases on the federal Outer Continental Shelf ( “ OCS ” ), approximately $ 67.2 million of our performance bonds are lease and/or area bonds issued to the BOEM that assure our commitment to comply with the terms and conditions of those leases. We also maintain approximately $122.5 million in performance bonds issued to predecessor third party assignors including certain state regulatory bodies of certain of the wells and facilities on these leases pursuant to a contractual commitment made by us to those third parties at the time of assignment with respect to the eventual decommissioning of those wells and facilities. In April 2015, we received letters from the BOEM stating that certain of our subsidiaries no longer qualify for waiver of certain supplemental bonding requirements for potential offshore decommissioning, plugging and abandonment liabilities. The letters notified us that certain of our subsidiaries must provide approximately $ 566.5 million in supplemental financial assurance and/or bonding for their offshore oil and gas leases, rights-of-way, and rights-of-use and easements. In June 2015 and December 2015 , we reached agreements with the BOEM with respect to which we provided $ 54.7 million and $8.9 million, respectively, of supplemental bonds issued to the BOEM (which is reflected in the $67.2 million in lease and/or area bonds discussed above) . On June 30, 2015, we sold the East Bay field , and as a result, the $566.5 million of requested supplemental financial assurance and/or bonding required by the BOEM in April 2015 was reduced by approximately $178 million. In October 2015, we received information from the BOEM indicating that we could receive additional demands of supplemental financial assurance for amounts in addition to the $ 566.5 m illion initially sought by the BOEM in April 2015, primarily relating to certain properties that were no longer exempt from supplemental bonding as a result of co- lessees losing their exemptions. However, w e believe that a substantial portion of the additional supplemental financial assurance and/or bonding that could be sought by the BOEM may relate to circumstances that could eventually be removed from our responsibility (in terms of providing added assurance or bonding), including, for example, lease interests of co-lessees, leases that have since been divested by us, and leases where we are not the permitted operator and no drilling of wells has occurred. We would expect that most, if not all, of our co-lessees with the remaining working interest in such lease interests will provide their share of the bondin g but we can provide no assurance that such cooperation by these co-lessees will occur . Since we received the additional information from the BOEM in October 2015, we have had a series of discussions and exchanges of information with the BOEM on the long-term financial assurance plan, culminating most recently in our submittal of an updated version of the long-term financial assurance plan to the BOEM for approval on February 2, 2016. The long-term plan calls for a series of actions by us during various dates in 2016, including by June 1, 2016 and September 1, 2016, which actions are designed to address the supplemental financial assurance liabilities initially identified by the BOEM, as such liabilities are further modified by the BOEM based on information we provide and our performance under the plan . This long-term plan requires approval by the BOEM in order for us to proceed with addressing these supplemental fin ancial assurance liabilities. While we believe that the long-term financial assurance plan is close to being approved by the BOEM, we can provide no assurance as to a certain date by which the long-term plan will be approved or that the BOEM will not have further revisions to our proposal . I f our co-lessees and us are unable to agree on allocation of supplemental financial assurance and/or bonding amounts for such specified leases and present such agreed upon allocations to the BOEM for approval, the BOEM may direct supplemental financial assurance and/or bonding amounts for 100% of the lease interests to us, which would substantially increase the supplemental financial assurance and/or bonding requirements. We expect that the BOEM will assess additional supplemental financial assurance and/or bonding requirements on us in such other letters that may be issued later if those items are not addressed in our plan. Unrelated to the BOEM’s April 2015 directive, o n September 22, 2015, the BOEM issued Draft Guidance relating to supplemental bonding procedures that will, among other things, eliminate the “waiver” exemption currently allowed by the BOEM with respect to supplemental bonding and, instead, broaden the self-insurance approach that would allow more operators on the OCS to seek self-insurance for a portion of their supplemental bond obligations, but only for an amount that is no more than 10% of such operators’ tangible net worth. In addition, the Draft Guidance would implement a phased-in period for establishing compliance with supplemental bonding obligations, whereby operators may seek payment of estimated costs of decommissioning obligations owed under a “tailored plan” that is approved by the BOEM and would require payment of the supplemental bonding amount in three approximately equal installment s of one-third each, by no later than 120, 240 and 360 calendar days, respectively, from the date of BOEM approval of the tailored plan. Furthermore, with issuance of an Advanced Notice of Proposed Rulemaking in August 2014, the BOEM is actively seeking to bolster its financial assurance requirements mandated by rule for all companies operating in federal waters. While the Draft Guidance, once implemented by the BOEM, would allow an increased number of operators (relative to those operators under the existing Notice to Lessees (“NTL”) regarding supplemental financial assurance and bonding) to self-insure for their decommissioning liabilities that is no more than 10% of their tangible net worth, there is no assurance that the BOEM will allow us to utilize self-insurance programs and we currently do not plan for self-insurance under the long-term financial assurance plan that we plan to submit to the BOEM. In addition to the Draft Guidance describing revised supplemental bonding procedures that may be used by the bureau, the BOEM is actively seeking to bolster its financial assurance requirements mandated by rule for all companies operating in federal waters. The cost of compliance with our existing supplemental bonding requirements, including the directives issued by the BOEM in April 2015 and June 2015, any other future directives, or any other changes to the BOEM’s current NTL supplemental bonding requirements or supplemental bonding regulations applicable to us or our subsidiaries’ properties could materially and adversely affect our financial condition, cash flows, and results of operations. In addition, we may be required to provide cash collateral or letters of credit to support the issuance of such bonds or other surety. Such letters of credit would likely be issued under our Revolving C redit EPL Sub-F acility and would reduce the amount of borrowings available under such facility in the amount of any such letter of credit obligations. We can provide no assurance that we can continue to obtain bonds or other surety in all cases or that we will have sufficient availability under our Revolving C redit EPL Sub-F acility to support such supplemental bonding requirements. If we are unable to obtain the additional required bonds or assurances as requested, the BOEM may require any of our operations on federal leases to be suspended , cancelled or otherwise impose monetary penalties , and one or more of such action s could have a material effect on our business, prospects, results of operations, financial condition, and liquidity. Other. We maintain restricted escrow funds as required by certain contractual arrangements. At December 31 , 2015, our restricted cash included $30 million related to the First Lien Credit Agreement and approximately $ 6.0 million in a trust for future plugging, abandonment and other decommissioning costs related to the East Bay field, which will be transferred to the buyer of our interests in that field. We and our oil and gas joint interest owners are subject to periodic audits of the joint interest accounts for leases in which we participate and/or operate. As a result of these joint interest audits, amounts payable or receivable by us for costs incurred or revenue distributed by the operator or by us on a lease may be adjusted, resulting in adjustments to our net costs or revenues and the related cash flows. When they occur, these adjustments are recorded in the current period, which generally is one or more years after the related cost or revenue was incurred or recognized by the joint account. We do not believe any such adjustments will be material.

