HOUSTON, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) (the "Company") today announced an unsolicited transaction with holders of the Company's 7.25% Convertible Perpetual Preferred Stock (the "Preferred Stock") to issue shares of the Company's common stock in exchange for 72,000 shares of Preferred Stock. The total shares issued will be based upon the stated conversion in the convertible preferred, plus a premium and accrued interest with the latter two based upon the daily average of the volume weighted average price over the five trading days prior to closing. The transaction is scheduled to close Oct. 14, 2010 subject to customary conditions.
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. Forward-looking statements in this press release relate to, among other things, the offering of the common stock and convertible preferred stock and the expected use of proceeds from both proposed offerings. 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. The Company assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
About the CompanyEnergy 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. Seymour Pierce is Energy XXI's listing broker in the United Kingdom. To learn more, visit the Energy XXI website at .
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CONTACT: Energy XXI Stewart Lawrence, Vice President, Investor Relations and Communications 713-351-3006 firstname.lastname@example.org Pelham Bell Pottinger James Henderson email@example.com Mark Antelme firstname.lastname@example.org +44 (0) 20 7861 3232 Seymour Pierce Nominated Adviser: Jonathan Wright Jeremy Porter Corporate Broking: Richard Redmayne +44 (0) 20 7107 8000