Exhibit 99.2

EPL OIL & GAS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial statements reflect the historical results of EPL Oil & Gas, Inc. (“we”, “our,” “us,” or “the Company”) as adjusted on a pro forma basis to give effect to our acquisition on October 31, 2012 from Hilcorp Energy GOM Holdings, LLC (“Hilcorp”) of 100% of the membership interests of Hilcorp Energy GOM, LLC, which owns certain shallow water Gulf of Mexico shelf oil and natural gas interests (the “Hilcorp Properties”) for $550 million in cash, subject to customary adjustments to reflect an economic effective date of July 1, 2012 (the “Hilcorp Acquisition”). The Hilcorp Acquisition was financed with the net proceeds from the sale of $300 million in aggregate principal amount of 8.25% senior notes due 2018 (the “Senior Notes”) and borrowings under our senior credit facility. Also on October 31, 2012, we obtained an increase in the aggregate commitment under our senior secured credit facility from $250 million to a maximum of $750 million. Our historical results of operations for the year ended December 31, 2011 have also been adjusted to give effect to our February 2011, November 2011 and May 2012 acquisitions described below.

ASOP Acquisition. On February 14, 2011, we completed the acquisition of an asset package consisting of certain shallow-water Gulf of Mexico shelf oil and natural gas interests surrounding the Mississippi River delta and a related gathering system (the “ASOP Properties”) from Anglo-Suisse Offshore Partners, LLC. for $200.7 million in cash, subject to customary adjustments to reflect an economic effective date of January 1, 2011 (the “ASOP Acquisition”). In connection with the ASOP Acquisition, we issued $210.0 million in aggregate principal amount of 8.25% senior notes due 2018 (the “Original Notes”). The net proceeds from the sale of the Original Notes of $202.0 million were used to finance the ASOP Acquisition and for general corporate purposes.

Main Pass Acquisition. On November 17, 2011, we completed our acquisition of certain interests in producing oil and natural gas assets in the shallow-water central Gulf of Mexico shelf (the “Main Pass Interests”) from Stone Energy Offshore, L.L.C. for $38.6 million in cash, subject to customary adjustments to reflect an economic effective date of November 1, 2011 (the “Main Pass Acquisition”). The Main Pass Interests consist of additional interests in the Main Pass 296/311 complex that was included in the assets purchased in the ASOP Acquisition, along with other unit interests in the Main Pass complex and an interest in a Main Pass 295 primary term lease.

ST 41 Acquisition. On May 15, 2012, we completed our acquisition of certain shallow-water Gulf of Mexico shelf oil and natural gas interests in our South Timbalier 41 field located in the Gulf of Mexico (the “ST41 Interests”) from W&T Offshore, Inc. (the “ST41 Acquisition”) for approximately $32.4 million in cash.

The following unaudited pro forma condensed combined financial statements and accompanying notes as of and for the six months ended June 30, 2012 and for the year ended December 31, 2011 (the “Pro Forma Statements”) have been prepared by our management and are derived from (a) our audited consolidated statement of operations for the year ended December 31, 2011; (b) our unaudited consolidated financial statements as of and for the six months ended June 30, 2012; (c) the audited financial statements of Hilcorp Energy GOM, LLC for the year ended December 31, 2011; (d) the unaudited financial statements of Hilcorp Energy GOM, LLC for the six months ended June 30, 2012; (e) the audited statement of revenues and direct operating expenses of the ST41 Interests for the year ended December 31, 2011; (f) the unaudited statement of revenues and direct operating expenses of the ST41 Interests for the three-month period ended March 31, 2012; and (g) the unaudited statement of revenues and direct operating expenses of the Main Pass Interests for the nine-month period ended September 30, 2011.

The Pro Forma Statements are provided for illustrative purposes only and do not purport to represent what our financial position or results of operations would have been had the Hilcorp Acquisition, the issuance of the Senior Notes, the ST41 Acquisition, the Main Pass Acquisition, the ASOP Acquisition or the sale of the Original Notes been consummated on the dates indicated or the financial position or results of operations for any future date or period. The pro forma statements of operations are not necessarily indicative of our operations going forward because the presentation of operations of the ST41 Interests, Main Pass Interests and ASOP Properties is limited to only the revenues and direct operating expenses related thereto, while other operating expenses related to these acquired interests and properties have been excluded. Management has estimated the amount of the purchase price adjustments to reflect the July 1, 2012 economic effective date of the Hilcorp Acquisition, but these adjustments have not yet been finalized in accordance with the acquisition documentation. The unaudited pro forma condensed combined balance sheet was prepared assuming that the Hilcorp Acquisition had occurred on June 30, 2012. The unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2012 and the year ended December 31, 2011 were prepared assuming the Hilcorp Acquisition and the issuance of the Senior Notes, the ST41 Acquisition, the Main Pass Acquisition, the ASOP Acquisition and the sale of the Original Notes had occurred on January 1, 2011.