Supplemental Condensed Consolid

Supplemental Condensed Consolidating Financial Information	6 Months Ended
	Dec. 31, 2015
Supplemental Condensed Consolidating Financial Information [Abstract]
Supplemental Condensed Consolidating Financial Information	Note 12 - Supplemental Condensed Consolidating Financial Information In connection with issuing the 8.25% Senior Notes described in Note 6 - Indebtedness, all of our existing direct and indirect domestic subsidiaries (other than immaterial subsidiaries) eac h of which is 100% owned by EPL (the “Guarantor Subsidiaries”) , jointly and severally guaranteed the payment obligations under our 8.25% Senior Notes. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Guarantor Subsidiary can be automatically released and relieved of its obligations under certain customary circumstances contained in the 2011 Indenture. So long as other applicable provisions of the indenture are adhered to, these customary circumstances include: when a Guarantor Subsidiary is declared “unrestricted” for covenant purposes, when the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied, or when the Guarantor Subsidiary is sold or sells all of its assets. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of operations and cash flow information for EPL (Parent Company Only) and for the Guarantor Subsidiaries. We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries, or for any individual Guarantor Subsidiary, because management has determined that such information is not material to investors. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements. The principal eliminating entries eliminate investments in subsidiaries and intercompany balances . EPL OIL & GAS, INC. Supplemental Condensed Consolidating Balance Sheet As of December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ - $ - $ - $ - Trade accounts receivable - net 42,480 - - 42,480 Intercompany receivables - 127,756 (127,756) - Restricted cash 6,025 - - 6,025 Prepaid expenses 2,631 - - 2,631 Total current assets 51,136 127,756 (127,756) 51,136 Property and equipment, net 478,477 2,949 - 481,426 Restricted cash 30,008 - - 30,008 Investment in affiliates 130,705 - (130,705) - Other assets and debt issuance costs, net of accumulated amortization 1,036 - - 1,036 Total assets $ 691,362 $ 130,705 $ (258,461) $ 563,606 LIABILITIES AND STOCKHOLDER'S DEFICIT Current liabilities: Accounts payable $ 33,076 $ - $ - $ 33,076 Due to EGC 202,767 - - 202,767 Intercompany payables 127,756 - (127,756) - Accrued liabilities 94,567 - - 94,567 Asset retirement obligations 29,077 - - 29,077 Total current liabilities 487,243 - (127,756) 359,487 Long-term debt 651,462 - - 651,462 Promissory note payable to EGC 325,000 - - 325,000 Asset retirement obligations 160,909 - - 160,909 Total liabilities 1,624,614 - (127,756) 1,496,858 Stockholder's equity (deficit): Preferred stock - - - - Common stock - - - - Additional paid-in capital 1,599,341 85,479 (85,479) 1,599,341 Retained earnings (accumulated deficit) (2,532,593) 45,226 (45,226) (2,532,593) Total stockholder's equity (deficit) (933,252) 130,705 (130,705) (933,252) Total liabilities and stockholder's equity (deficit) $ 691,362 $ 130,705 $ (258,461) $ 563,606 EPL OIL & GAS, INC. Supplemental Condensed Consolidating Balance Sheet As of June 30, 2015 (AUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 217 $ - $ - $ 217 Trade accounts receivable - net 71,406 - (83) 71,323 Intercompany receivables - 128,170 (128,170) - Derivative financial instruments 888 - - 888 Restricted cash 6,024 - - 6,024 Prepaid expenses 1,831 - - 1,831 Total current assets 80,366 128,170 (128,253) 80,283 Property and equipment, net 1,412,076 2,949 - 1,415,025 Investment in affiliates 130,705 - (130,705) - Other assets and debt issuance costs, net of accumulated amortization 1,039 - - 1,039 Total assets $ 1,624,186 $ 131,119 $ (258,958) $ 1,496,347 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 24,217 $ 414 $ (83) $ 24,548 Due to EGC 170,728 - - 170,728 Intercompany payables 128,170 - (128,170) - Accrued liabilities 95,981 - - 95,981 Asset retirement obligations 38,056 - - 38,056 Derivative financial instruments 1,057 - - 1,057 Current maturities of long-term debt 3,364 - - 3,364 Total current liabilities 461,573 414 (128,253) 333,734 Long-term debt 689,459 - - 689,459 Intercompany promissory note 325,000 - - 325,000 Asset retirement obligations 202,306 - - 202,306 Total liabilities 1,678,338 414 (128,253) 1,550,499 Stockholder's equity (deficit): Preferred stock - - - - Common stock - - - - Additional paid-in capital 1,599,341 85,479 (85,479) 1,599,341 Retained earnings (accumulated deficit) (1,653,493) 45,226 (45,226) (1,653,493) Total stockholder's equity (deficit) (54,152) 130,705 (130,705) (54,152) Total liabilities and stockholder's equity (deficit) $ 1,624,186 $ 131,119 $ (258,958) $ 1,496,347 EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 54,408 $ - $ - $ 54,408 Natural gas sales 8,256 - - 8,256 Gain on derivative instruments 906 - - 906 Total revenues 63,570 - - 63,570 Costs and expenses Lease operating 30,889 - - 30,889 Transportation 664 - - 664 Depreciation, depletion and amortization 62,333 - - 62,333 Accretion of asset retirement obligations 6,317 - - 6,317 Impairment of oil and natural gas properties 504,772 - - 504,772 General and administrative 9,978 - - 9,978 Taxes, other than on earnings 39 - - 39 Total costs and expenses 614,992 - - 614,992 Operating loss (551,422) - - (551,422) Other income (expense): Other income, net 2,393 - - 2,393 Gain on early extinguishment of debt 21,269 - - 21,269 Interest expense (16,772) - - (16,772) Total other income, net 6,890 - - 6,890 Loss before income taxes (544,532) - - (544,532) Income tax expense - - - - Net loss $ (544,532) $ - $ - $ (544,532) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2014 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 109,070 $ 11,758 $ - $ 120,828 Natural gas sales 12,499 49 - 12,548 Gain on derivative instruments 22,262 - - 22,262 Total revenues 143,831 11,807 - 155,638 Costs and expenses Lease operating 50,044 5,260 - 55,304 Transportation 1,148 1 - 1,149 Depreciation, depletion and amortization 82,382 6,165 - 88,547 Accretion of asset retirement obligations 4,910 1,188 - 6,098 Impairment of oil and natural gas properties 690,312 - - 690,312 General and administrative 6,810 - - 6,810 Taxes, other than on earnings 494 1,450 - 1,944 Total costs and expenses 836,100 14,064 - 850,164 Operating loss (692,269) (2,257) - (694,526) Other income (expense): Other income, net 4 - - 4 Interest expense (10,947) - - (10,947) Income from equity investments (1,424) - 1,424 - Total other expense, net (12,367) - 1,424 (10,943) Loss before income taxes (704,636) (2,257) 1,424 (705,469) Income tax benefit (250,024) (833) - (250,857) Net loss $ (454,612) $ (1,424) $ 1,424 $ (454,612) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Six Months Ended December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 127,780 $ - $ - $ 127,780 Natural gas sales 20,874 - - 20,874 Gain on derivative instruments 3,684 - - 3,684 Total revenues 152,338 - - 152,338 Costs and expenses Lease operating 57,042 - - 57,042 Transportation 1,387 - - 1,387 Depreciation, depletion and amortization 119,993 - - 119,993 Accretion of asset retirement obligations 13,058 - - 13,058 Impairment of oil and natural gas properties 812,850 - - 812,850 General and administrative 17,922 - - 17,922 Taxes, other than on earnings (896) - - (896) Total costs and expenses 1,021,356 - - 1,021,356 Operating loss (869,018) - - (869,018) Other income (expense): Other income, net 2,405 - - 2,405 Gain on early extinguishment of debt 21,269 - - 21,269 Interest expense (33,756) - - (33,756) Total other expense, net (10,082) - - (10,082) Loss before income taxes (879,100) - - (879,100) Income tax expense - - - - Net loss $ (879,100) $ - $ - $ (879,100) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Six Months Ended December 31, 2014 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 249,785 $ 29,359 $ - $ 279,144 Natural gas sales 26,354 148 - 26,502 Gain on derivative instruments 44,119 - - 44,119 Total revenues 320,258 29,507 - 349,765 Costs and expenses Lease operating 102,618 8,986 - 111,604 Transportation 1,772 2 - 1,774 Depreciation, depletion and amortization 150,387 11,905 - 162,292 Accretion of asset retirement obligations 10,252 2,027 - 12,279 Impairment of oil and natural gas properties 690,312 - - 690,312 Goodwill impairment 329,293 - - 329,293 General and administrative 14,852 - - 14,852 Taxes, other than on earnings 599 3,873 - 4,472 Other 21 - - 21 Total costs and expenses 1,300,106 26,793 - 1,326,899 Operating income (loss) (979,848) 2,714 - (977,134) Other income (expense): Other income, net 4 - - 4 Interest expense (21,848) - - (21,848) Income from equity investments 1,711 - (1,711) - Total other expense, net (20,133) - (1,711) (21,844) Income (loss) before income taxes (999,981) 2,714 (1,711) (998,978) Income tax benefit (239,013) 1,003 - (238,010) Net income (loss) $ (760,968) $ 1,711 $ (1,711) $ (760,968) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended December 31 , 201 5 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by operating activities $ 27,463 $ - $ - $ 27,463 Cash flows used in investing activities: Capital expenditures (16,122) - - (16,122) Net cash used in investing activities (16,122) - - (16,122) Cash flows provided by (used in) financing activities: Payments on long-term debt (3,395) - - (3,395) Cash restricted under revolving credit facility related to property sold (30,008) - - (30,008) Advances from EGC 22,034 - - 22,034 Debt issuance costs (189) - - (189) Net cash used in financing activities (11,558) - - (11,558) Net decrease in cash and cash equivalents (217) - - (217) Cash and cash equivalents at beginning of period 217 - - 217 Cash and cash equivalents at end of period $ - $ - $ - $ - EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended December 31 , 201 4 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by operating activities $ 93,232 $ 5,669 $ - $ 98,901 Cash flows used in investing activities: Property acquisitions (350) - - (350) Capital expenditures (233,421) (5,669) - (239,090) Other property and equipment additions (58) - - (58) Net cash used in investing activities (233,829) (5,669) - (239,498) Cash flows provided by financing activities: Advances from EGC 135,480 - - 135,480 Net cash provided by financing activities 135,480 - - 135,480 Net decrease in cash and cash equivalents (5,117) - - (5,117) Cash and cash equivalents at beginning of period 5,601 - - 5,601 Cash and cash equivalents at end of period $ 484 $ - $ - $ 484

