Future unclear: Independent petroleum producer Energy Partners Ltd. says its founder and CEO left the company after its credit line was cut by more than two-thirds, putting its future in question. The company warned that its accountant, KPMG, in an upcoming financial statement would indicate “substantial doubt about the company’s ability to continue as a going concern.” The company focuses its drilling and producing in the Gulf of Mexico and onshore in south Louisiana. Richard Bachmann, who founded the company in 1998 and served as CEO, resigned and left the board, EPL said. EPL stock has plunged after a major investor called for a management shake-up. Earlier this month, chief financial officer Joseph Leary resigned after the board was reduced from 11 to seven members. EPL shares today were trading down 3 cents at 32 cents, a far cry from the 52-week high of $16.50 registered during the oil price spikes of 2008.
Concerned about the economy: A new poll finds that 55% of employees surveyed feel “somewhat worried” or “panicky.” The poll, by ComPsych Corporation, found that 23% of workers say it’s “business as usual,” while 14% say they are “cautiously optimistic,” and 8% are “very hopeful” about the future.
