Amendment No. 1 to Schedule 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 1)

 

 

ENERGY PARTNERS, LTD.

(Name of Issuer)

 

 

Common Stock, par value $0.001

(Title and Class of Securities)

29270U303

(CUSIP Number)

Daniel Gosselin

The K2 Principal Fund, L.P.

444 Adelaide Street West, Suite 200

Toronto, Canada A6 M5V 1S7

Telephone Number: (416) 865-2732

Facsimile Number: (416) 703-4443

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 18, 2010

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box  ¨.

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

(Page 1 of 9 Pages)

 

 

 

CUSIP No. 29270U303   Schedule 13D/A   Page 2 of 9 Pages

 

  1   

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

THE K2 PRINCIPAL FUND, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    ONTARIO, CANADA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

      7       

SOLE VOTING POWER

 

    -0-

     8       

SHARED VOTING POWER

 

    3,671,103

     9       

SOLE DISPOSITIVE POWER

 

     -0-

   10       

SHARED DISPOSITIVE POWER

 

    3,671,103

11

  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

     3,671,103

12

  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13

  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    9.2%

14

  

TYPE OF REPORTING PERSON

 

    PN

 

CUSIP No. 29270U303   Schedule 13D/A   Page 3 of 9 Pages

 

  1   

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

K2 GENPAR, INC.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    ONTARIO, CANADA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

      7       

SOLE VOTING POWER

 

    -0-

     8       

SHARED VOTING POWER

 

    3,671,103

     9       

SOLE DISPOSITIVE POWER

 

     -0-

   10       

SHARED DISPOSITIVE POWER

 

    3,671,103

11

  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    3,671,103

12

  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13

  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    9.2%

14

  

TYPE OF REPORTING PERSON

 

    CO

 

CUSIP No. 29270U303   Schedule 13D/A   Page 4 of 9 Pages

 

  1   

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

K2 & ASSOCIATES INVESTMENT MANAGEMENT INC.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    ONTARIO, CANADA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

      7       

SOLE VOTING POWER

 

    -0-

     8       

SHARED VOTING POWER

 

    3,671,103

     9       

SOLE DISPOSITIVE POWER

 

     -0-

   10       

SHARED DISPOSITIVE POWER

 

    3,671,103

11

  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    3,671,103

12

  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13

  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    9.2%

14

  

TYPE OF REPORTING PERSON

 

    CO

 

CUSIP No. 29270U303   Schedule 13D/A   Page 5 of 9 Pages

 

  1   

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

SHAWN KIMEL

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    CANADA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

      7       

SOLE VOTING POWER

 

    -0-

     8       

SHARED VOTING POWER

 

    3,671,103

     9       

SOLE DISPOSITIVE POWER

 

     -0-

   10       

SHARED DISPOSITIVE POWER

 

    3,671,103

11

  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    3,671,103

12

  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13

  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    9.2%

14

  

TYPE OF REPORTING PERSON

 

    IN

 

CUSIP No. 29270U303   Schedule 13D/A   Page 6 of 9 Pages

 

  1   

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

SHAWN KIMEL INVESTMENTS, INC.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

    OO

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    ONTARIO, CANADA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

      7       

SOLE VOTING POWER

 

    -0-

     8       

SHARED VOTING POWER

 

    3,671,103

     9       

SOLE DISPOSITIVE POWER

 

     -0-

   10       

SHARED DISPOSITIVE POWER

 

    3,671,103

11

  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    3,671,103

12

  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  ¨

 

13

  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    9.2%

14

  

TYPE OF REPORTING PERSON

 

    CO

 

CUSIP No. 29270U303   Schedule 13D/A   Page 7 of 9 Pages

This Amendment No. 1 to Schedule 13D modifies and supplements the Schedule 13D initially filed on October 2, 2009 (the “Statement”) with respect to the common stock, par value $0.001 per share (the “Common Stock”), of Energy Partners, Ltd. (the “Company”). Except to the extent supplemented by the information contained in this Amendment No. 1, the Statement, as amended as provided herein, remains in full force and effect. Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Statement.