Organization and Summary of S18

Organization and Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Dec. 31, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Nature of Operations	Nature of Operations. EPL Oil & Gas, Inc. (referred to herein as “we,” “our,” “us,” “EPL” or “the Company”) was incorporated as a Delaware corporation on January 29, 1998 and is a wholly-owned subsidiary of Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation and an indirect wholly-owned subsidiary of Energy XXI Ltd, an exempted company under the laws of Bermuda and our ultimate parent company (“Energy XXI” or “parent”). We operate as an independent oil and natural gas exploration and production company with our current operations concentrated in the U.S. Gulf of Mexico shelf (the “GoM shelf”) focusing on state and federal waters offshore Louisiana, which we consider our core area.
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. The accompanying consolidated financial statements include the accounts of EPL and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany transactions are eliminated in consolidation. Our interest s in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated.
Interim Financial Statements	Interim Financial Statements . The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2015 Annual Report.
Use of Estimates	Use of Estimates . The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. Other items subject to estimates and assumptions include fair value estimates used in accounting for acquisitions and dispositions; carrying amounts of property, plant and equipment; goodwill; asset retirement obligations; deferred income taxes; and valuation of derivative financial instruments, among others. Accordingly, our accounting estimates require the exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. ASU No. 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are evaluating the impact of the pending adoption of ASU No. 2014-09 on our financial position and results of operations and have not yet determined the method that will be adopted. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. Our early adoption of ASU 2014-15 during the quarter ended December 31, 2015 impacted our disclosures but had no effect on our consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In June 2015, the FASB issued ASU 2015-15 as an amendment to this guidance to address the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements. The SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU is effective for public entities for annual periods beginning after December 15, 2015, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been previously issued. The guidance will be applied on a retrospective basis. We are currently evaluating the provisions of ASU 2015-03 and assessing the impact it may have on our consolidated financial position, results of operations or cash flows. In November 2015, the FASB issued ASU. No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred taxes on the balance sheet by requiring classification of all deferred tax items as noncurrent including valuation allowances by jurisdiction. The ASU is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. Our early adoption of ASU 2015-17 during the quarter ended December 31, 2015 had no effect on our consolidated financial position, results of operations or cash flows other than presentation.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Dec. 31, 2015
Property and Equipment [Abstract]
Property and Equipment	The following table summarizes our property and equipment. December 31, 2015 June 30, 2015 (In thousands) Proved oil and natural gas properties $ 3,385,252 $ 2,993,012 Unevaluated oil and natural gas properties 45,549 435,429 Other - 3,116 Less: accumulated depreciation, depletion, amortization and impairment (2,949,375) (2,016,532) Total property and equipment, net of accumulated depreciation, depletion, amortization and impairment $ 481,426 $ 1,415,025

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Dec. 31, 2015
Asset Retirement Obligations [Abstract]
Schedule of Changes in Asset Retirement Obligations	The following table reconciles the changes to our asset retirement obligations. Six Months Ended December 31, 2015 (in thousands) Beginning of period total $ 240,362 Accretion expense 13,058 Liabilities incurred 3,457 Revisions* (18,264) Liabilities settled (48,627) End of period total 189,986 Less: End of period, current portion (29,077) End of period, noncurrent portion $ 160,909 * This downward revision was primarily due to declining service costs resulting from the decline in commodity prices and decrease in demand for oil field services due to excess capacity.

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Dec. 31, 2015
Indebtedness [Abstract]
Schedule of Indebtedness	The following table sets forth our indebtedness. December 31, June 30, 2015 2015 (In thousands) 8.25% Senior Notes due 2018 $ 480,244 $ 510,000 Debt premium on 8.25% Senior Notes due 2018 21,218 29,459 Revolving Credit EPL Sub-Facility 150,000 150,000 Derivative instruments premium financing - 3,364 Total debt 651,462 692,823 Less current maturities - (3,364) Long term debt 651,462 689,459 Promissory note payable to EGC 325,000 325,000 Noncurrent portion of indebtedness $ 976,462 $ 1,014,459
Interest Expense	For the three and six months ended Dec ember 3 1 , 2015 and 2014, interest expense consisted of the following: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 (In thousands) (In thousands) 8.25% senior notes due 2018 $ 10,130 $ 10,519 $ 20,649 $ 21,038 Amortization of fair value premium - 8.25% senior notes (3,282) (2,570) (6,723) (5,104) Revolving credit EPL sub-facility 1,460 2,998 2,950 5,959 Promissory note payable to EGC 8,305 - 16,611 - Derivative instruments premium financing and other 159 - 269 (45) $ 16,772 $ 10,947 $ 33,756 $ 21,848

