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Energy XXI Reports Fiscal Second-Quarter Results and Provides Operations Update



Energy XXI Reports Fiscal Second-Quarter Results and Provides Operations
Update

  * Production 20% higher than prior quarter on hurricane recovery
  * Successful SP49 workover adds 15 MMcf/d of production
  * Additional working interest in Bayou Carlin field adds 2,000 BOE/d and
    upside
  * Third horizontal well at West Delta delivers initial production of 1,700
    BOE/d

HOUSTON, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI)
today announced fiscal second-quarter results and provided an operations
update on activities in the Gulf of Mexico.

Energy XXI Logo (EPR)

For the 2013 fiscal second quarter, Energy XXI reported earnings before
interest, taxes, depreciation, depletion and amortization (EBITDA) of $198.8
million, compared with $225.6 million in the 2012 fiscal second quarter. Net
income available for common stockholders for the 2013 fiscal second quarter
was $38.5 million, or $0.47 per diluted share, on revenues of $321 million,
compared with fiscal 2012 second-quarter net income available for common
stockholders of $93.4 million, or $1.11 per diluted share, on revenue of $341
million.

Production for the 2013 fiscal second quarter averaged 44,600 barrels of oil
equivalent per day (BOE/d), compared with 42,700 BOE/d in the 2012 fiscal
second quarter, and compared with 37,300 BOE/d in the 2013 fiscal first
quarter, which was impacted by Hurricane Isaac. Oil volumes for the 2013
fiscal second quarter averaged 29,400 barrels per day (Bbl/d). Current
production approximates 47,000 BOE/d, with another 5,000 BOE/d temporarily
offline due to various downtime issues, bringing total capacity to
approximately 52,000 BOE/d.

"Good operating margins driven by our oil-focused development program have
established a solid base going into the second half of our fiscal year,"
Energy XXI Chairman and CEO John Schiller said. "We continue the horizontal
drilling program, complemented by key exploration projects, focused on growing
reserves and production simultaneously."

Exploration and Development Activity

At West Delta 73 (100% WI/ 83% NRI), the Hyden well was drilled to 8,760 feet
true vertical depth (TVD)/11,700 feet measured depth (MD), including a
760-foot horizontal section in the G-20 oil sand. Hyden was placed on
production in January at approximately 1,700 BOE/d, gross. To date, Energy XXI
has drilled three successful horizontal wells in the West Delta 73
field. Proved reserves at each of the three wells are expected to approximate
1.2 million BOE to 2.0 million BOE per well.

In the Main Pass 61 field (100% WI/ 83% NRI), the Monte Carlo well was drilled
to 7,180 feet TVD/8,200 feet MD, logging 31 feet of net pay in the J-6 oil
sand.  This high-angle well was completed and brought online within the past
week and is currently being evaluated. Monte Carlo was drilled into an
un-mapped portion of the structure, successfully extending the proved
reservoir and adding reserves. Additional wells will be drilled to determine
the extent of the reservoir.

The development program at Grand Isle 16/18 (100% WI/ 86% NRI) is ongoing.
Gelato, a potential horizontal location, is currently drilling at 9,200 feet
TVD toward a proposed depth of 10,600 feet TVD targeting the C-6 oil
sand. Another well recently drilled at Grand Isle, DrO, targeting the BF-2
sand, was temporarily abandoned and the wellbore preserved for a potential
future sidetrack.

At the South Pass 49 field, a successful workover was completed on the A-7
well (57% WI/ 47% NRI). Since March 2012, the well had been producing 2
million cubic feet per day (MMcf/d) of natural gas plus 60 Bbl/d of condensate
from the D-65 sand, which had never previously been produced in the
field. Frac packs were installed for sand control across the lower portion of
the D-65 reservoir, to separately test the upper portion of the D-65 not
previously perforated, and to gather more data about the reservoir and to
increase production rates. The well was recompleted in mid-December and has
been producing at a sustained rate of 17 MMcf/d and 20 Bbl/d of condensate.

The Pendragon well, located on Vermilion Block 178, is currently drilling past
10,482 feet (TVD)/ 11,577 feet (MD). The exploratory well is targeting
multiple sands on the south side of a salt dome, with a proposed total depth
of 16,300 feet TVD/ 20,400 feet MD. Energy XXI is operator, with a 50 percent
working interest (WI) and 40.6 percent net revenue interest (NRI).