The Pro Forma Statements, including the related unaudited adjustments that are described in the accompanying notes, are based on available information and certain assumptions we believe to be reasonable in connection with the Hilcorp Acquisition. These assumptions are subject to change.

The initial allocation of purchase price to the Hilcorp Acquisition’s acquired assets and liabilities in the Pro Forma Statements is based on management’s preliminary estimates. This allocation will be finalized based on valuation and other studies to be performed by management using the assistance of outside valuation specialists. As a result, the final purchase price allocation will differ, possibly materially, from that which is presented in the Pro Forma Statements.

The Pro Forma Statements should be read in conjunction with (a) our historical consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which are set forth in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, (b) our historical consolidated financial statements and accompanying notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which are set forth in our Annual Report on Form 10-K for the year ended December 31, 2011, (c) the audited financial statements of Hilcorp Energy GOM, LLC for the years ended December 31, 2011, 2010 and 2009, and the unaudited financial statements of Hilcorp Energy GOM, LLC for the six months ended June 30, 2012 (included as Exhibit 99.1 to this Current Report).

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Unaudited Pro Forma Condensed Combined Balance Sheet

As of June 30, 2012

(amounts in thousands)

See accompanying notes to unaudited pro forma condensed combined financial information.

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Unaudited Pro Forma Condensed Combined

Statement of Operations

For the Year Ended December 31, 2011

(amounts in thousands, except per share amounts)

See accompanying notes to unaudited pro forma condensed combined financial information.

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Unaudited Pro Forma Condensed Combined

Statement of Operations

For the Six Months Ended June 30, 2012

(amounts in thousands, except per share amounts)

See accompanying notes to unaudited pro forma condensed combined financial information.

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Notes to Unaudited Pro Forma Condensed Combined

Financial Information

Pro Forma Financial Information Assumptions

The unaudited pro forma condensed combined balance sheet as of June 30, 2012 reflects the following adjustments:

Estimated total acquisition-related costs to consummate the Hilcorp Acquisition are approximately $0.7 million. The pro forma impact of the estimated acquisition-related costs is reflected as a reduction of cash and retained earnings (stockholders’ equity) in the accompanying June 30, 2012 pro forma balance sheet.

The economic effective date for the Hilcorp Acquisition is July 1, 2012. We have included estimated closing adjustments totaling a $13.0 million credit to EPL to reflect the July 1, 2012 effective date, including post July 1, 2012 revenues, operating expenses and capital and asset retirement expenditures relating to the acquired properties.

The estimated fair value of the assumed asset retirement obligations reflects our estimated timing of settlements, our estimated rate of future inflation and our credit adjusted-risk free rate of interest. Pursuant to the purchase and sale agreement, the assumed asset retirement obligations exclude estimated abandonment costs associated with the West Cameron 643 field. The current portion of the assumed asset retirement obligations is estimated to be $10 million.

Preliminary estimates of the Hilcorp Acquisition’s purchase price allocation have been performed taking into account current market conditions. For purposes of the pro forma balance sheet presentation, no part of the purchase price has been allocated to goodwill. This assumption is based upon market conditions and estimated market prices in effect for oil and natural gas. These market factors may change and new information may become known as of the closing date, potentially resulting in changes to the preliminary purchase price and related allocations thereof. As a result, a material portion of the final purchase price may be allocated to goodwill.

The Senior Notes consist of $300.0 million principal amount of notes. The net proceeds from the issuance after deducting initial purchasers’ discount of $7.5 million (and before offering expenses) were $289.5 million.

Additional estimated offering expenses payable by us (including printing costs and legal and accounting fees) are estimated to total approximately $1.1 million and are reflected in deferred financing costs.

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In addition to utilizing cash on hand to finance the purchase, on October 31, 2012, we amended and restated our senior credit facility, which, among other things, increased the facility size from $250 million to $750 million and extended the maturity to October 31, 2012. In addition, the borrowing base under this expanded credit facility was increased from $200 million to $425.0 million in conjunction with the Hilcorp Acquisition. Assumed borrowings of $197.4 million under the credit facility are reflected in long-term debt. Additional facility fees are estimated to total approximately $7.1 million and are reflected in deferred financing costs. Fees associated with a commitment for an unsecured bridge loan which was not utilized were $2.0 million and are reflected as a reduction of cash and retained earnings (stockholders’ equity) in the accompanying June 30, 2012 pro forma balance sheet.

The unaudited pro forma condensed combined statements of operations for the year ended December 31, 2011 and the six months ended June 30, 2012 reflect the following adjustments:

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