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2015
Derivative Financial Instruments [Abstract]
Components of Gain (Loss) on Derivative Instruments	The effect of derivative financial instruments on our consolidated statements of operations was as follows: Three Months Ended Six Months Ended December 31, December 31, Gain (loss) on derivative financial instruments 2015 2014 2015 2014 Cash settlements, net of purchased put premium amortization $ 1,397 $ 23,091 $ 2,111 $ 24,903 Proceeds from monetizations - 4,559 - 4,559 Change in fair value (491) (5,388) 1,573 14,657 Total gain on derivative financial instruments $ 906 $ 22,262 $ 3,684 $ 44,119

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Schedule of Fair Value Measurements of Assets and Liabilities	During the three and six months ended Dec ember 3 1 , 2015, we did not have any transfers from or to Level 3. The following table sets forth our financial assets and liabilities that are accounted for at fair value on a recurring basis. December 31, June 30, 2015 2015 (in thousands) Assets Derivative financial instruments Current $ - $ 888 Total derivative financial instruments subject to enforceable netting agreement - 888 Gross amounts offset in consolidated balance sheets - - Net amounts presented in consolidated balance sheets $ - $ 888 Liabilities Derivative financial instruments Current $ - $ 1,057 Total derivative financial instruments subject to enforceable netting agreement - 1,057 Gross amounts offset in consolidated balance sheets - - Net amounts presented in consolidated balance sheets $ - $ 1,057
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table sets forth the carrying values and estimated fair values of our long-term debt instruments which are classified as Level 2 financial instruments. December 31, 2015 June 30, 2015 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.25% senior notes $ 501,462 $ 135,813 $ 539,459 $ 306,000 Revolving credit EPL sub-facility 150,000 150,000 150,000 150,000 Promissory note payable to EGC 325,000 325,000 325,000 325,000 Total $ 976,462 $ 610,813 $ 1,014,459 $ 781,000

Supplemental Condensed Consol24

Supplemental Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Dec. 31, 2015
Supplemental Condensed Consolidating Financial Information [Abstract]
Supplemental Condensed Consolidating Balance Sheet	EPL OIL & GAS, INC. Supplemental Condensed Consolidating Balance Sheet As of December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ - $ - $ - $ - Trade accounts receivable - net 42,480 - - 42,480 Intercompany receivables - 127,756 (127,756) - Restricted cash 6,025 - - 6,025 Prepaid expenses 2,631 - - 2,631 Total current assets 51,136 127,756 (127,756) 51,136 Property and equipment, net 478,477 2,949 - 481,426 Restricted cash 30,008 - - 30,008 Investment in affiliates 130,705 - (130,705) - Other assets and debt issuance costs, net of accumulated amortization 1,036 - - 1,036 Total assets $ 691,362 $ 130,705 $ (258,461) $ 563,606 LIABILITIES AND STOCKHOLDER'S DEFICIT Current liabilities: Accounts payable $ 33,076 $ - $ - $ 33,076 Due to EGC 202,767 - - 202,767 Intercompany payables 127,756 - (127,756) - Accrued liabilities 94,567 - - 94,567 Asset retirement obligations 29,077 - - 29,077 Total current liabilities 487,243 - (127,756) 359,487 Long-term debt 651,462 - - 651,462 Promissory note payable to EGC 325,000 - - 325,000 Asset retirement obligations 160,909 - - 160,909 Total liabilities 1,624,614 - (127,756) 1,496,858 Stockholder's equity (deficit): Preferred stock - - - - Common stock - - - - Additional paid-in capital 1,599,341 85,479 (85,479) 1,599,341 Retained earnings (accumulated deficit) (2,532,593) 45,226 (45,226) (2,532,593) Total stockholder's equity (deficit) (933,252) 130,705 (130,705) (933,252) Total liabilities and stockholder's equity (deficit) $ 691,362 $ 130,705 $ (258,461) $ 563,606 EPL OIL & GAS, INC. Supplemental Condensed Consolidating Balance Sheet As of June 30, 2015 (AUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) ASSETS Current assets: Cash and cash equivalents $ 217 $ - $ - $ 217 Trade accounts receivable - net 71,406 - (83) 71,323 Intercompany receivables - 128,170 (128,170) - Derivative financial instruments 888 - - 888 Restricted cash 6,024 - - 6,024 Prepaid expenses 1,831 - - 1,831 Total current assets 80,366 128,170 (128,253) 80,283 Property and equipment, net 1,412,076 2,949 - 1,415,025 Investment in affiliates 130,705 - (130,705) - Other assets and debt issuance costs, net of accumulated amortization 1,039 - - 1,039 Total assets $ 1,624,186 $ 131,119 $ (258,958) $ 1,496,347 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 24,217 $ 414 $ (83) $ 24,548 Due to EGC 170,728 - - 170,728 Intercompany payables 128,170 - (128,170) - Accrued liabilities 95,981 - - 95,981 Asset retirement obligations 38,056 - - 38,056 Derivative financial instruments 1,057 - - 1,057 Current maturities of long-term debt 3,364 - - 3,364 Total current liabilities 461,573 414 (128,253) 333,734 Long-term debt 689,459 - - 689,459 Intercompany promissory note 325,000 - - 325,000 Asset retirement obligations 202,306 - - 202,306 Total liabilities 1,678,338 414 (128,253) 1,550,499 Stockholder's equity (deficit): Preferred stock - - - - Common stock - - - - Additional paid-in capital 1,599,341 85,479 (85,479) 1,599,341 Retained earnings (accumulated deficit) (1,653,493) 45,226 (45,226) (1,653,493) Total stockholder's equity (deficit) (54,152) 130,705 (130,705) (54,152) Total liabilities and stockholder's equity (deficit) $ 1,624,186 $ 131,119 $ (258,958) $ 1,496,347
Supplemental Condensed Consolidating Statement of Operations	EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 54,408 $ - $ - $ 54,408 Natural gas sales 8,256 - - 8,256 Gain on derivative instruments 906 - - 906 Total revenues 63,570 - - 63,570 Costs and expenses Lease operating 30,889 - - 30,889 Transportation 664 - - 664 Depreciation, depletion and amortization 62,333 - - 62,333 Accretion of asset retirement obligations 6,317 - - 6,317 Impairment of oil and natural gas properties 504,772 - - 504,772 General and administrative 9,978 - - 9,978 Taxes, other than on earnings 39 - - 39 Total costs and expenses 614,992 - - 614,992 Operating loss (551,422) - - (551,422) Other income (expense): Other income, net 2,393 - - 2,393 Gain on early extinguishment of debt 21,269 - - 21,269 Interest expense (16,772) - - (16,772) Total other income, net 6,890 - - 6,890 Loss before income taxes (544,532) - - (544,532) Income tax expense - - - - Net loss $ (544,532) $ - $ - $ (544,532) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Three Months Ended December 31, 2014 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 109,070 $ 11,758 $ - $ 120,828 Natural gas sales 12,499 49 - 12,548 Gain on derivative instruments 22,262 - - 22,262 Total revenues 143,831 11,807 - 155,638 Costs and expenses Lease operating 50,044 5,260 - 55,304 Transportation 1,148 1 - 1,149 Depreciation, depletion and amortization 82,382 6,165 - 88,547 Accretion of asset retirement obligations 4,910 1,188 - 6,098 Impairment of oil and natural gas properties 690,312 - - 690,312 General and administrative 6,810 - - 6,810 Taxes, other than on earnings 494 1,450 - 1,944 Total costs and expenses 836,100 14,064 - 850,164 Operating loss (692,269) (2,257) - (694,526) Other income (expense): Other income, net 4 - - 4 Interest expense (10,947) - - (10,947) Income from equity investments (1,424) - 1,424 - Total other expense, net (12,367) - 1,424 (10,943) Loss before income taxes (704,636) (2,257) 1,424 (705,469) Income tax benefit (250,024) (833) - (250,857) Net loss $ (454,612) $ (1,424) $ 1,424 $ (454,612) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Six Months Ended December 31, 2015 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 127,780 $ - $ - $ 127,780 Natural gas sales 20,874 - - 20,874 Gain on derivative instruments 3,684 - - 3,684 Total revenues 152,338 - - 152,338 Costs and expenses Lease operating 57,042 - - 57,042 Transportation 1,387 - - 1,387 Depreciation, depletion and amortization 119,993 - - 119,993 Accretion of asset retirement obligations 13,058 - - 13,058 Impairment of oil and natural gas properties 812,850 - - 812,850 General and administrative 17,922 - - 17,922 Taxes, other than on earnings (896) - - (896) Total costs and expenses 1,021,356 - - 1,021,356 Operating loss (869,018) - - (869,018) Other income (expense): Other income, net 2,405 - - 2,405 Gain on early extinguishment of debt 21,269 - - 21,269 Interest expense (33,756) - - (33,756) Total other expense, net (10,082) - - (10,082) Loss before income taxes (879,100) - - (879,100) Income tax expense - - - - Net loss $ (879,100) $ - $ - $ (879,100) EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Operations Six Months Ended December 31, 2014 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Revenues Oil sales $ 249,785 $ 29,359 $ - $ 279,144 Natural gas sales 26,354 148 - 26,502 Gain on derivative instruments 44,119 - - 44,119 Total revenues 320,258 29,507 - 349,765 Costs and expenses Lease operating 102,618 8,986 - 111,604 Transportation 1,772 2 - 1,774 Depreciation, depletion and amortization 150,387 11,905 - 162,292 Accretion of asset retirement obligations 10,252 2,027 - 12,279 Impairment of oil and natural gas properties 690,312 - - 690,312 Goodwill impairment 329,293 - - 329,293 General and administrative 14,852 - - 14,852 Taxes, other than on earnings 599 3,873 - 4,472 Other 21 - - 21 Total costs and expenses 1,300,106 26,793 - 1,326,899 Operating income (loss) (979,848) 2,714 - (977,134) Other income (expense): Other income, net 4 - - 4 Interest expense (21,848) - - (21,848) Income from equity investments 1,711 - (1,711) - Total other expense, net (20,133) - (1,711) (21,844) Income (loss) before income taxes (999,981) 2,714 (1,711) (998,978) Income tax benefit (239,013) 1,003 - (238,010) Net income (loss) $ (760,968) $ 1,711 $ (1,711) $ (760,968)
Supplemental Condensed Consolidating Statement of Cash Flows	EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended December 31 , 201 5 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by operating activities $ 27,463 $ - $ - $ 27,463 Cash flows used in investing activities: Capital expenditures (16,122) - - (16,122) Net cash used in investing activities (16,122) - - (16,122) Cash flows provided by (used in) financing activities: Payments on long-term debt (3,395) - - (3,395) Cash restricted under revolving credit facility related to property sold (30,008) - - (30,008) Advances from EGC 22,034 - - 22,034 Debt issuance costs (189) - - (189) Net cash used in financing activities (11,558) - - (11,558) Net decrease in cash and cash equivalents (217) - - (217) Cash and cash equivalents at beginning of period 217 - - 217 Cash and cash equivalents at end of period $ - $ - $ - $ - EPL OIL & GAS, INC. Supplemental Condensed Consolidating Statement of Cash Flows Six Months Ended December 31 , 201 4 (UNAUDITED) Parent Company Guarantor Only Subsidiaries Eliminations Consolidated (In thousands) Net cash provided by operating activities $ 93,232 $ 5,669 $ - $ 98,901 Cash flows used in investing activities: Property acquisitions (350) - - (350) Capital expenditures (233,421) (5,669) - (239,090) Other property and equipment additions (58) - - (58) Net cash used in investing activities (233,829) (5,669) - (239,498) Cash flows provided by financing activities: Advances from EGC 135,480 - - 135,480 Net cash provided by financing activities 135,480 - - 135,480 Net decrease in cash and cash equivalents (5,117) - - (5,117) Cash and cash equivalents at beginning of period 5,601 - - 5,601 Cash and cash equivalents at end of period $ 484 $ - $ - $ 484