Within the shallow-water ultra-deep exploration program with McMoRan, at the
Davy Jones discovery well, the rig is being moved off location for several
months while a large-scale hydraulic fracture treatment is designed to
penetrate the Wilcox reservoirs.  Energy XXI holds a 15.8 percent working
interest (12.6 percent net revenue interest) in the Davy Jones discovery
well. Total net investment in Davy Jones through Dec. 31, 2012 was
approximately $140.9 million.

Blackbeard West #2 on Ship Shoal Block 188 has been drilled to 25,584 feet and
the rig has been released. A production liner has been set to enable
completion of the well. Logs and core data have identified potential
hydrocarbon-bearing sands between 20,800 and 24,000 feet.  Initial completion
efforts are expected to focus on approximately 50 net feet of laminated sands
located at approximately 24,000 feet. Additionally, 80 feet of potential
low-resistivity pay at approximately 22,400 feet and an approximate 75-foot
gross section at 20,900 feet have been identified. Data acquired to date
indicate that a completion at these depths could utilize conventional
equipment. Energy XXI holds a 22.9 percent working interest and a 17.5 percent
net revenue interest in Ship Shoal Block 188. Total net investment in
Blackbeard West No. 2 approximated $28.6 million at Dec. 31, 2012.

The Lomond North ultra-deep prospect in the Highlander area, located primarily
in St. Martin Parish, Louisiana, is drilling below 13,700 feet toward a
proposed total depth of 30,000 feet. The well is targeting Eocene, Paleocene
and Cretaceous objectives below the salt weld. Lomond North is approximately
65 miles north of Davy Jones. Energy XXI holds an 18 percent working interest
and a 13.1 percent net revenue interest in Lomond North, where its total net
investment approximated $10.0 million at Dec. 31, 2012.

The Lineham Creek exploration prospect, located onshore in Cameron Parish,
Louisiana, approximately 55 miles northwest of Davy Jones, is drilling below
the salt weld at 26,500 feet. The well is targeting Eocene and Paleocene
objectives below the salt weld with a proposed total depth of 29,000 feet.
 Chevron U.S.A. Inc., as operator of the well, holds a 50 percent working
interest. Energy XXI holds a 9 percent working interest and a 6.75 percent net
revenue interest in the well. Total net investment in Lineham Creek was
approximately $13.6 million at Dec. 31, 2012.

Acquisition Activity

Energy XXI purchased McMoRan Exploration's interest in the Laphroaig field for
cash consideration, before closing adjustments, of $80 million effective Jan.
1, 2013. The consideration has been financed from Energy XXI's existing cash
and available revolver facility. Energy XXI previously held an 18.75 percent
WI in the field, and now holds a 56.25 percent WI and has assumed operatorship
of the assets. The acquisition adds 2,000 BOE/d of production to Energy XXI
from the field's two producing wells.  

"This acquisition affords Energy XXI the opportunity to operate and lead
future development and delineation of this field, which we believe offers
significant upside to current proved reserves and production," Schiller
said. "The original Peterson discovery and Landers development wells to date
have produced approximately 60 billion cubic feet (Bcf) of natural gas, with
estimated recovery of 100 Bcf combined. The Duplantis well we intend to drill
this year offers the potential to recover an additional 100 Bcf." 

Capital Expenditures

During the 2013 fiscal second quarter, capital expenditures, including
plug-and-abandonment and excluding acquisition costs, totaled $204 million,
with $45 million in exploration and $159 million in development and other
costs. Capital expenditures for the full fiscal year ending June 30, 2013,
excluding acquisitions, are expected to increase to between $730 million and
$760 million.

Conference Call Tomorrow, Jan. 31, at 9 a.m. CST, 3 p.m. London Time

Energy XXI will host its fiscal second-quarter conference call tomorrow, Jan.
31, at 9 a.m. CST (3 p.m. London time). The dial-in numbers are 1 (631)
813-4724 (U.S.) and (0) 80 0032 3836 (U.K.), and the confirmation code is
89426190. For complete instructions on how to actively participate in the
conference call, or to listen to the live audio webcast or a replay, please
refer to www.EnergyXXI.com. 