 

Item 5. Interest in Securities of the Issuer

Since the date of the Statement, the Reporting Persons sold an aggregate of 418,075 shares of Common Stock in open market transactions at an average price of $9.9914 per share. These transactions in the aggregate comprise more than one percent of the shares of Common Stock of the Company (on the basis of 40,017,604 shares of Common Stock issued and outstanding as reported in the Company’s Form 10-Q filed with the Securities and Exchange Commission on November 9, 2009) and were effected on the following dates for the following average price per share:

 

Date

    Total Shares Sold    Average Price per Share

February 12, 2010

    150,000    $ 9.97

February 16, 2010

    56,194    $ 10.006

February 17, 2010

    3,567    $ 10.012

February 18, 2010

    208,314    $ 10.002

As a result of the purchases described above, the aggregate number and percentage of shares of Common Stock beneficially owned by the Reporting Persons as of the date hereof are as follows:

 

The K2 Principal Fund, L.P.

   
(a) Amount beneficially owned:    3,671,103    Percent of class:    9.2%
(b) Number of shares as to which the person has:   

(i) Sole power to vote or direct the vote:

                0

(ii) Shared power to vote or direct the vote:

                3,671,103

(iii) Sole power to dispose or direct the disposition of:

                0

(iv) Shared power to dispose or direct the disposition of:

                3,671,103

K2 GenPar, Inc.

      
(a) Amount beneficially owned:    3,671,103    Percent of class:    9.2%
(b) Number of shares as to which the person has:   

(i) Sole power to vote or direct the vote:

                0

(ii) Shared power to vote or direct the vote:

                3,671,103

(iii) Sole power to dispose or direct the disposition of:

                0

(iv) Shared power to dispose or direct the disposition of:

                3,671,103

K2 & Associates Investment Management Inc.

   
(a) Amount beneficially owned:    3,671,103    Percent of class:    9.2%
(b) Number of shares as to which the person has:   

(i) Sole power to vote or direct the vote:

                0

(ii) Shared power to vote or direct the vote:

                3,671,103

(iii) Sole power to dispose or direct the disposition of:

                0

(iv) Shared power to dispose or direct the disposition of:

                3,671,103

Shawn Kimel

      
(a) Amount beneficially owned:    3,671,103    Percent of class:    9.2%
(b) Number of shares as to which the person has:   

(i) Sole power to vote or direct the vote:

                0

(ii) Shared power to vote or direct the vote:

                3,671,103

(iii) Sole power to dispose or direct the disposition of:

                0

(iv) Shared power to dispose or direct the disposition of:

                3,671,103

CUSIP No. 629579 20 02   Schedule 13D/A   Page 8 of 9 Pages

 

Shawn Kimel Investments, Inc.

   
(a) Amount beneficially owned:    3,671,103    Percent of class:    9.2%
(b) Number of shares as to which the person has:   

(i) Sole power to vote or direct the vote:

                0

(ii) Shared power to vote or direct the vote:

                3,671,103

(iii) Sole power to dispose or direct the disposition of:

                0

(iv) Shared power to dispose or direct the disposition of:

                3,671,103

As of the date hereof, after giving effect to the sales of Common Stock described above, the Fund beneficially owns 3,671,103 shares, representing approximately 9.2% of the Company’s outstanding shares. The Fund’s sole general partner is the GP, which is the wholly-owned subsidiary of Management. Management is the majority-owned subsidiary of SKI, 100% of which is owned by Kimel. Therefore, each of the GP, Management, SKI, and Kimel may be deemed to beneficially own, in the aggregate, 3,671,103 shares, representing approximately 9.2% of the Company’s outstanding shares.

Except as set forth above, the Reporting Persons have not effected any transactions in the Common Stock during the 60 days preceding the date of this Amendment No. 1 to the Schedule 13D.

CUSIP No. 29270U303   Schedule 13D/A   Page 9 of 9 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: February 22, 2010

 

THE K2 PRINCIPAL FUND, L.P.
By:   K2 GENPAR, INC., its General Partner
By:  

/S/    SHAWN KIMEL        

  Shawn Kimel
  President
K2 GENPAR, INC.
By:  

/S/    SHAWN KIMEL        

  Shawn Kimel
  President
K2 & ASSOCIATES INVESTMENT MANAGEMENT INC.
By:  

/S/    SHAWN KIMEL        

  Shawn Kimel
  President
SHAWN KIMEL INVESTMENTS, INC.
By:  

/S/    SHAWN KIMEL        

  Shawn Kimel
  President

/S/    SHAWN KIMEL        

Shawn Kimel, in his individual capacity