UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 20, 2014
Energy XXI (Bermuda) Limited
(Exact name of registrant as specified in
its charter)
| BERMUDA |
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001-33628 |
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98-0499286 |
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(State or other jurisdiction of
incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
Canon’s Court, 22 Victoria Street,
P.O. Box HM
1179, Hamilton HM EX, Bermuda
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code (441) 295-2244
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Chief Financial Officer
On October 20, 2014, Energy XXI (Bermuda)
Limited, an exempted company under the laws of Bermuda (the “Company”), received notice from and announced that David
West Griffin was stepping down from his position as Chief Financial Officer of the Company, as well as from all other positions
with any subsidiaries or affiliates of the Company, which notice and announcement were effective immediately.
Appointment of Chief Financial Officer
The Company also announced that the Board
of Directors of Company has appointed Bruce W. Busmire, age 57, as the Company’s Chief Financial Officer, effective October
20, 2014 (the “Effective Date”).
Mr. Busmire has more than 34 years of experience
in the oil and gas industry and financial markets. Most recently, from March 2013 to September 2014, Mr. Busmire was Chief Financial
Officer of Venari Resources, a private equity backed Deepwater Gulf of Mexico exploration company. Prior to that, Mr. Busmire was
in key financial executive positions with Anadarko Petroleum Corporation for eight years, serving as Vice President of Finance
and Treasurer after initially serving as Vice President and Chief Accounting Officer. Prior to his positions with Anadarko Petroleum,
Mr. Busmire was Senior Vice President, Finance and Chief Financial Officer of Noble Corporation from 2005 to 2006. Prior to his
time at Noble, he was a founding member of Pickering Energy Partners (now Tudor Pickering Holt & Co.), an energy investment
and merchant banking firm. From 2000 to 2003, Mr. Busmire was Vice President of Investor Relations for Ocean Energy, a NYSE-listed
company with operations in Deepwater Gulf of Mexico and West Africa, which was purchased by Devon Energy in February 2003. In the
first 20 years of his career, Mr. Busmire held various positions of increased responsibility in accounting and senior management
at Amoco Corporation. Mr. Busmire holds a bachelor of business administration degree in accounting from Lamar University, a master
of business administration degree from the Kellogg Graduate School of Management at Northwestern University, and has been a Certified
Public Accountant since 1985.
Mr. Busmire’s annual base salary
will be $520,000, and he will receive an award of restricted stock in the amount of 250,000 units under the Company’s Long-Term
Incentive Plan. The restricted stock will vest over three years assuming Mr. Busmire’s continued employment. Mr. Busmire
is also eligible to participate in the Company’s annual bonus program at a target of 90% of base salary and to receive comparable
employee and other benefits of similarly situated executives.
A copy of the press release announcing
Mr. Griffin’s departure and Mr. Busmire’s appointment is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number |
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Description |
| 99.1 |
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Press release dated October 20, 2014. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Energy XXI (Bermuda) Limited |
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(Registrant) |
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| Date: October 23, 2014 |
By: |
/s/ John D. Schiller, Jr. |
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John D. Schiller, Jr. |
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President and Chief Executive Officer |
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Exhibit Index
Exhibit
Number |
|
Description |
| 99.1 |
|
Press release dated October 20, 2014. |
 |
Exhibit 99.1 |
October 20, 2014
Energy XXI Announces Executive Leadership
Change, Provides Corporate Update
HOUSTON, Oct. 20, 2014 (GLOBE NEWSWIRE) -- The Board
of Directors of Energy XXI (Nasdaq:EXXI) (AIM:EXXI) appointed Mr. Bruce W. Busmire to the position of Chief
Financial Officer, replacing West Griffin who is stepping down effective October 20, 2014. Mr. Busmire will lead Energy
XXI's corporate finance, accounting, information technology, investor relations, planning and strategy functions.