Forward-Looking Statements

All statements included in this release relating to future plans, projects,
events or conditions and all other statements other than statements of
historical fact included in this release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based upon current expectations and are subject to a number of
risks, uncertainties and assumptions, including changes in long-term oil and
gas prices or other market conditions affecting the oil and gas industry,
reservoir performance, the outcome of commercial negotiations and changes in
technical or operating conditions, among others, that could cause actual
results, including project plans and related expenditures and resource
recoveries, to differ materially from those described in the forward-looking
statements. Energy XXI assumes no obligation and expressly disclaims any duty
to update the information contained herein except as required by law.

Competent Person Disclosure

The technical information contained in this announcement relating to
operations adheres to the standard set by the Society of Petroleum Engineers.
Tom O'Donnell, Vice President of Exploitation, a Petroleum Engineer, is the
qualified person who has reviewed and approved the technical information
contained in this announcement.

About the Company

Energy XXI is an independent oil and natural gas exploration and production
company whose growth strategy emphasizes acquisitions, enhanced by its
value-added organic drilling program. The company's properties are located in
the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Seymour Pierce is
Energy XXI's listing broker in the United Kingdom.  To learn more, visit the
Energy XXI website at www.EnergyXXI.com.

The Energy XXI logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3587

                         ENERGY XXI (BERMUDA) LIMITED
                 RECONCILIATION OF GAAP TO NON-GAAP MEASURES
                 (In Thousands, except per share information)
                                 (Unaudited)

As required under Regulation G of the Securities Exchange Act of 1934,
provided below is a reconciliation of net income to EBITDA. We define EBITDA
as earnings before interest, taxes, depreciation, depletion and
amortization. EBITDA is not a measure of performance calculated in accordance
with accounting principles generally accepted in the United States
("GAAP"). Although not proscribed under GAAP, the company believes EBITDA is
relevant because it helps investors to understand the company's operating
performance and makes it easier to compare its results with other oil and gas
exploration and production companies that may have different financing and
capital structures or tax rates. EBITDA should not be considered in isolation
of, or as a substitute for, net income as an indicator of operating
performance or cash flows from operating activities as a measure of
liquidity. EBITDA, as the company calculates it, may not be comparable to
EBITDA measures reported by other companies. In addition, EBITDA does not
represent funds available for discretionary use.

The following table presents a reconciliation of our consolidated net income
available for common stockholders to our consolidated EBITDA for the periods
presented.

                                          Three Months Ended Six Months Ended
                                          December 31,       December 31,
                                          2012      2011     2012     2011
                                                                       
Net Income as Reported                    $41,332   $97,089  $59,592  $163,420
                                                                       
Interest expense-net                      26,569    28,348   52,755   55,527
Depreciation, depletion and amortization  105,856   87,568   190,651  172,371
Income tax expense                        25,020    12,549   35,730   21,122
                                                                       
EBITDA                                    $198,777  $225,554 $338,728 $412,440
                                                                       
EBITDA Per Share                                                       
Basic                                     $2.51     $2.95    $4.27    $5.39
Diluted                                   $2.27     $2.59    $4.27    $4.73
                                                                       
Weighted Average Number of Common Shares                               
Outstanding
Basic                                     79,314    76,498   79,238   76,481
Diluted                                   87,468    87,227   79,367   87,138
                                                                       

 
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED BALANCE SHEETS
(In Thousands, except share information)
 
