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

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

  *Latest three horizontal wells yield 8,400 BOE/d gross/ 7,000 BOE/d net
  *South Pass 49 program delivers 30 MMcf/d uplift gross/ 14 MMcf/d net
  *Current production climbs to 50,000 BOE/d net
  *Bayou Carlin acquisitions closed, drilling in progress
  *Joint venture signed to explore around salt domes offshore

HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI)
today announced fiscal third-quarter results and provided an operations update
on activities in the Gulf of Mexico.

Energy XXI Logo (EPR)

For the 2013 fiscal third quarter, Energy XXI reported earnings before
interest, taxes, depreciation, depletion and amortization (EBITDA) of $186.0
million, compared with $215.3 million in the 2012 fiscal third quarter.Net
income available for common stockholders for the 2013 fiscal third quarter was
$37.6million, or $0.46 per diluted share, on revenues of $303.8 million,
compared with fiscal 2012 third-quarter net income available for common
stockholders of $82.5 million, or $1.04 per diluted share, on revenue of
$336.0 million.

Production for the 2013 fiscal third quarter averaged 43,500 barrels of oil
equivalent per day (BOE/d) net, compared with 45,300 BOE/d net in the 2012
fiscal third quarter.Oil volumes for the 2013 fiscal third quarter averaged
28,600 barrels per day (Bopd) net. Current production has averaged 50,000
BOE/d net, including approximately 30,000 Bopd, since May 1, 2013.

"We brought four new wells online within the past week that have added
significant production," EnergyXXI Chairman and Chief Executive Officer John
Schiller said."Our West Delta and Main Pass fields continue to drive oil
volumes through successful application of horizontal drilling techniques."

Exploration and Development Activity

At West Delta 73 (100% WI/ 83% NRI), the Bearclaw well was drilled to 11,100
feet measured depth (MD)/ 8,085 feet true vertical depth (TVD), including a
1,000-foot lateral section into the F-35 sand.Bearclaw was brought online
within the past week at 2,600 Bopd and 3.2 million cubic feet per day (MMcf/d)
of natural gas, gross, with flowing tubing pressure of 1,150 psi.The next
horizontal well at West Delta, Glacier, was recently spud and is drilling
below 5,550 feet MD/ 5,400 feet TVD, targeting the F-35 sand with a proposed
depth of 10,200 feet MD/ 8,000 feet TVD, including an 800-foot lateral
section. The initial three horizontal wells in West Delta, Big Sky 2, Weimer
and Hyden, are delivering a combined 2,400 Bopd, gross.

In the Main Pass 61 field (100% WI/ 78% NRI), the Camacho horizontal well was
drilled to 12,620 feet MD/ 6,981 feet TVD into the J-6 sand. The well was
completed and brought online within the past week at 723 Bopd and 8.4 MMcf/d,
gross, with flowing tubing pressure of 900 psi.The Quintero well was recently
spud and is currently drilling below 6,600 feet MD/ 4,500 feet TVD with a
proposed depth of 11,500 feet MD/ 6,560 feet TVD, also targeting the J-6 sand.

At Grand Isle 16/18 (100% WI/ 86% NRI), the Gelato horizontal well was drilled
to 14,278 feet MD/ 10,017 feet TVD with a 440-foot lateral into the C-6 sand,
and recently brought on production at a gross rate of 500 Bopd and 18 MMcf/d
with a flowing tubing pressure of 1,850 psi.The next well at Grand Isle,
Vanguard, has been drilled to 9,800 feet MD/ 8,200 feet TVD, logging pay in
four separate reservoirs including the targeted C-1 sand.A horizontal
completion is planned for the C-1 sand, which has produced 46 million barrels
of oil and 39 billion cubic feet of gas in this fault block.

At the South Pass 49 field (57% WI/ 47% NRI), three successful workovers have
been completed to the D-65 reservoir.Gross production from the three wells
now totals 30 MMcf/d with 200 Bopd.The original A-7 well recompletion
continues to produce at 20 MMcf/d gross, six months after being placed on
production.The second recompletion, in the A-19 well, has gross production of
5 MMcf/d and 125 Bopd.The newest recompletion, in the A-17 well, was placed
on production at 5 MMcf/d and 60 Bopd gross, with a flowing tubing pressure of
1,200 psi.The last two recompletions, the A-17 and A-19, are still unloading
completion fluid and are expected to increase in rate.

