updated 2/25/2011 7:15:56 AM ET 2011-02-25T12:15:56

HOUSTON, Feb. 25, 2011 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI) today announced the results of the early settlement for the tender offer by its wholly owned subsidiary, Energy XXI Gulf Coast, Inc. (the "Company"), to purchase for cash any and all of the Company's outstanding 10% Senior Notes due 2013 (the "10% Notes").

D.F. King & Co., Inc., the Depositary and Tender Agent for the tender offer, has advised Energy XXI that, as of 5 p.m., New York City time, on Feb. 24, 2011 (the "Early Participation Payment Deadline"), $122.3 million aggregate principal amount of the 10% Notes had been validly tendered and not withdrawn, representing approximately 53.4 percent of the 10% Notes outstanding. For each $1,000 principal amount of the 10% Notes validly tendered and not withdrawn, holders will be entitled to receive total consideration of $1,050, which includes an early tender payment of $30 per $1,000 principal amount of the 10% Notes so tendered (the "Early Participation Payment").

The tender offer remains open and is scheduled to expire at midnight, New York City time, on March 10, 2011 (the "Expiration Date"). Holders whose 10% Notes are validly tendered after the Early Participation Payment Deadline but prior to the Expiration Date will be eligible to receive the tender offer consideration, determined as set forth in the Offer to Purchase, but will not be eligible to receive the Early Participation Payment.

The complete terms and conditions of the offer are set forth in an Offer to Purchase and related Letter of Transmittal sent to holders of 10% Notes. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Depositary and Tender Agent for the Offer, D.F. King & Co., Inc. at (800) 769-4414 (US toll free).

RBS Securities Inc. is the Dealer Manager for the tender offer. Questions regarding the offer may be directed to RBS Securities Inc. at (877) 297-9832 (toll-free) and (203) 897-6145 (collect).

This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The offer is made only by and pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. None of Energy XXI Gulf Coast, Inc., Energy XXI (Bermuda) Limited, the Dealer Manager or the Depositary and Tender Agent makes any recommendations as to whether holders should tender their notes pursuant to the offer.

Forward-Looking Statements

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 or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and 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. Neither Energy XXI nor the Company assumes any obligation and expressly disclaims any duty to update the information contained herein except as required by law.

About Energy XXI

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. Energy XXI's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Seymour Pierce is Energy XXI's listing broker in the United Kingdom. The Company is an indirect wholly owned subsidiary of Energy XXI.

The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587

CONTACT: Energy XXI
         Stewart Lawrence
         Vice President, Investor Relations and Communications
         713-351-3006
         slawrence@energyxxi.com
         
         Seymour Pierce - UK AIM Adviser
         Jonathan Wright/
         Jeremy Porter - Corporate Finance
         Richard Redmayne - Corporate Broking
         Tel: +44 (0) 20 7107 8000
         
         Pelham Bell Pottinger
         James Henderson
         jhenderson@pelhambellpottinger.co.uk
         Mark Antelme
         mantelme@pelhambellpottinger.co.uk
         +44 (0) 20 7861 3232

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