Liquidity and Capital Resourc25

Liquidity and Capital Resources (Narrative) (Details)	Feb. 16, 2016USD ($)	Jun. 03, 2014USD ($)	Nov. 18, 2013USD ($)	Jan. 31, 2016$ / bbl	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Feb. 15, 2016USD ($)	Jan. 11, 2016$ / shares	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Total indebtedness					$ 651,462,000					$ 692,823,000
Restricted cash					30,008,000
Unevaluated properties					$ 45,549,000					435,429,000
Expected term for undeveloped properties to be drilled					5 years
Noncurrent portion of indebtedness including promissory note					$ 976,462,000					1,014,459,000
Debt maturity period, description					All of our outstanding indebtedness will mature within the next three years.
Transferred to Full Cost Pool [Member]
Unevaluated properties					$ 314,400,000	$ 314,400,000
Revolving Credit Facility [Member]
Total indebtedness					150,000,000					150,000,000
Current borrowing base					150,000,000
Restricted cash					30,000,000
Noncurrent portion of indebtedness including promissory note					$ 150,000,000					150,000,000
Debt maturity date					Apr. 9, 2018
8.25% Senior Notes [Member]
Total indebtedness					$ 480,244,000					510,000,000
Carrying value of debt					$ 501,500,000
Senior notes, face amount		$ 510,000,000							$ 29,800,000
Interest payment due date					Feb. 16, 2016
Noncurrent portion of indebtedness including promissory note					$ 501,462,000					$ 539,459,000
Senior notes, stated percentage		8.25%
Debt maturity date		Feb. 15, 2018
3.0% Senior Convertible Notes Due 2018 [Member]
Senior notes, face amount			$ 400,000,000
Senior notes, stated percentage			3.00%
Debt maturity date			Dec. 31, 2018
Subsequent Event [Member]
Crude oil, price per barrel | $ / bbl				27
Total indebtedness							$ 697,100,000
Share price per share, maximum | $ / shares								$ 1
Subsequent Event [Member] | 8.25% Senior Notes [Member]
Carrying value of debt							279,400,000
Senior notes, face amount							$ 266,600,000
Aggregate interest payment due	$ 8,800,000
Interest payment due date	Mar. 17, 2016
Senior notes interest payment, grace period	30 days
Percentage of principal amount of Senior notes due if the interest payment default is not cured	25.00%

