X0303 4 2009-09-30 0000750199 ENERGY PARTNERS LTD EPL 0001182295 HANNA GARY C C/O ENERGY PARTNERS, LTD. 201 ST. CHARLES AVENUE NEW ORLEANS LA 70170 1 Chief Executive Officer Stock Options (Right to Buy) 10.00 2009-09-30 4 A 0 68116 A Common Stock 68116 68116 D The Stock Option will vest and become exercisable ratably over a 36-month period beginning on the Date of Grant (the "Vesting Period"); provided, however, that the vesting for the first six months of the Vesting Period (the "Initial Period") shall be deferred until the end of the Initial Period such that (i) the portion of the Stock Option that would have otherwise vested during the Initial Period will automatically vest and become exercisable on the first day following the expiration of the Initial Period and (ii) any remaining unvested portion of the Stock Option shall vest ratably on a monthly basis over the remainder of the Vesting Period, subject to the Participant's remaining continuously employed by the Corporation up to and through each such vesting date. Any vested portion of the Stock Option will expire on, and may not be exercised after, the date that is 30 months following the applicable vesting date of such vested Stock Options. Not applicable John H. Peper, Attorney in Fact 2009-10-02