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Filing Details

Accession Number:: 0001181431-10-009464
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-02-17 12:00:00
Reporting Period:: 2010-02-12

Filing Date:: 2010-02-17
Accepted Time:: 2010-02-17 10:01:52
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
750199	Energy Partners Ltd	EPL	Crude Petroleum & Natural Gas (1311)	721409562

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1461790	K2 Principal Fund, L.p.	444 Adelaide Street West Suite 200 Toronto, Canada A6 M5V 1S7	No	No	Yes	No
1462149	Shawn Kimel	444 Adelaide Street West Suite 200 Toronto, Canada A6 M5V 1S7	No	No	Yes	No
1462150	Shawn Kimel Investments, Inc.	444 Adelaide Street West Suite 200 Toronto, Canada A6 M5V 1S7	No	No	Yes	No
1462151	K2 & Associates Investment Management Inc.	444 Adelaide Street West Suite 200 Toronto, Canada A6 M5V 1S7	No	No	Yes	No
1462152	K2 Genpar, Inc.	444 Adelaide Street West Suite 200 Toronto, Canada A6 M5V 1S7	No	No	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-12	150,000	$9.97	3,939,178	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	50,000	$10.00	3,889,178	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	660	$10.01	3,888,518	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	100	$10.03	3,888,418	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	100	$10.04	3,888,318	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	3,534	$10.05	3,884,784	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	400	$10.06	3,884,384	No	4	S	Direct
Common Stock, Par Value $0.001 Per Share	Disposition	2010-02-16	1,400	$10.09	3,882,984	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct

Footnotes

On February 12, 2010, The K2 Principal Fund, L.P. (the "Fund") sold 150,000 shares of the common stock of Energy Partners, Ltd. ("Shares") in an open market transaction for an aggregate sale price of $1,495,500, or $9.97 per Share. Immediately following this transaction, the Reporting Persons no longer beneficially owned at least 10% of the Issuer's outstanding shares of common stock.
The Reporting Persons are aware that profits earned on the sale transaction described in Footnote 1 are of the type covered by Section 16(b) of the Securities Exchange Act of 1934, as amended ("Section 16(b)"), and are matchable under Section 16(b) against purchases of 14,522 shares made by the Reporting Persons on September 25, 2009 (the "September Purchases"). Although sales by the Reporting Persons on September 23, 2009 of 3,192 shares (the "September Sales") have already been matched against a portion of the September Purchases, the sales price on February 12, 2010 was higher than the sales price for the September Sales.(Continued in footnote 3)
Both the September Sales and the September Purchases, as well as the Reporting Persons' obligation to disgorge profits, were reported in the Reporting Persons' Form 3. Therefore, the amount of short-swing profits to be disgorged has been recalculated in accordance with the requirements of Section 16(b) so as to maximize the profits to be disgorged. Promptly after the execution of the sale of the Shares described in Footnote 1, the Reporting Persons reported the above transactions to the Issuer (through the office of the General Counsel) and will remit the profits from the transaction to the Issuer.
On February 16, 2010, after the Reporting Persons ceased to own at least 10% of the Issuer's outstanding shares of common stock, the Fund sold (a) 50,000 Shares in an open market transaction for an aggregate purchase price of $500,000, or $10.00 per Share, and (b) 6,194 Shares in multiple open market transactions for an aggregate purchase price of $62,280.67, or $10.055 per Share.
The securities reported herein are directly beneficially owned by the Fund. K2 GenPar, Inc. (the "GP") is the general partner of the Fund and a wholly owned subsidiary of K2 & Associates Investment Management Inc. ("Management"). Management is the investment manager and advisor of the Fund and a majority-owned subsidiary of Shawn Kimel Investments, Inc. ("SKI"). Mr. Shawn Kimel is the President of each of the GP, Management and SKI. Accordingly, the GP, Management, SKI and Mr. Kimel may each be deemed to indirectly beneficially own the securities.