Pushdown Accounting and Goodw26

Pushdown Accounting and Goodwill (Narrative) (Details) $ / shares in Units, $ in Thousands	Jun. 03, 2014$ / shares	Dec. 31, 2015segment$ / shares	Dec. 31, 2014USD ($)	Jun. 30, 2015$ / shares	Sep. 30, 2014USD ($)
Common stock, par value | $ / shares		$ 0.001		$ 0.001
Number of reporting units | segment		1
Goodwill impairment | $			$ 329,293
Goodwill | $					$ 0
Parent Company [Member]
Common stock, par value | $ / shares	$ 0.005
Goodwill impairment | $			$ 329,293
EPL Oil & Gas Inc [Member]
Common stock, par value | $ / shares	$ 0.001
Aggregate consideration paid in acquirer stock	35.00%
Aggregate consideration paid in cash	65.00%

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2016	Jun. 30, 2015
Discount rate	10.00%		10.00%
Impairment of oil and natural gas properties	$ 504,772	$ 690,312	$ 812,850	$ 690,312
Expected term for undeveloped properties to be drilled			5 years
Unevaluated properties	45,549		$ 45,549			$ 435,429
Transferred to Full Cost Pool [Member]
Unevaluated properties	$ 314,400		$ 314,400		$ 314,400

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Property and Equipment [Abstract]
Proved oil and natural gas properties	$ 3,385,252	$ 2,993,012
Unevaluated oil and natural gas properties	45,549	435,429
Other		3,116
Less: accumulated depreciation, depletion, amortization and impairment	(2,949,375)	(2,016,532)
Total property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$ 481,426	$ 1,415,025

Asset Retirement Obligations (S

Asset Retirement Obligations (Schedule of Changes in Asset Retirement Obligations) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Asset Retirement Obligations [Abstract]
Beginning of period total				$ 240,362
Accretion expense		$ 6,317	$ 6,098	13,058	$ 12,279
Liabilities incurred				3,457
Revisions	[1]			(18,264)
Liabilities settled				(48,627)
End of period total		189,986		189,986
Less: Current portion		(29,077)		(29,077)		$ (38,056)
End of period, noncurrent portion		$ 160,909		$ 160,909		$ 202,306
[1]	This downward revision was primarily due to declining service costs resulting from the decline in commodity prices and decrease in demand for oil field services due to excess capacity.

Indebtedness (Narrative) (Detai

Indebtedness (Narrative) (Details)

Feb. 16, 2016USD ($)

Nov. 30, 2015USD ($)

Mar. 12, 2015USD ($)

Jun. 03, 2014USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2015USD ($)

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2016

Mar. 31, 2016

Feb. 15, 2016USD ($)

Jan. 11, 2016$ / shares

Oct. 31, 2015USD ($)

Sep. 30, 2015

Jun. 30, 2015USD ($)

Debt Instrument [Line Items]

Total debt outstanding

$ 651,462,000

$ 651,462,000

$ 692,823,000

Restricted cash

30,008,000

30,008,000

Gain on early extinguishment of debt

(21,269,000)

(21,269,000)

Carrying value of debt

651,462,000

651,462,000

689,459,000

Subsequent Event [Member]

Debt Instrument [Line Items]

Total debt outstanding

$ 697,100,000

Share price per share, maximum | $ / shares

$ 1

Parent Company [Member]

Debt Instrument [Line Items]

Restricted cash

30,008,000

30,008,000

Gain on early extinguishment of debt

(21,269,000)

$ (21,269,000)

Twelfth Amendment as of November 30, 2015 [Member]

Debt Instrument [Line Items]

Debt instrument, redemption period

180 days

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Total debt outstanding

150,000,000

$ 150,000,000

150,000,000

Debt maturity date

Apr. 9, 2018

Restricted cash

30,000,000

$ 30,000,000

Current borrowing base

150,000,000

150,000,000

Revolving Credit Facility [Member] | First Lien Credit Agreement [Member]

Debt Instrument [Line Items]

Total debt outstanding

150,000,000

150,000,000

Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member]

Debt Instrument [Line Items]

Debt maturity date

Apr. 9, 2018

Debt instrument, change in maturity date

210 days

Applicable commitment fee, percentage

0.50%

Percentage of secured mortgage

85.00%

Threshold requirement for oil and gas properties required to be secured by mortgages

90.00%

Minimum required liquidity

$ 250,000,000

Reduction in borrowing base due to amendment

(5,000,000)

Current borrowing base

500,000,000

Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | EPL Oil & Gas Inc [Member]

Debt Instrument [Line Items]

Current borrowing base

$ 150,000,000

Minimum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | Market Rate Applies [Member]

Debt Instrument [Line Items]

Applicable margin above LIBOR or the base rate

2.75%

Minimum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | 8.25% Notes Remain Outstanding [Member]

Debt Instrument [Line Items]

Secured debt leverage ratio

1

Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member]

Debt Instrument [Line Items]

Secured debt leverage ratio

3.75

Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | Market Rate Applies [Member]

Debt Instrument [Line Items]

Applicable margin above LIBOR or the base rate

3.75%

Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | 8.25% Notes Remain Outstanding [Member]

Debt Instrument [Line Items]

Total leverage ratio

1.25

Secured debt leverage ratio

3.75

5

5.25

4.75

Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | 8.25% Notes No Longer Outstanding [Member]

Debt Instrument [Line Items]

Total leverage ratio

1.25

Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member] | Scenario, Plan [Member]

Debt Instrument [Line Items]

Secured debt leverage ratio

5

5.25

4.75

8.25% Senior Notes [Member]

Debt Instrument [Line Items]

Senior notes, repurchase amount

$ 10,000,000

Senior notes, face amount

$ 510,000,000

$ 29,800,000

Senior notes, stated percentage

8.25%

Carrying value of debt

501,500,000

501,500,000

Gain (loss) on repurchase of debt instrument

21,300,000

Total debt outstanding

$ 480,244,000

$ 480,244,000

$ 510,000,000

Debt issuance date

Feb. 14, 2011

Debt maturity date

Feb. 15, 2018

Effective interest rate

5.80%

8.25% Senior Notes [Member] | Subsequent Event [Member]

Debt Instrument [Line Items]

Senior notes, repurchase amount

11,400,000

Senior notes, face amount

266,600,000

Carrying value of debt

279,400,000

Accrued interest included in purchase price

$ 10,400,000

Senior notes interest payment, grace period

30 days

Percentage of principal amount of Senior notes due if the interest payment default is not cured

25.00%

Aggregate interest payment due

$ 8,800,000

11.0% Senior Notes Due 2020 [Member]

Debt Instrument [Line Items]

Senior notes, stated percentage

11.00%

Debt maturity date

Mar. 15, 2020

10% Promissory Note Due 2018 [Member]

Debt Instrument [Line Items]

Senior notes, face amount

$ 325,000,000

Senior notes, stated percentage

10.00%

Debt issuance date

Mar. 12, 2015

Debt maturity date

Oct. 9, 2018

Federal Funds Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member]

Debt Instrument [Line Items]

Applicable margin above LIBOR or the base rate

1.75%

Federal Funds Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Twelfth Amendment as of November 30, 2015 [Member]

Debt Instrument [Line Items]

Applicable margin above LIBOR or the base rate

2.75%

Indebtedness (Schedule of Indeb

Indebtedness (Schedule of Indebtedness) (Details) - USD ($) $ in Thousands	Jun. 03, 2014	Dec. 31, 2015	Jun. 30, 2015
Total indebtedness		$ 651,462	$ 692,823
Less: current maturities			(3,364)
Long-term debt, less current maturities		651,462	689,459
Promissory note payable to EGC		325,000	325,000
Noncurrent portion of indebtedness including promissory note		976,462	1,014,459
8.25% Senior Notes [Member]
Total indebtedness		480,244	510,000
Debt premium/discount		21,218	29,459
Noncurrent portion of indebtedness including promissory note		501,462	539,459
Senior notes, stated percentage	8.25%
Debt maturity date	Feb. 15, 2018
Derivative Instruments Premium Financing [Member]
Total indebtedness			3,364
Revolving Credit Facility [Member]
Total indebtedness		150,000	150,000
Noncurrent portion of indebtedness including promissory note		$ 150,000	$ 150,000
Debt maturity date		Apr. 9, 2018