The Pendragon well, located on Vermilion Block 178, encountered mechanical
issues and will be plugged and abandoned.A permit will be sought to re-drill
Pendragon from a new surface location.Energy XXI expects to begin drilling
Merlin, the largest prospect in the Vermilion inventory, in June.Merlin will
target multiple sands and will be drilled to approximately 15,700 feet
TVD.Energy XXI is the operator, with a 50 percent working interest and 40.6
percent net revenue interest.

Onshore Louisiana at the Bayou Carlin field in St. Mary's Parish, the
Duplantis well (94%WI/ 69% NRI) has been drilled to a casing point at 16,750
feet MD/ 16,600 feet TVD toward a proposed total depth of 19,900 feet TVD,
targeting sands producing nearby from the Peterson and Landers wells, as well
as the MA-12, MA-13 and MA-14 sands.Farther east, in St. Martin Parish, the
Pintail exploration well (48.4% WI/ 25.4% NRI) targeting a structure analogous
to the Bayou Carlin field is currently drilling below 13,500 feet MD/ 13,300
feet TVD. The Pintail well will be drilled to a proposed depth of 18,700 feet
MD/ 16,775 feet TVD.

Within the ultra-deep exploration program with McMoRan, the Lomond North
prospect in the Highlander area, located primarily in St. Martin Parish,
Louisiana, is drilling below 18,250 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 the
partnership's Davy Jones discovery.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 $15.0 million at March 31, 2013.

The Lineham Creek exploration prospect, located onshore in Cameron Parish,
Louisiana, approximately 55 miles northwest of Davy Jones, is drilling below
29,400 feet, toward a target depth of 30,500 feet, targeting Eocene and
Paleocene objectives below the salt weld.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 $16.0 million at March 31,
2013.

Capital Expenditures

During the 2013 fiscal third quarter, capital expenditures, including
plug-and-abandonment and excluding acquisition costs, totaled $191 million,
with $61 million in exploration and $130 million in development and other
costs.Capital expenditures for the full fiscal year ending June 30, 2013,
excluding acquisitions, are expected to total between $780 million and $810
million.

Acquired Reserves

Energy XXI added approximately 15 million barrels of oil equivalent (MMBOE) of
proved reserves as a result of the Vermilion and Bayou Carlin acquisitions,
made in late 2012 and early 2013, respectively.Probable reserves associated
with the acquisitions totaled an additional 18 MMBOE, while possible reserves
totaled 42 MMBOE.Expenditures for the acquisitions totaled $154 million.

Sub-salt Exploration Joint Venture

Energy XXI in March entered into an agreement with Apache Corp. to explore for
oil and gas pay sands associated with salt dome structures on the central Gulf
of Mexico shelf.The area of mutual interest (AMI) includes several salt domes
within a 135-block area.In addition, Energy XXI acquired a 25 percent working
interest in 19 non-producing primary-term leases with Apache.A new wide
azimuth seismic program is underway to define the potential within the AMI,
covering approximately 633,000 acres.Soon after completing the joint venture
agreement, Apache and Energy XXI jointly bid and were the apparent high
bidders on seven blocks in the Main Pass area during the recent central Gulf
of Mexico lease sale #227 held by the U.S. Department of the Interior's Bureau
of Ocean Energy Management.Separately, Energy XXI was the apparent high
bidder on two additional blocks in the area.

Conference Call Today, May 6, at 9 a.m. CDT, 3 p.m. London Time

Energy XXI will host its fiscal third-quarter conference call today, May 6, at
9a.m. CDT (3p.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 36410686.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 orother market conditions affecting the oil and gas industry,
reservoir performance, the outcome of commercialnegotiationsand 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.Cantor Fitzgerald
Europe is Energy XXI's listing broker in the United Kingdom. To learn more,
visit the EnergyXXI website at www.EnergyXXI.com.

