Energy XXI (Bermuda) Limited Exchange of Convertible Perpetual Preferred Stock (8679X)

TIDMEXXI

RNS Number : 8679X

Energy XXI (Bermuda) Limited

24 November 2014

Energy XXI Ltd ("Energy XXI" or "the Company")

Exchange of 5.625% Convertible Perpetual Preferred Stock

Energy XXI announces the closing of exchange agreement (the "Exchange Agreement") with a holder of the Company's 5.625% Convertible Perpetual Preferred Stock, par value $0.001 per share (the "Preferred Stock"), to issue shares (the "Exchange Securities") of the Company's common stock, par value $0.005 per share (the "Common Stock"), in exchange for one total share of Preferred Stock.

Pursuant to the Exchange Agreement, the Company has issued a number of shares of Common Stock equal to the sum, rounded up to the next whole number, of the number of shares of such Preferred Stock multiplied by 10.2409.

Accordingly, 11 new shares of Common Stock have been issued for the above conversion.

After such issuance, the Company has a total of 94,030,355 common shares in issue, and 812,759 shares of 5.625% Preferred Stock outstanding.

Application has been made for the 11 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on or around 1 December 2014.

24 November 2014

Enquiries of the Company

Energy XXI

Greg Smith

Vice President, Investor Relations

713-351-3149

gsmith@energyxxi.com

Cantor Fitzgerald

Nominated Adviser: David Porter, Rick Thompson, Sarah Wharry

Corporate Broking: Richard Redmayne

Tel: +44 (0) 20 7894 7000

Bell Pottinger