HOUSTON, March 18, 2009 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (AIM:EXXI) today announced it is the apparent high bidder on both blocks the company sought in today's Outer Continental Shelf Lease Sale 208 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 $472,000 for 100 percent working interests in two blocks within its core operating region, offshore Louisiana. The subject blocks are Main Pass 63, which is directly adjacent to the company's Main Pass 61/72 fields, and West Cameron 579, which is directly adjacent to the company's East Cameron 334/335 fields.
"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 potential to extend the success of our existing producing fields through exploration and development activity."
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. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
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. To learn more, visit the Energy XXI website at www.energyxxi.com.
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