Indebtedness (Interest Expense)

Indebtedness (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Interest expense	$ 16,772	$ 10,947	$ 33,756	$ 21,848
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest expense	1,460	2,998	2,950	5,959
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	10,130	10,519	20,649	21,038
Derivative Instruments Premium Financing [Member]
Debt Instrument [Line Items]
Derivative instruments premium financing and other	159		269	(45)
10% Promissory Note Due 2018 [Member]
Debt Instrument [Line Items]
Interest expense	8,305		16,611
Premium Amortization [Member] | 8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Amortization of fair value premium	$ (3,282)	$ (2,570)	$ (6,723)	$ (5,104)

Derivative Financial Instrume33

Derivative Financial Instruments (Components of Gain (Loss) on Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Derivative Financial Instruments [Abstract]
Cash settlements, net of purchased put premium amortization	$ 1,397	$ 23,091	$ 2,111	$ 24,903
Proceeds from monetizations		4,559		4,559
Change in fair value	(491)	(5,388)	1,573	14,657
Total gain on derivative financial instruments	$ 906	$ 22,262	$ 3,684	$ 44,119

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value Measurements of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Assets:
Derivative financial instruments, Current		$ 888
Total derivative financial instruments subject to enforceable netting agreement		888
Gross amounts offset in balance sheet
Net amounts present in the balance sheet		888
Liabilities:
Derivative financial instruments, Current		1,057
Total derivative financial instruments subject to enforceable netting agreement		1,057
Gross amounts offset in balance sheet
Net amounts presented in consolidated balance sheets		$ 1,057

Fair Value Measurements (Sche35

Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015	Jun. 03, 2014
Debt Instrument [Line Items]
Carrying Value	$ 976,462	$ 1,014,459
Estimated Fair Value	610,813	781,000
8.25% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes, stated percentage			8.25%
Carrying Value	$ 501,462	539,459
Maximum debt redemption rate	35.00%
Estimated Fair Value	$ 135,813	306,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Carrying Value	150,000	150,000
Estimated Fair Value	150,000	150,000
Revolving Credit Facility [Member] | Intercompany Promissory Note [Member]
Debt Instrument [Line Items]
Carrying Value	325,000	325,000
Estimated Fair Value	$ 325,000	$ 325,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Income Taxes [Abstract]
Percentage of Energy XXI's ownership interest	100.00%	100.00%
Estimated annual effective tax expense/(benefit) rate		0.00%
Actual effective tax expense/(benefit) rate	0.00%	0.00%
Statutory federal income tax rate		35.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	Mar. 12, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Related party cost included in general and administrative expenses		$ 9,978,000	$ 6,810,000	$ 17,922,000	$ 14,852,000
Interest expense		16,772,000	10,947,000	33,756,000	21,848,000
Energy XXI LTD [Member]
Related Party Transaction [Line Items]
Related party costs		8,900,000	5,800,000	18,200,000	9,800,000
Related party cost included in general and administrative expenses		7,500,000	$ 5,400,000	15,000,000	$ 9,100,000
11.0% Senior Notes Due 2020 [Member]
Related Party Transaction [Line Items]
Senior notes, stated percentage	11.00%
Debt maturity date	Mar. 15, 2020
10% Promissory Note Due 2018 [Member]
Related Party Transaction [Line Items]
Debt issuance date	Mar. 12, 2015
Senior notes, stated percentage	10.00%
Senior notes, face amount	$ 325,000,000
Debt maturity date	Oct. 9, 2018
Interest expense		$ 8,305,000		$ 16,611,000

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Nov. 15, 2015	Jun. 30, 2015	Apr. 30, 2015	Dec. 31, 2015
Loss Contingencies [Line Items]
Performance bonds				$ 189,700
Supplemental bonding required by Bureau of Ocean Energy Management.			$ (178,000)	566,500
Supplemental bonds provided to BOEM		$ 54,700		8,900
Percentage of lease interest directed for bonding requirement	100.00%
Restricted escrow funds' trust				6,000
Restricted cash				30,008
Predecessor Third Party Assignors Including Certain State Regulatory Bodies [Member]
Loss Contingencies [Line Items]
Performance bonds				122,500
Lease Bonds [Member]
Loss Contingencies [Line Items]
Performance bonds				67,200
Parent Company [Member]
Loss Contingencies [Line Items]
Restricted cash				$ 30,008

Supplemental Condensed Consol39

Supplemental Condensed Consolidating Financial Information (Narrative) (Details)	6 Months Ended
	Dec. 31, 2015	Jun. 03, 2014
Percentage of ownership interest in subsidiaries	100.00%
8.25% Senior Notes [Member]
Senior notes, stated percentage		8.25%

Supplemental Condensed Consol40

Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014
Cash and cash equivalents		$ 217	$ 484		$ 5,601
Trade accounts receivable - net	$ 42,480	71,323
Derivative financial instruments		888
Restricted cash	$ 6,025	6,024
Prepaid expenses	2,631	1,831
Total current assets	51,136	80,283
Net property and equipment	481,426	1,415,025
Goodwill				$ 0
Restricted cash	30,008
Other assets	1,036	1,039
Total assets	563,606	1,496,347
Accounts payable	33,076	24,548
Accrued liabilities	94,567	95,981
Asset retirement obligations	$ 29,077	38,056
Derivative financial instruments		1,057
Due to EGC	$ 202,767	170,728
Current maturities of long-term debt		3,364
Total current liabilities	359,487	333,734
Long-term debt	651,462	689,459
Promissory note payable to EGC	325,000	325,000
Asset retirement obligations	160,909	202,306
Noncurrent portion of indebtedness including promissory note	976,462	1,014,459
Total Liabilities	$ 1,496,858	$ 1,550,499
Preferred stock
Common stock
Additional paid-in capital	$ 1,599,341	$ 1,599,341
Retained Earnings (accumulated deficit)	(2,532,593)	(1,653,493)
Total stockholders' equity	(933,252)	(54,152)
Total liabilities and stockholder's deficit	563,606	1,496,347
Parent Company [Member]
Cash and cash equivalents		217	$ 484		$ 5,601
Trade accounts receivable - net	42,480	71,406
Derivative financial instruments		888
Restricted cash	6,025	6,024
Prepaid expenses	2,631	1,831
Total current assets	51,136	80,366
Net property and equipment	478,477	1,412,076
Investment in affiliates	130,705	130,705
Restricted cash	30,008
Other assets	1,036	1,039
Total assets	691,362	1,624,186
Accounts payable	33,076	24,217
Intercompany payables	127,756	128,170
Accrued liabilities	94,567	95,981
Asset retirement obligations	29,077	38,056
Derivative financial instruments		1,057
Due to EGC	202,767	170,728
Current maturities of long-term debt		3,364
Total current liabilities	487,243	461,573
Long-term debt	651,462	689,459
Promissory note payable to EGC	325,000	325,000
Asset retirement obligations	160,909	202,306
Total Liabilities	$ 1,624,614	$ 1,678,338
Preferred stock
Common stock
Additional paid-in capital	$ 1,599,341	$ 1,599,341
Retained Earnings (accumulated deficit)	(2,532,593)	(1,653,493)
Total stockholders' equity	(933,252)	(54,152)
Total liabilities and stockholder's deficit	$ 691,362	$ 1,624,186
Guarantor Subsidiaries [Member]
Cash and cash equivalents
Intercompany receivables	$ 127,756	$ 128,170
Total current assets	127,756	128,170
Net property and equipment	2,949	2,949
Total assets	$ 130,705	131,119
Accounts payable		414
Total current liabilities		414
Total Liabilities		$ 414
Preferred stock
Common stock
Additional paid-in capital	$ 85,479	$ 85,479
Retained Earnings (accumulated deficit)	45,226	45,226
Total stockholders' equity	130,705	130,705
Total liabilities and stockholder's deficit	$ 130,705	$ 131,119
Consolidation, Eliminations [Member]
Cash and cash equivalents
Trade accounts receivable - net		$ (83)
Intercompany receivables	$ (127,756)	(128,170)
Total current assets	(127,756)	(128,253)
Investment in affiliates	(130,705)	(130,705)
Total assets	(258,461)	(258,958)
Accounts payable		(83)
Intercompany payables	(127,756)	(128,170)
Total current liabilities	(127,756)	(128,253)
Total Liabilities	$ (127,756)	$ (128,253)
Preferred stock
Common stock
Additional paid-in capital	$ (85,479)	$ (85,479)
Retained Earnings (accumulated deficit)	(45,226)	(45,226)
Total stockholders' equity	(130,705)	(130,705)
Total liabilities and stockholder's deficit	$ (258,461)	$ (258,958)

