HOUSTON, March 19, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) (LSE:EXXS) today announced it is the apparent high bidder on all five blocks the company sought in today's Outer Continental Shelf Lease Sale 206 conducted in New Orleans by the U.S. Minerals Management Service (MMS). The bids are subject to review and approval by the MMS.
Energy XXI bid a total of $1.9 million for 100 percent working interests in five blocks within an existing core operating region approximately 10 miles offshore Louisiana, in close proximity to the company's South Pass 49 field. The subject blocks are South Pass 34, South Pass 50, South Pass 51, Mississippi Canyon 63 and Mississippi Canyon 107.
"We are pleased with our apparent success at today's lease sale," Energy XXI President and Chief Operating Officer Steve Weyel said. "This is an area where we see significant potential to extend the success of our existing producing fields through exploration and development activity."
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. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at www.energyxxi.com.
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587