                                                       December 31, June 30,
                                                       2012         2012
ASSETS                                                 (Unaudited)   
Current Assets                                                       
Cash and cash equivalents                              $40,895      $117,087
Accounts receivable                                                  
Oil and natural gas sales                              136,349      126,107
Joint interest billings                                5,558        3,840
Insurance and other                                    5,125        5,420
Prepaid expenses and other current assets              42,397       63,029
Derivative financial instruments                       14,879       32,497
Total Current Assets                                   245,203      347,980
Property and Equipment                                               
Oil and natural gas properties - full cost method of
accounting, including $498.3 million and $418.8        2,936,850    2,698,213
million of unevaluated properties not being amortized
at December 31, 2012 and June 30, 2012, respectively
Other property and equipment                           16,401       9,533
Total Property and Equipment, net of accumulated       2,953,251    2,707,746
depreciation, depletion, amortization and impairment
Other Assets                                                         
Derivative financial instruments                       20,744       45,496
Debt issuance costs, net of accumulated amortization   30,619       27,608
Equity method investments                              15,486       2,117
Total Other Assets                                     66,849       75,221
 Total Assets                                          $3,265,303   $3,130,947
LIABILITIES                                                          
Current Liabilities                                                  
Accounts payable                                       $180,001     $156,959
Accrued liabilities                                    76,240       118,818
Notes payable                                          2,346        22,211
Asset retirement obligations                           29,815       34,457
Derivative financial instruments                       782          —
Current maturities of long-term debt                   7,782        4,284
Total Current Liabilities                              296,966      336,729
Long-term debt, less current maturities                1,141,172    1,014,060
Deferred income taxes                                  116,849      104,280
Asset retirement obligations                           278,432      266,958
Derivative financial instruments                       2,629        —
Other liabilities                                      10,149       3,080
Total Liabilities                                      1,846,197    1,725,107
Stockholders' Equity                                                 
Preferred stock, $0.001 par value, 7,500,000 shares
authorized at December 31, 2012 and June 30, 2012,                   
respectively
7.25% Convertible perpetual preferred stock, 8,000
shares issued and outstanding at December 31, 2012 and —            —
June 30, 2012, respectively
5.625% Convertible perpetual preferred stock, 813,277
and 814,117 shares issued and outstanding at December  1            1
31, 2012 and June 30, 2012, respectively
Common stock, $0.005 par value, 200,000,000 shares
authorized and 79,356,865 and 79,147,340 shares issued 397          396
and 79,356,202 and 78,837,697 shares outstanding at
December 31, 2012 and June 30, 2012, respectively
Additional paid-in capital                             1,509,828    1,501,785
Accumulated deficit                                    (111,205)    (153,945)
Accumulated other comprehensive income, net of income  20,085       57,603
tax expense
 Total Stockholders' Equity                            1,419,106    1,405,840
Total Liabilities and Stockholders' Equity             $3,265,303   $3,130,947

 
 
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share information)
(Unaudited)
 
                                         Three Months       Six Months
                                         Ended December 31, Ended December 31,
                                         2012      2011     2012      2011
                                                                       
Revenues                                                               
Oil sales                                $285,824  $309,347 $533,154  $556,264
Natural gas sales                        34,695    31,231   57,592    69,197
Total Revenues                           320,519   340,578  590,746   625,461
                                                                       
Costs and Expenses                                                     
Lease operating                          85,922    74,134   168,403   145,167
Production taxes                         1,166     1,174    2,413     3,348
Gathering and transportation             6,098     3,395    14,089    9,548
Depreciation, depletion and amortization 105,856   87,568   190,651   172,371
Accretion of asset retirement            7,756     9,803    15,408    19,491
obligations
General and administrative expense       19,319    22,147   43,207    41,468
(Gain) loss on derivative financial      865       4,371    6,387     (6,001)
instruments
Total Costs and Expenses                 226,982   202,592  440,558   385,392
                                                                       
Operating Income                         93,537    137,986  150,188   240,069
                                                                       
Other Income (Expense)                                                 
Loss from equity method investees        (616)     —        (2,111)   —
Other income - net                       543       15       902       24
Interest expense                         (27,112)  (28,363) (53,657)  (55,551)
Total Other Expense                      (27,185)  (28,348) (54,866)  (55,527)
                                                                       
Income Before Income Taxes               66,352    109,638  95,322    184,542
                                                                       
Income Tax Expense                       25,020    12,549   35,730    21,122
Net Income                               41,332    97,089   59,592    163,420
Preferred Stock Dividends                2,874     3,706    5,749     7,412
Net Income Available for Common          $38,458   $93,383  $53,843   $156,008
Stockholders
                                                                       
Earnings Per Share                                                     
Basic                                    $0.48     $1.22    $0.68     $2.04
Diluted                                  $0.47     $1.11    $0.68     $1.88
                                                                       
