Energy XXI acquires GoM assets

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

Offshore staff

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

The transaction has doubled the company's interests in the same group of properties Energy XXI purchased from Pogo Producing Co. in June 2007. The properties include 22 fields currently producing approximately 8,000 net boe/d, about 77% of which is oil.

Upon restoration of volumes pending repair of third party pipelines damaged by hurricanes in 2008, net production from the acquired interests is expected to reach 10,000 boe/d, taking total company production to an expected 30,000 boe/d.

12/23/2009

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