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 are reconciliations of net income to the following non-GAAP
financial measure: EBITDA.The company uses this non-GAAP measure as a key
metric for the management of the company and to demonstrate the company's
ability to internally fund capital expenditures and service debt.
                                                      
                              Three Months Ended       Nine Months Ended
                              March 31,                March 31,
                              2013         2012        2013        2012
                                                                
Net Income as Reported         $40,436      $91,252     $100,028    $254,672
                                                                
Interest expense-net           27,159       26,790      79,914      82,317
Depreciation, depletion        88,727       88,448      279,378     260,819
andamortization
Income tax expense             29,688       8,763       65,418      29,885
                                                                
EBITDA                         $186,010     $215,253    $524,738    $627,693
                                                                
EBITDA Per Share                                                 
Basic                          $2.34        $2.78       $6.62       $8.17
Diluted                        $2.13        $2.46       $6.00       $7.20
                                                                
Weighted Average Number of                                       
Common Shares Outstanding
Basic                          79,365       77,454      79,280      76,803
Diluted                        87,516       87,353      87,471      87,185
                                                                


ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED BALANCE SHEETS
(In Thousands, except share information)
                                                                  
                                                       March 31,   June 30,
                                                       2013        2012
ASSETS                                                  (Unaudited) 
Current Assets                                                     
Cash and cash equivalents                               $30,229     $117,087
Accounts receivable                                                
Oil and natural gas sales                               138,522     126,107
Joint interest billings                                 9,260       3,840
Insurance and other                                     4,773       5,420
Prepaid expenses and other current assets               22,794      63,029
Derivative financial instruments                        23,900      32,497
Total Current Assets                                    229,478     347,980
Property and Equipment                                             
Oil and natural gas properties - full cost method of
accounting, including $539.4 million and $418.8 million 3,148,239   2,698,213
of unevaluated properties not being amortized at March
31, 2013 and June 30, 2012, respectively
Other property and equipment                            16,114      9,533
Total Property and Equipment, net of accumulated        3,164,353   2,707,746
depreciation, depletion, amortization and impairment
Other Assets                                                       
Derivative financial instruments                        17,134      45,496
Debt issuance costs, net of accumulated amortization    29,599      27,608
Equity method investments                               13,408      2,117
Total Other Assets                                      60,141      75,221
Total Assets                                           $3,453,972  $3,130,947
LIABILITIES                                                        
Current Liabilities                                                
Accounts payable                                        $172,017    $156,959
Accrued liabilities                                     121,564     118,818
Notes payable                                           1,080       22,211
Asset retirement obligations                            30,130      34,457
Derivative financial instruments                        112         —
Current maturities of long-term debt                    23,428      4,284
Total Current Liabilities                               348,331     336,729
Long-term debt, less current maturities                 1,227,144   1,014,060
Deferred income taxes                                   139,268     104,280
Asset retirement obligations                            283,317     266,958
Derivative financial instruments                        561         —
Other liabilities                                       9,220       3,080
Total Liabilities                                       2,007,841   1,725,107
Stockholders' Equity                                               
Preferred stock, $0.001 par value, 7,500,000 shares
authorized at March 31, 2013 andJune 30, 2012,                    
respectively
7.25% Convertible perpetual preferred stock, 8,000
shares issued and outstanding at March 31, 2013 and     —           —
June 30, 2012, respectively
5.625% Convertible perpetual preferred stock, 813,188
and 814,117 shares issued and outstanding at March 31, 1           1
2013 and June 30, 2012, respectively
Common stock, $0.005 par value, 200,000,000 shares
authorized and 79,373,500 and 79,147,340 shares issued  397         396
and 79,372,837 and 78,837,697 shares outstanding at
March 31, 2013 and June 30, 2012, respectively
Additional paid-in capital                              1,510,811   1,501,785
Accumulated deficit                                     (79,199)    (153,945)
Accumulated other comprehensive income, net of income   14,121      57,603
tax expense
Total Stockholders' Equity                              1,446,131   1,405,840
Total Liabilities and Stockholders' Equity             $3,453,972  $3,130,947


ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share information)
(Unaudited)
                                                           
                                          Three Months      Nine Months
                                           Ended March 31,   Ended March 31,
                                          2013     2012     2013     2012
                                                                  
Revenues                                                           
Oil sales                                  $274,364 $312,714 $807,518 $868,978
Natural gas sales                          29,410   23,282   87,002   92,479
Total Revenues                             303,774  335,996  894,520  961,457
                                                                  
