UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4 )*
ENERGY PARTNERS, LTD.
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(Name of Issuer)
Shares of Common Stock, par value $0.01 per share
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(Title of Class of Securities)
29270U105
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(CUSIP Number)
Troy Wuertz
Carlson Capital, L.P.
2100 McKinney Avenue, Suite 1600
Dallas, TX 75201
(214) 932-9600
with a copy to
Marc Weingarten, Esq.
David Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 1, 2008
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(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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 ("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).
CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 2 OF 8 PAGES
--------------------- ------------------
1 NAMES OF REPORTING PERSONS
Carlson Capital, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF 2,994,968
-------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,994,968
-------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,994,968
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 3 OF 8 PAGES
--------------------- ------------------
1 NAMES OF REPORTING PERSONS
Asgard Investment Corp
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 2,994,968
-------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,994,968
-------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,994,968
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
--------------------------------------------------------------------------------
CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 4 OF 8 PAGES
--------------------- ------------------
1 NAMES OF REPORTING PERSONS
Clint D. Carlson
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 2,994,968
-------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,994,968
-------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,994,968
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 5 OF 8 PAGES
--------------------- ------------------
1 NAMES OF REPORTING PERSONS
Double Black Diamond Offshore LDC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC, OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
NUMBER OF 2,028,446
-------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
-------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,028,446
-------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,028,446
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 6 OF 8 PAGES
ITEM 1. SECURITY AND THE ISSUER
This Amendment No. 4 (this "Amendment") is filed with respect to the
Schedule 13D originally filed with the Commission on December 3, 2007, as
heretofore amended (the "Schedule 13D"), relating to shares of common stock,
par value $0.01 per share (the "Common Stock"), of Energy Partners, Ltd., a
Delaware corporation (the "Issuer"), as of April 3, 2008, and amends and
supplements the Schedule 13D.
ITEM 4. PURPOSE OF THE TRANSACTION
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On April 1, 2008, Carlson Capital, DBD Offshore, Asgard and Mr.
Carlson, along with James R. Latimer, III, Bryant H. Patton and Steven J. Pully
(collectively with Messrs. Latimer and Patton, the "Nominees") entered into an
agreement with the Issuer (the "April 1 Agreement") whereby the parties agreed
that the Nominees will be appointed as directors immediately by the Issuer's
board of directors and will be nominated as candidates for election to the
Issuer's board at the Issuer's 2008 Annual Meeting of Stockholders.
Consequently, subject to the conditions and exceptions and the time period set
forth in the April 1 Agreement, the Reporting Persons will refrain from: (i)
soliciting proxies or consents for the voting of any Issuer securities; (ii)
seeking to influence any person regarding the voting of any Issuer securities;
(iii) soliciting shareholders of the Issuer for the approval of shareholder
proposals; (iv) otherwise communicating with the Issuer's stockholders; (v)
engaging in a course of conduct, except with regard to the Nominees in their
capacities as directors of the Issuer with the Board and management, with the
purpose of causing stockholders to vote contrary to the recommendation of the
Board or contrary to the Issuer's policies, with certain exceptions regarding
matters to be voted upon by the Issuer's shareholders and (vi) requesting that
the April 1 Agreement be amended or changed. The foregoing description of the
April 1 Agreement is a summary only and is qualified in its entirety by
reference to the April 1 Agreement, which is attached hereto as Exhibit 2.
A copy of the related press release issued on April 1, 2008,
announcing the appointment of the Nominees as directors and their nomination by
the Issuer for election at the 2008 Annual Meeting of Stockholders, is attached
hereto as Exhibit 3 and is incorporated herein by reference.
Except as set forth herein, none of the Reporting Persons has any
present plan or proposal that would relate to or result in any of the matters
set forth in Item 4 of Schedule 13D. The Reporting Persons intend to review
their investment in the Issuer on a continuing basis. Depending on various
factors including, without limitation, the Issuer's financial position and
strategic direction, price levels of the shares of Common Stock, conditions in
the securities market, general economic and industry conditions, and actions
taken by the Issuer's board of directors, the Reporting Persons may in the
future take such actions with respect to their investment in the Issuer as they
deem appropriate including, without limitation, purchasing additional shares of
Common Stock or selling some or all of their shares, electing persons to the
Issuer's board of directors, and, alone or with others, pursuing discussions
with the Issuer, other stockholders and third parties with regard to their
investment in the Issuer, and/or otherwise changing their intentions with
respect to any and all matters referred to in Item 4 of Schedule 13D.
CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 7 OF 8 PAGES
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1: Joint Filing Agreement by and among the Reporting Persons (previously
filed)
Exhibit 2: Letter Agreement by and among the Reporting Persons, the Nominees and
the Issuer, dated as of April 1, 2008
Exhibit 3: Press Release dated April 1, 2008
CUSIP NO. 29270U105 SCHEDULE 13D/A PAGE 8 OF 8 PAGES
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
DATED: April 3, 2008
DOUBLE BLACK DIAMOND OFFSHORE LDC
By: Carlson Capital, L.P., its investment
manager
By: Asgard Investment Corp., its general
partner
By: /s/ Clint D. Carlson
------------------------------
Name: Clint D. Carlson
Title: President
CARLSON CAPITAL, L.P.
By: Asgard Investment Corp., its general
partner
By: /s/ Clint D. Carlson
------------------------------
Name: Clint D. Carlson
Title: President
ASGARD INVESTMENT CORP.
By: /s/ Clint D. Carlson
-----------------------------------
Name: Clint D. Carlson
Title: President
/s/ Clint D. Carlson
------------------------------------------
Clint D. Carlson
Exhibit Index
Exhibit 1: Joint Filing Agreement by and among the Reporting Persons (previously
filed)
Exhibit 2: Letter Agreement by and among the Reporting Persons, the Nominees and
the Issuer, dated as of April 1, 2008
Exhibit 3: Press Release dated April 1, 2008