Energy XXI Declares Quarterly Preferred Stock Dividends

/ Source: GlobeNewswire

HOUSTON, Feb. 25, 2011 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced its Board of Directors declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face value of $100 per share, and a $5.195 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share. The dividend on the 5.625% Convertible Perpetual Preferred Stock includes a catch-up payment from its Nov. 3, 2010 issuance through the normal Dec. 15, 2010 beginning of the pay period.

Dividends on both issues will be paid in cash on Tuesday, March 15, 2011 to the holders of record on Tuesday, March 1, 2011. The company currently has 99,100 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 1.15 million shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

About the Company

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. 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 .

The Energy XXI logo is available at

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