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Energy XXI Increases Dividend on Common Shares, Declares Regular Quarterly Dividends on Preferred Shares

Energy XXI Increases Dividend on Common Shares, Declares Regular Quarterly
Dividends on Preferred Shares

HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI)
today announced its Board of Directors declared a quarterly dividend of $0.12
per share of common stock, representing a 71 percent increase from the
previous rate. The dividend is to be paid on June 14, 2013 to shareholders of
record on May 31, 2013.The company currently has 79,374,772 shares of common
shares outstanding.The Board of Directors will determine future dividends for
Energy XXI common stock on a quarterly basis, with the amount dependent upon
earnings, financial condition, capital requirements and other factors.

Energy XXI Logo (EPR)

The Board of Directors also declared a $1.8125 per share quarterly dividend on
its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face
value of $100 per share, and a $3.5156 per share quarterly dividend on its
shares of 5.625% Convertible Perpetual Preferred Stock, which have a face
value of $250 per share. Dividends on both issues will be paid in cash on
June 14, 2013 to the holders of record on May 31, 2013.The company currently
has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock
outstanding and 813,188 shares of its 5.625% Convertible Perpetual Preferred
Stock outstanding.

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: 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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