Costs and Expenses                                                 
Lease operating                            86,305   78,447   254,708  223,614
Production taxes                           1,352    1,499    3,765    4,847
Gathering and transportation               4,411    2,465    18,500   12,013
Depreciation, depletion and amortization   88,727   88,448   279,378  260,819
Accretion of asset retirement obligations  7,649    9,762    23,057   29,253
General and administrative expense         16,092   25,075   59,299   66,543
(Gain) loss on derivative financial        (632)    3,495    5,755    (2,506)
instruments
Total Costs and Expenses                   203,904  209,191  644,462  594,583
                                                                  
Operating Income                           99,870   126,805  250,058  366,874
                                                                  
Other Income (Expense)                                             
Loss from equity method investees          (2,587)  —        (4,698)  —
Other income - net                         523      97       1,425    121
Interest expense                           (27,682) (26,887) (81,339) (82,438)
Total Other Expense                        (29,746) (26,790) (84,612) (82,317)
                                                                  
Income Before Income Taxes                 70,124   100,015  165,446  284,557
                                                                  
Income Tax Expense                         29,688   8,763    65,418   29,885
Net Income                                 40,436   91,252   100,028  254,672
Induced Conversion of Preferred Stock      —        6,058    —        6,058
Preferred Stock Dividends                  2,873    2,739    8,623    10,151
Net Income Available for Common            $37,563  $82,455  $91,405  $238,463
Stockholders
                                                                  
Earnings Per Share                                                 
Basic                                      $0.47    $1.06    $1.15    $3.10
Diluted                                    $0.46    $1.04    $1.14    $2.92
                                                                  
Weighted Average Number of Common Shares                           
Outstanding
Basic                                      79,365   77,454   79,280   76,803
Diluted                                    87,516   87,353   87,471   87,185


ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
                                                         
                                      Three Months        Nine Months
                                       Ended March 31,     Ended March 31,
                                      2013      2012      2013      2012
                                                                 
Cash Flows From Operating Activities                              
Net income                             $40,436   $91,252   $100,028  $254,672
Adjustments to reconcile net income to
net cash provided by (used in)                                    
operating activities:
Depreciation, depletion and            88,727    88,448    279,378   260,819
amortization
Deferred income tax expense            25,625    8,764     58,439    30,036
Change in derivative financial                                    
instruments
Proceeds from derivative instruments   574       993       735       66,522
Other – net                           (5,318)   (10,866)  (19,336)  (36,557)
Accretion of asset retirement          7,649     9,762     23,057    29,253
obligations
Loss from equity method investees      2,587     —         4,698     —
Amortization and write-off of debt     1,910     1,886     5,708     5,591
issuance costs
Stock-based compensation               483       478       2,139     10,592
Changes in operating assets and                                   
liabilities
Accounts receivable                    (1,858)   (9,565)   (9,254)   (27,146)
Prepaid expenses and other current     19,541    9,945     40,263    4,879
assets
Settlement of asset retirement         (4,761)   (4,569)   (29,570)  (6,563)
obligations
Accounts payable and accrued           34,314    11,670    (4,740)   (25,916)
liabilities
Net Cash Provided by Operating         209,909   198,198   451,545   566,182
Activities
                                                                 
Cash Flows from Investing Activities                              
Acquisitions                           (112,566) (35)      (153,722) (6,212)
Capital expenditures                   (184,504) (155,744) (563,554) (394,188)
Insurance payments received            —         —         —         6,472
Net contributions to equity investees  (503)     —         (16,027)  —
Proceeds from the sale of properties   —         203       —         2,970
Other                                  (409)     1,252     (54)      444
Net Cash Used in Investing Activities  (297,982) (154,324) (733,357) (390,514)
                                                                 
Cash Flows from Financing Activities                              
Proceeds from the issuance of common
and preferred stock, net of offering   499       191       5,259     9,647
costs
Conversion of preferred stock to       —         (6,029)   —         (6,029)
common
Dividends to shareholders – common     (5,556)   —         (16,659)  —
Dividends to shareholders – preferred  (2,873)   (2,877)   (8,623)   (10,289)
Proceeds from long-term debt           532,990   185,437   1,142,439 707,761
Payments on long-term debt             (447,653) (214,468) (928,914) (818,787)
Other                                  —         —         1,452     (854)
Net Cash Provided by (Used in)         77,407    (37,746)  194,954   (118,551)
Financing Activities
                                                                 