Weighted Average Number of Common Shares                               
Outstanding
Basic                                    79,314    76,498   79,238    76,481
Diluted                                  87,468    87,227   79,367    87,138

 
 
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
                                       Three Months        Six Months
                                       Ended December 31,  Ended December 31,
                                       2012      2011      2012      2011
Cash Flows From Operating Activities                                  
Net income                             $41,332   $97,089   $59,592   $163,420
Adjustments to reconcile net income to
net cash provided by (used in)                                        
operating activities:
Depreciation, depletion and            105,856   87,568    190,651   172,371
amortization
Deferred income tax expense            22,025    12,547    32,814    21,272
Change in derivative financial                                        
instruments
Proceeds from sale of derivative       100       15,931    161       65,529
instruments
Other – net                            (8,671)   (6,445)   (14,018)  (25,691)
Accretion of asset retirement          7,756     9,803     15,408    19,491
obligations
Loss from equity method investees      616        —        2,111      —
Amortization and write-off of debt     1,907     1,882     3,798     3,705
issuance costs
Stock-based compensation               1,200     1,189     1,656     10,114
Changes in operating assets and                                       
liabilities
Accounts receivable                    (18,153)  (30,275)  (7,397)   (17,581)
Prepaid expenses and other current     4,685     4,067     20,722    (5,066)
assets
Settlement of asset retirement         (14,673)  (1,407)   (24,809)  (1,994)
obligations
Accounts payable and accrued           (4,509)   (96)      (39,053)  (37,586)
liabilities
Net Cash Provided by Operating         139,471   191,853   241,636   367,984
Activities
                                                                      
Cash Flows from Investing Activities                                  
Acquisitions                           (41,156)  (6,242)   (41,156)  (6,177)
Capital expenditures                   (192,352) (125,695) (379,050) (238,444)
Insurance payments received             —        5,692      —        6,472
Contributions to equity investees       —         —        (15,524)   —
Proceeds from the sale of properties    —        2,767      —        2,767
Property deposit                       3,500      —         —         —
Other                                  (17)      (1,062)   355       (808)
Net Cash Used in Investing Activities  (230,025) (124,540) (435,375) (236,190)
                                                                      
Cash Flows from Financing Activities                                  
Proceeds from the issuance of common
and preferred stock, net of offering   69        310       4,760     9,456
costs
Dividends to shareholders - common     (5,553)   —         (11,103)   —
Dividends to shareholders - preferred  (2,874)   (3,706)   (5,750)   (7,412)
Proceeds from long-term debt           385,637   285,854   609,449   522,324
Payments on long-term debt             (294,446) (288,084) (481,259) (604,318)
Other                                  (149)     (759)     1,450     (855)
Net Cash Provided by (Used in)         82,684    (6,385)   117,547   (80,805)
Financing Activities
                                                                      
Net Increase (Decrease) in Cash and    (7,870)   60,928    (76,192)  50,989
Cash Equivalents
Cash and Cash Equivalents, beginning   48,765    18,468    117,087   28,407
of period
Cash and Cash Equivalents, end of      $40,895   $79,396   $40,895   $79,396
period

 
 
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED OPERATIONAL INFORMATION (Unaudited)
 
                                 Quarter Ended
                                 Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
                                 2012     2012      2012     2012     2011
Operating Highlights
                                                                       
