X0305 4 2012-06-26 0 0000750199 ENERGY PARTNERS LTD EPL 0001056973 CARLSON CAPITAL L P 2100 MCKINNEY AVE STE 1800 DALLAS TX 75201 0 0 1 0 0001404976 Double Black Diamond Offshore Ltd 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001452364 Black Diamond Offshore Ltd. 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001404557 Asgard Investment Corp. 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001503915 Asgard Investment Corp. II 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001056352 DOUBLE BLACK DIAMOND L P 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001516020 DOUBLE BLACK DIAMOND INTERMEDIATE LTD. 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 0001404625 Carlson Clint Duane 2100 MCKINNEY AVENUE SUITE 1800 DALLAS TX 75201 0 0 1 0 Common Stock, par value $0.001 per share ("Common Stock") 2012-06-26 4 S 0 100000 16.114 D 4138224 I See Footnote Common Stock 2012-06-27 4 S 0 249116 16.356 D 3889108 I See Footnote Common Stock 2012-06-28 4 S 0 201835 16.232 D 3687273 I See Footnote The shares of common stock of Energy Partners, Ltd. reported herein are directly beneficially owned by Double Black Diamond Offshore Ltd., Black Diamond Offshore Ltd., Double Black Diamond, L.P. and Double Black Diamond Intermediate Ltd. (together, the "Funds"). Carlson Capital, L.P. ("Carlson Capital") is the investment manager of the Funds. Asgard Investment Corp. II ("Asgard II") is the general partner of Carlson Capital. Asgard Investment Corp. ("Asgard ") is the sole shareholder of Asgard II. Clint D. Carlson is the President of Asgard II, Asgard, and Carlson Capital. Shares are currently held by the Reporting Persons and are no longer held by one of the previous Reporting Persons or managed account. The Reporting Persons disclaim beneficial ownership of any and all such shares in excess of their pecuniary interest therein, and the filing of this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of or has a pecuniary interest in any such shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose. Steven J. Pully is an employee of Carlson Capital and sits on the Issuer's Board of Directors. Mr Pully submits his Section 16 filings independent of Carlson Capital. Carlson Capital disclaims beneficial ownership of any and all securities beneficially owned by Mr. Pully. Carlson Capital, L.P., By: /s/ Clint D. Carlson, President 2012-06-28