Exhibit 2.1

PURCHASE AND SALE AGREEMENT

South Timbalier Area, Block 41

OCS-G 24954

Gulf of Mexico

BETWEEN

W&T OFFSHORE, INC.

(SELLER)

AND

ENERGY PARTNERS, LTD.

(PURCHASER)

DATED MAY 15, 2012

EFFECTIVE APRIL 1, 2012

PURCHASE AND SALE AGREEMENT

South Timbalier Area, Block 41 (OCS-G 24954)

GULF OF MEXICO

This Purchase and Sale Agreement (this “Agreement”), dated May 15, 2012, is made and entered into by W&T OFFSHORE, INC., a Texas corporation with an office and place of business at 9 Greenway Plaza, Suite 300, Houston, Texas 77046 (“Seller”), and ENERGY PARTNERS, LTD., a Delaware corporation with an office and place of business at 919 Milam, Suite 1650, Houston, Texas 77002 (“Purchaser”).

WHEREAS, Seller desires to sell to Purchaser and Purchaser desires to purchase from Seller all of Seller’s right, title and interest in and to South Timbalier Area, Block 41 (OCS-G 24954), and the parties do hereby wish to set forth in writing their entire agreement with respect to such sale and purchase;

NOW THERFORE, in consideration of the mutual promises and covenants set forth herein, the mutual benefits to be derived by each party hereunder, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller agrees to sell, assign, convey and transfer, and Purchaser agrees to purchase and acquire, all of Seller’s right, title and interest in and to the following, subject to the terms, conditions and covenants hereof:

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The Oil and Gas Leases, the Wells, the Facilities, the Hydrocarbons, the Assumed Contracts, the Records and Imbalances are hereinafter collectively sometimes referred to as the “Subject Property.”

As principal cause and material consideration for this Agreement, Seller and Purchaser agree as follows:

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Purchaser agrees to comply with the terms, conditions and the expressed and implied obligations of the Lease, the Wells and the Facilities as of and after the Effective Date in accordance with prudent operator standards and in compliance with all rules and regulations of the Bureau of Safety and Environmental Enforcement (BSEE), Bureau of Ocean Energy Management (BOEM) and any other regulatory agency having jurisdiction over said Lease, Wells and Facilities.

This Agreement, the Assignment and Bill of Sale, and any assignments that are executed and delivered to Purchaser under the terms hereof, are and shall be subject to the contracts and agreements described in Exhibit “B”, attached hereto and made a part hereof for all purposes. Purchaser agrees to adopt, ratify and confirm and to comply with the terms of the contract and agreements in Exhibit “B”, and agrees, as to the Subject Property to be so acquired, to assume the obligations of Seller. Purchaser further agrees to pay its share of all costs, and assume its obligations and liabilities, arising from and after the Effective Date as they apply to such contracts and agreements and the ownership, use and operation thereof, including without limitation those arising under or in respect of the contracts and agreements. If the transfer of any contract or agreement in Exhibit “B” requires the consent of any person other than Seller, then this Agreement and the Assignment and Bill of Sale shall not constitute an agreement to assign such contract or agreement, and such items shall not be assigned to or assumed by Purchaser if an actual or attempted assignment thereof would constitute a breach or default thereunder. Seller and Purchaser shall cooperate with each other and use their reasonable best efforts to obtain such consents to the extent required of such other persons at the earliest practicable time. If any such consent cannot be obtained as of the Effective Date, Seller will use commercially

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reasonable efforts to confer all benefits and privileges of the applicable contract or agreement to Purchaser. Purchaser agrees to assume and be primarily responsible for the obligations of Seller for such a contract or agreement as it would any other contract or agreement on Exhibit “B” as set forth above. Purchaser further agrees to indemnify, defend, protect and hold harmless Seller from any liabilities or obligations arising from any such contract or agreement, including any costs or damages arising thereunder, occurring after the Effective Date.

Seller warrants and represents as of the Closing Date the following matters:

Seller shall warrant and defend its title to the Subject Property solely unto Purchaser against every person lawfully claiming or to claim the same, or any part thereof, by, through or under Seller, but not otherwise.

The purchase and sale of the Subject Property shall be effective as of 7:00 a.m. C.D.T. on April 1, 2012 (the “Effective Date”).