Operating revenues                                                     
Crude oil sales                  $280,953 $242,830  $314,639 $315,723 $306,064
Natural gas sales                29,657   17,396    19,657   19,154   21,659
Hedge gain                       9,909    10,001    7,650    1,119    12,855
Total revenues                   320,519  270,227   341,946  335,996  340,578
Percent of operating revenues                                          
from crude oil
Prior to hedge gain              90%      93%       94%      94%      93%
Including hedge gain             89%      92%       92%      93%      91%
Operating expenses                                                     
Lease operating expense                                                
Insurance expense                8,810    8,992     6,825    7,138    7,096
Workover and maintenance         20,217   10,113    21,070   15,885   12,805
Direct lease operating expense   56,895   63,376    59,306   55,424   54,233
Total lease operating expense    85,922   82,481    87,201   78,447   74,134
Production taxes                 1,166    1,247     2,414    1,499    1,174
Gathering and transportation     6,098    7,991     4,358    2,465    3,395
DD&A                             105,856  84,795    106,644  88,448   87,568
General and administrative       19,319   23,888    19,733   25,075   22,147
Other – net                      8,621    13,174    5,186    13,257   14,174
Total operating expenses         226,982  213,576   225,536  209,191  202,592
Operating income                 $93,537  $56,651   $116,410 $126,805 $137,986
Sales volumes per day                                                  
Natural gas (MMcf)               90.9     67.1      92.5     83.7     72.8
Crude oil (MBbls)                29.4     26.1      32.2     31.4     30.6
Total (MBOE)                     44.6     37.3      47.6     45.3     42.7
Percent of sales volumes from    66%      70%       68%      69%      72%
crude oil
Average sales price                                                    
Natural gas per Mcf              $3.55    $2.82     $2.34    $2.52    $3.23
Hedge gain per Mcf               0.60     0.89      0.55     0.54     1.43
Total natural gas per Mcf        $4.15    $3.71     $2.89    $3.06    $4.66
Crude oil per Bbl                $103.79  $101.03   $107.34  $110.54  $108.80
Hedge gain (loss) per Bbl        1.80     1.87      1.03     (1.05)   1.17
Total crude oil per Bbl          $105.59  $102.90   $108.37  $109.49  $109.97
Total hedge gain per BOE         $2.42    $2.91     $1.77    $0.27    $3.27
Operating revenues per BOE       $78.15   $78.72    $78.90   $81.43   $86.67
Operating expenses per BOE                                             
Lease operating expense                                                
Insurance expense                2.15     2.62      1.57     1.73     1.81
Workover and maintenance         4.93     2.95      4.86     3.85     3.26
Direct lease operating expense   13.87    18.46     13.68    13.43    13.80
Total lease operating expense    20.95    24.03     20.11    19.01    18.87
Production taxes                 .28      0.36      0.56     0.36     0.30
Gathering and transportation     1.49     2.33      1.01     0.60     0.86
DD&A                             25.81    24.70     24.61    21.44    22.28
General and administrative       4.71     6.96      4.55     6.08     5.64
Other – net                      2.10     3.84      1.20     3.22     3.60
Total operating expenses         55.34    62.22     52.04    50.71    51.55
Operating income per BOE         $22.81   $16.50    $26.86   $30.72   $35.12

GLOSSARY

Barrel – unit of measure for oil and petroleum products, equivalent to 42 U.S.
gallons.

BOE – barrels of oil equivalent, used to equate natural gas volumes to liquid
barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.

BOE/d – barrels of oil equivalent per day.

MMcf/d – million cubic feet of gas per day.

MD – total measured depth of a well.

Net Pay – cumulative hydrocarbon-bearing formations.

NRI, Net Revenue Interest – the percentage of production revenue allocated to
the working interest after first deducting proceeds allocated to royalty and
overriding interest.

TD – target total depth of a well.

TVD –true vertical depth of a well.

WI, Working Interest – the interest held in lands by virtue of a lease,
operating agreement, fee title or otherwise, under which the owner of the
interest is vested with the right to explore for, develop, produce and own
oil, gas or other minerals and bears the proportional cost of such operations.

Workover / Recompletion – operations on a producing well to restore or
increase production. A workover or recompletion may be performed to stimulate
the well, remove sand or wax from the wellbore, to mechanically repair the
well, or for other reasons.

CONTACT: ENQUIRIES OF THE COMPANY
        
         Energy XXI
         Stewart Lawrence
         Vice President, Investor Relations and
         Communications
         713-351-3006
         slawrence@energyxxi.com
         Greg Smith
         Director, Investor Relations
         713-351-3149
         gsmith@energyxxi.com
        
         Seymour Pierce
         Nominated Adviser: David Porter, Rick Thompson
         Corporate Broking: Richard Redmayne
         Tel: +44 (0) 20 7107 8000
        
         Pelham Bell Pottinger
         James Henderson
         jhenderson@pelhambellpottinger.co.uk
         Mark Antelme
         mantelme@pelhambellpottinger.co.uk
         +44 (0) 20 7861 3232

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