Energy XXI Board of Directors Approves Stock Repurchase Program
HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI)
today announced its Board of Directors has authorized the repurchase up to
$250 million in value of the company's common stock from time to time, in one
or more open-market transactions.
Energy XXI Logo (EPR)
The repurchase program authorizes Energy XXI to make repurchases on a
discretionary basis as determined by management, subject to market conditions,
applicable legal requirements, available liquidity and other appropriate
factors. The repurchase program does not obligate Energy XXI to acquire any
particular amount of common stock and may be modified or suspended at any time
and could be terminated prior to completion. The repurchase program will be
funded from the company's cash on hand or available revolving credit facility.
Any repurchased shares of common stock will be retained at the subsidiary
level, subject to transfer to the parent company where they may be retired.
In connection with the repurchase program, on May 1, 2013, the Board of
Directors also approved a Rule 10b5-1 plan that allows Energy XXI to
repurchase common stock at times when it otherwise might be prevented from
doing so under insider trading laws or because of self-imposed trading
blackout periods. A broker selected by the company will have the authority
under the pricing parameters and other terms and limitations specified in the
10b5-1 plan to repurchase shares on the company's behalf. The company will
periodically report the number of shares purchased under the plan.
"The repurchase program reflects the confidence we have in the company and its
prospects," Chairman and Chief Executive Officer John Schiller said. "We
believe our own stock at these prices represents the best acquisition prospect
currently available to us."
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.
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.
CONTACT: Energy XXI
Vice President, Investor Relations and Communications
Director, Investor Relations
Cantor Fitzgerald Europe
David Porter, Rick Thompson - Corporate Finance
Richard Redmayne - Corporate Broking
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
+44 (0) 20 7861 3232
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