Net Increase (Decrease) in Cash and    (10,666)  6,128     (86,858)  57,117
Cash Equivalents
Cash and Cash Equivalents, beginning   40,895    79,396    117,087   28,407
of period
Cash and Cash Equivalents, end of      $30,229   $85,524   $30,229   $85,524
period


ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED OPERATIONAL INFORMATION (In thousands) (Unaudited)
                                
                                Quarter Ended
                                Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
                                 2013     2012     2012      2012     2012
Operating Highlights
Operating revenues                                                
Crude oil sales                  $273,280 $280,953 $242,830  $314,639 $315,723
Natural gas sales                27,070   29,657   17,396    19,657   19,154
Hedge gain                       3,424    9,909    10,001    7,650    1,119
Total revenues                   303,774  320,519  270,227   341,946  335,996
Percent of operating revenues                                     
from crude oil
Prior to hedge gain              91%      90%      93%       94%      94%
Including hedge gain             90%      89%      92%       92%      93%
Operating expenses                                                
Lease operating expense                                           
Insurance expense                7,473    8,810    8,992     6,825    7,138
Workover and maintenance         19,166   20,217   10,113    21,070   15,885
Direct lease operating expense   59,666   56,895   63,376    59,306   55,424
Total lease operating expense   86,305   85,922   82,481    87,201   78,447
Production taxes                 1,352    1,166    1,247     2,414    1,499
Gathering and transportation     4,411    6,098    7,991     4,358    2,465
DD&A                             88,727   105,856  84,795    106,644  88,448
General and administrative       16,092   19,319   23,888    19,733   25,075
Other – net                      7,017    8,621    13,174    5,186    13,257
Total operating expenses         203,904  226,982  213,576   225,536  209,191
Operating income                 $99,870  $93,537  $56,651   $116,410 $126,805
Sales volumes per day                                             
Natural gas (MMcf)               89.4     90.9     67.1      92.5     83.7
Crude oil (MBbls)                28.6     29.4     26.1      32.2     31.4
Total (MBOE)                     43.5     44.6     37.3      47.6     45.3
Percent of sales volumes from    66%      66%      70%       68%      69%
crude oil
Average sales price                                               
Natural gas per Mcf              $3.37    $3.55    $2.82     $2.34    $2.52
Hedge gain per Mcf               0.29     0.60     0.89      0.55     0.54
Total natural gas per Mcf        $3.66    $4.15    $3.71     $2.89    $3.06
Crude oil per Bbl                $106.11  $103.79  $101.03   $107.34  $110.54
Hedge gain (loss) per Bbl        0.42     1.80     1.87      1.03     (1.05)
Total crude oil per Bbl          $106.53  $105.59  $102.90   $108.37  $109.49
Total hedge gain per BOE         $0.87    $2.42    $2.91     $1.77    $0.27
Operating revenues per BOE       $77.58   $78.15   $78.72    $78.90   $81.43
Operating expenses per BOE                                        
Lease operating expense                                           
Insurance expense                1.91     2.15     2.62      1.57     1.73
Workover and maintenance         4.89     4.93     2.95      4.86     3.85
Direct lease operating expense   15.24    13.87    18.46     13.68    13.43
Total lease operating expense    22.04    20.95    24.03     20.11    19.01
Production taxes                 0.35     0.28     0.36      0.56     0.36
Gathering and transportation     1.13     1.49     2.33      1.01     0.60
DD&A                             22.66    25.81    24.70     24.61    21.44
General and administrative       4.11     4.71     6.96      4.55     6.08
Other – net                      1.79     2.10     3.84      1.20     3.22
Total operating expenses         52.08    55.34    62.22     52.04    50.71
Operating income per BOE         $25.50   $22.81   $16.50    $26.86   $30.72

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.

Bopd – barrels of oil 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
        
         Cantor Fitzgerald Europe
         Nominated Adviser: David Porter, Rick Thompson
         Corporate Broking: Richard Redmayne
         Tel: +44 (0) 20 7894 7000
        
         Pelham Bell Pottinger
         James Henderson
         jhenderson@pelhambellpottinger.co.uk
         Mark Antelme
         mantelme@pelhambellpottinger.co.uk
         +44 (0) 20 7861 3232

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