Mr. Busmire has more than 34 years of experience in the
oil and gas industry and financial markets. Most recently he was Chief Financial Officer of Venari Resources, a private equity
backed Deepwater Gulf of Mexico exploration company. Prior to that, he was in key financial executive positions with
Anadarko Petroleum Corporation for eight years, serving as Vice President of Finance and Treasurer, having served initially as
Vice President and Chief Accounting Officer. Prior to his positions with Anadarko Petroleum, Mr. Busmire was Senior
Vice President, Finance and Chief Financial Officer of Noble Corporation. Prior to his time at Noble, he was a founding member
of Pickering Energy Partners (now Tudor Pickering Holt & Co.), an energy investment and merchant banking firm. He
was Vice President of Investor Relations for Ocean Energy, a NYSE-listed company with operations in Deepwater Gulf of Mexico and West
Africa, which was purchased by Devon Energy in February 2003. In the first 20 years of his career, he held various positions
of increased responsibility in accounting and senior management at Amoco Corporation. Mr. Busmire holds a bachelor of
business administration degree in accounting from Lamar University, a master of business administration degree from the Kellogg
Graduate School of Management at Northwestern University, and has been a Certified Public Accountant since 1985.
"We're pleased to welcome Bruce to the Energy XXI leadership
team and are eager to leverage his financial experience working in the Gulf of Mexico," said John D. Schiller, Energy
XXI Chairman, President and CEO. "I worked with Bruce while at Ocean Energy, and I experienced first-hand his financial
and leadership talents. I'm excited about having Bruce on board as we execute our next stage of growth."
"The Board of Directors of Energy XXI and I thank
West for being an important part of the company's first 10 years," said Schiller. "West joined us in 2005 when EXXI was
an idea and has been instrumental in our company's growth - we wish him well in his future endeavors."
Operations Update
The company realized a return of oil volumes that were impacted
during the fiscal first quarter due to downtime experienced on two separate third-party pipeline operations. A pipeline at
the non-operated Main Pass 311 field (50% WI / 41.7% NRI) is back online delivering 950 net barrels of oil equivalent
per day (BOE/d). Additionally, the Williams natural gas pipeline at the Ship Shoal field (100% WI / 87.5% NRI), is back online
this past weekend adding an additional 3,100 net BOE/d.
Annual Meeting with Shareholders
The company's Annual Meeting with Shareholders will be held
on November 4, 2014, at 11:00 a.m. Local Time at the offices of Appleby, Canon's Court,22 Victoria Street,
Hamilton HM EX, Bermuda.
Fiscal 2015 First Quarter Conference Call
Energy XXI will host a conference call on Thursday,
November 6, 2014, at 9 a.m. Central Time to discuss fiscal 2015 first quarter financial and operating results for the
period ended September 30, 2014. Results will be released through global newswire services prior to the call and will be
available at www.EnergyXXI.com.
To actively participate on the conference call, please dial
the number below about five minutes before the scheduled start time. Those who wish to view the presentation materials, or to
participate in listen-only mode, should access the event through the company's web site, www.EnergyXXI.com. A
replay of the call will be archived and available on the web site following the live call.
November 6, 2014. 9 a.m. Central Time (3 p.m. London time)
Live Dial-in (Confirmation Code 21254329)
U.S.: 1 (631) 813-4724
U.K.: (0) 80 0028 8438
Presentation Slides, Live Listen-Only and Replay: www.EnergyXXI.com.
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, our ability to integrate acquisitions, 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. Cantor
Fitzgerald Europe is Energy XXI's listing broker in the United Kingdom. To learn more, visit
the Energy XXI website at www.EnergyXXI.com.
Glossary
Barrel - unit of measure for oil and petroleum products,
equivalent to 42 U.S. gallons.
BOE - barrels of oil equivalent, used to equate
natural gas volumes to liquid barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.
BOE/d - barrels of oil equivalent per day.
Bbl/d - barrels per day of oil or condensate
Mcf/d - thousand cubic feet of gas per day.
NRI, Net Revenue Interest - the percentage of production
revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest.
WI, Working Interest - the interest held in lands
by virtue of a lease, operating agreement, fee title or otherwise, under which the owner of the interest is vested with the right
to explore for, develop, produce and own oil, gas or other minerals and bears the proportional cost of such operations.
Contact: Inquiries of
the Company
Energy XXI
Greg Smith
Vice President, Investor Relations
713-351-3149
gsmith@energyxxi.com
Cantor Fitzgerald Europe
Nominated Adviser: David Porter, Rick Thompson
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232