Supplemental Condensed Consol41

Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Oil sales	$ 54,408	$ 120,828	$ 127,780	$ 279,144
Natural gas sales	8,256	12,548	20,874	26,502
Gain on derivative financial instruments	906	22,262	3,684	44,119
Total Revenues	63,570	155,638	152,338	349,765
Lease operating	30,889	55,304	57,042	111,604
Transportation	664	1,149	1,387	1,774
Impairment of oil and natural gas properties	504,772	690,312	812,850	690,312
Goodwill impairment				329,293
General and administrative expense	9,978	6,810	17,922	14,852
Depreciation, depletion and amortization	62,333	88,547	119,993	162,292
Accretion of asset retirement obligations	6,317	6,098	13,058	12,279
Taxes, other than on earnings	39	1,944	(896)	4,472
Other				21
Total costs and expenses	614,992	850,164	1,021,356	1,326,899
Income (loss) from operations	(551,422)	(694,526)	(869,018)	(977,134)
Other income, net	2,393	4	2,405	4
Gain on early extinguishment of debt	21,269		21,269
Interest expense	(16,772)	(10,947)	(33,756)	(21,848)
Total other income (expense), net	6,890	(10,943)	(10,082)	(21,844)
Loss before income taxes	(544,532)	(705,469)	(879,100)	(998,978)
Income tax benefit		(250,857)		(238,010)
Net loss	(544,532)	(454,612)	(879,100)	(760,968)
Parent Company [Member]
Oil sales	54,408	109,070	127,780	249,785
Natural gas sales	8,256	12,499	20,874	26,354
Gain on derivative financial instruments	906	22,262	3,684	44,119
Total Revenues	63,570	143,831	152,338	320,258
Lease operating	30,889	50,044	57,042	102,618
Transportation	664	1,148	1,387	1,772
Impairment of oil and natural gas properties	504,772	690,312	812,850	690,312
Goodwill impairment				329,293
General and administrative expense	9,978	6,810	17,922	14,852
Depreciation, depletion and amortization	62,333	82,382	119,993	150,387
Accretion of asset retirement obligations	6,317	4,910	13,058	10,252
Taxes, other than on earnings	39	494	(896)	599
Other				21
Total costs and expenses	614,992	836,100	1,021,356	1,300,106
Income (loss) from operations	(551,422)	(692,269)	(869,018)	(979,848)
Other income, net	2,393	4	2,405	4
Gain on early extinguishment of debt	21,269		21,269
Interest expense	(16,772)	(10,947)	(33,756)	(21,848)
Income (loss) from equity investments		(1,424)		1,711
Total other income (expense), net	6,890	(12,367)	(10,082)	(20,133)
Loss before income taxes	(544,532)	(704,636)	(879,100)	(999,981)
Income tax benefit		(250,024)		(239,013)
Net loss	$ (544,532)	(454,612)	$ (879,100)	(760,968)
Guarantor Subsidiaries [Member]
Oil sales		11,758		29,359
Natural gas sales		49		148
Total Revenues		11,807		29,507
Lease operating		5,260		8,986
Transportation		1		2
Depreciation, depletion and amortization		6,165		11,905
Accretion of asset retirement obligations		1,188		2,027
Taxes, other than on earnings		1,450		3,873
Total costs and expenses		14,064		26,793
Income (loss) from operations		(2,257)		2,714
Loss before income taxes		(2,257)		2,714
Income tax benefit		(833)		1,003
Net loss		(1,424)		1,711
Consolidation, Eliminations [Member]
Income (loss) from equity investments		1,424		(1,711)
Total other income (expense), net		1,424		(1,711)
Loss before income taxes		1,424		(1,711)
Net loss		$ 1,424		$ (1,711)

Supplemental Condensed Consol42

Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net cash provided by operating activities	$ 27,463	$ 98,901
Property acquisitions		(350)
Capital expenditures	(16,122)	(239,090)
Other property and equipment additions		(58)
Net cash used in investing activities	(16,122)	(239,498)
Payments on long-term debt	(3,395)
Cash restricted under revolving credit facility	(30,008)
Advances from EGC	22,034	135,480
Debt issuance costs	(189)
Net cash provided by (used in) financing activities	(11,558)	135,480
Net increase in cash and cash equivalents	(217)	(5,117)
Cash and cash equivalents at beginning of period	217	5,601
Cash and cash equivalents at end of period		484
Parent Company [Member]
Net cash provided by operating activities	27,463	93,232
Property acquisitions		(350)
Capital expenditures	(16,122)	(233,421)
Other property and equipment additions		(58)
Net cash used in investing activities	(16,122)	(233,829)
Payments on long-term debt	(3,395)
Cash restricted under revolving credit facility	(30,008)
Advances from EGC	22,034	135,480
Debt issuance costs	(189)
Net cash provided by (used in) financing activities	(11,558)	135,480
Net increase in cash and cash equivalents	(217)	(5,117)
Cash and cash equivalents at beginning of period	$ 217	5,601
Cash and cash equivalents at end of period		484
Guarantor Subsidiaries [Member]
Net cash provided by operating activities		5,669
Capital expenditures		(5,669)
Net cash used in investing activities		$ (5,669)
Payments on long-term debt
Cash restricted under revolving credit facility
Advances from EGC
Debt issuance costs
Net cash provided by (used in) financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Consolidation, Eliminations [Member]
Net cash provided by operating activities
Property acquisitions
Capital expenditures
Other property and equipment additions
Net cash used in investing activities
Payments on long-term debt
Cash restricted under revolving credit facility
Advances from EGC
Debt issuance costs
Net cash provided by (used in) financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period