Energy XXI Reels In Additional South Pass Interests

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Buyers
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Description

Acquired oil&gas interests in South Pass area, Gulf of Mexcio. Added 2.2 MMBOE of proved and probable reserves (40% oil).

Energy XXI (Bermuda) Ltd. (Nasdaq, London AIM: EXXI) reports it has acquired additional oil and gas interests in the South Pass area on the Gulf of Mexico shelf from an undisclosed seller for an undisclosed price.

The recently acquired assets add approximately 2.2 million barrels of oil equivalent of proved and probable reserves (40% oil) to the company's reserves base.

The effective date is March 1.

In December 2009, Energy XXI closed its acquisition of the remaining 50% interest in its core Gulf of Mexico shelf oil and gas properties from MitEnergy Upstream LLC, a subsidiary of Tokyo-based Mitsui & Co., Ltd. (Nasdaq: MITSY; Tokyo: 8031) for $283 million in cash, effectively "doubling (the company's) interests in the most oil-weighted and highest-margin properties in (its) portfolio," according to chief executive John Schiller.

Energy XXI has oil and gas assets in the U.S. Gulf of Mexico and onshore the Gulf Coast.