New Orleans-based Energy Partners Ltd. has filed for an initial public offering, to raise $125 million. The privately held producer was founded in 1997 with a MasterCard by president and chief executive Richard A. Bachmann, former president of Louisiana Land & Exploration until it was purchased by Burlington Resources Inc. EPL operates in shallow- to medium-depth water in the central Gulf of Mexico. New York-based Evercore Capital Partners, which has invested in tabloids such as The National Enquirer, owns more than 50% of the EPL equity, investing $60 million in the company last year. The offering's lead underwriters are Merrill Lynch & Co. and UBS Warburg. A co-underwriter is Howard, Weil, Labouisse, Friedrichs Inc. EPL joins Mariner Energy LLC, Vision Energy Inc. and Westport Resources Corp. among E&P firms on the IPO waiting list. U.S. equity markets have not supported a producer IPO since September 1999 (Spinnaker Exploration Co.), except for an offering by 3Tec Energy Inc., which was already trading due to a reverse merger, and the multinational megaoffering by PetroChina Ltd. Meanwhile, joining several oil-services companies on the IPO waiting list is Houston-based Oil States International Inc., which expects to raise approximately $200 million. Upon the offering, Oil States will roll up four privately held oilfield service companies: Oil States Industries, Sooner Inc., HWC Energy Services Inc. and Canadian firm PTI Group Inc. Houston-based investment fund SCF-III LP owns majority interests in Oil States, HWC and PTI. SCF-IV LP owns a majority interest in Sooner. HWC, PTI and Sooner will become wholly owned subsidiaries of Oil States. Last year, Oil States sold the operating assets of CE Distribution Services Inc. (CEDS), CE Drilling Products Inc., CE Mobile Equipment Inc., and its 51.8% investment in CE Franklin for $102.4 million cash and $24 million of securities. Proceeds were applied to reduce bank debt. Proceeds from the IPO will be used to retire $103 million of preferred stock and subordinated debt; to upgrade facilities and to expand products and services ($31 million); and to buy out nonaccredited shareholders (that result from the roll-up) and some preemptive stock purchase rights. Lead underwriters are Merrill Lynch & Co. and Credit Suisse First Boston. Co-underwriter is Simmons & Co. International. Oil-service firms also on the IPO waiting list are U.K.-based Asco, Midland-based Basic Energy Services Inc., and Houston-based Hydril Co. and Chiles Offshore LLC. -Nissa Darbonne