Energy XXI Declares Quarterly Preferred Stock Dividends

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| Source: Energy XXI

HOUSTON, Feb. 10, 2012 (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 $3.5156 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share.

Dividends on both issues will be paid in cash on Mar. 15, 2012 to the holders of record on Mar. 1, 2012. The company currently has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 1.05 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 www.EnergyXXI.com.

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

Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com

Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com

Seymour Pierce
Jonathan Wright - 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