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Within thirty (30) days after the Closing Date, Purchaser shall provide Seller with an accounting statement, setting forth revenues received and expenses paid by Purchaser on and after the Effective Date; to the extent such revenue and expenses accrue and are attributable to the Subject Property prior to the Effective Date. Within forty-five (45) days after the Closing Date, Seller shall provide Purchaser with a Post-Closing Accounting Statement, setting forth (i) revenues received and expenses incurred by Seller on and after the Effective Date; to the extent such revenue and expenses accrue and are attributable to the Subject Property on and after the Effective Date and (ii) revenues received and expenses paid by Purchaser on and after the Effective Date; to the extent such revenue and expenses accrue and are attributable to the Subject Property prior to the Effective Date. Purchaser shall have fifteen (15) days after its receipt of Seller’s Post-Closing Accounting Statement to review Purchaser’s records supporting the Post-Closing Accounting Statement. If revenues received by Seller plus the expenses paid by Purchaser exceed expenses incurred by Seller plus the revenues received by Purchaser, Seller shall pay the difference to Purchaser. If expenses incurred by Seller plus the revenues received by Purchaser exceed revenues received by Seller plus the expenses paid by Purchaser, Purchaser shall pay to Seller the difference. Seller or Purchaser, as the case may be, shall tender to the other party all sums due to the other party within sixty (60) days after the issuance of the Post-Closing Accounting Statement.

Subject to the terms hereof and except to the extent same have already been taken into account as an adjustment hereinabove provided, all monies, proceeds, receipts, credits and income attributable to the ownership and operation of the Subject Property (i) for all periods of time from, and subsequent to, the Effective Date, shall be the sole property and entitlement of Purchaser, and to the extent received by Seller, Seller shall after such receipt, fully disclose, account for and transmit same to Purchaser promptly, and (ii) for all periods of time prior to the Effective Date, shall be the sole property and entitlement of Seller, and, to the extent received by Purchaser, Purchaser shall fully disclose, account for and transmit same to Seller promptly. Subject to the terms hereof and the indemnities provided for in the Assignment and except to the extent same have already been taken into account as an adjustment, all costs, expenses, disbursements, obligations and liabilities attributable to the Subject Property (x) for periods of time prior to the Effective Date shall be the sole obligation of Seller, and Seller shall promptly pay, or if paid by Purchaser, promptly reimburse Purchaser for and hold Purchaser harmless from and against same, and (y) for periods of time from, and subsequent to, the Effective Date, regardless of when due or payable, shall be the sole obligation of Purchaser, and Purchaser shall promptly pay, or if paid by Seller, promptly reimburse Seller for and hold Seller harmless from and against same.

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The Parties agree that the Imbalances existing as of the Effective Date shall be determined and cash settled after Closing, in accordance with the applicable gas balancing agreement.

Within thirty days after Closing, Seller and Purchaser shall make available to each other the necessary records to permit the audit of Imbalances, in accordance with the applicable gas balancing agreement. Seller and Purchaser shall attempt (in good faith) to resolve in writing any differences that they may have with respect to the Imbalances or the audit. If, at the end of one hundred (100) days after Closing, Seller and Purchaser have not reached agreement on such matters, the matters that remain in dispute shall be submitted to a neutral accountant (the “Accounting Referee”) for review and final binding resolution. The Accounting Referee shall be a certified public accountant who is an employee or partner of a recognized independent public accounting firm. The Accounting Referee shall render a decision resolving the matters in dispute within fifteen (15) days following their submission to the Accounting Referee. Seller and Purchaser shall each be responsible for one-half of the fees and expenses of the Accounting Referee.

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This Agreement may be executed by signing the original or a counterpart. If this Agreement is executed in counterpart, all counterparts taken together shall have the same effect as if all parties had signed the same instrument; however, none of said counterparts shall be effective until all parties have executed a counterpart. A facsimile may be considered an original for all purposes.

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EXECUTED on the day and year first referenced above, but effective as of the Effective Date.

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List of Omitted Exhibits

Pursuant to Item 601(b)(2) of Regulation S–K, the following exhibits to the Purchase and Sale Agreement between W&T Offshore, Inc. and Energy Partners, Ltd., dated May 15, 2012 and effective April 1, 2012, have not been provided herein:

Exhibit A-1: Leases

Exhibit A-2: Wells

Exhibit A-3: Facilities/Pipelines

Exhibit A-4: Assumed Contracts

The Company will furnish a copy of any omitted exhibit to the Securities and Exchange Commission upon request.

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