Energy XXI gains GoM interests

Energy XXI (Bermuda) has acquired certain Gulf of Mexico shelf oil and natural gas interests from MitEnergy Upstream for $283 million.

Offshore staff

HOUSTON -- Energy XXI (Bermuda) has acquired certain Gulf of Mexico shelf oil and natural gas interests from MitEnergy Upstream for $283 million.

The transaction involves mirror-image non-operated interests in the same group of properties Energy XXI purchased from Pogo Producing Co. in June 2007. The properties include 30 fields currently producing 8,000 (net) boe/d. Upon restoration of volumes pending repair of third party pipelines damaged by hurricanes in 2008, net production is expected to reach 10,000 boe/d. Offshore leases included in the purchase total nearly 33,000 net acres.

11/23/2009

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