Energy XXI Amends Subsidiary's Cash Tender Offer for Its 10% Senior Notes Due 2013
February 18 2011 - 6:00PM
Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI)
(LSE:EXXI) today announced an amendment to the offer by its wholly
owned subsidiary, Energy XXI Gulf Coast, Inc., to purchase for cash
any and all of such subsidiary's 10% Senior Notes due 2013. Energy
XXI and each of Energy XXI Gulf Coast Inc.'s subsidiaries has
unconditionally guaranteed the obligations of Energy XXI Gulf
Coast, Inc. under the notes.
The company has amended the offer by reducing the base
denomination of the notes required to be tendered from $2,000 (and
integral multiples of $1,000 in excess thereof) to $1 (and integral
multiples of $1 in excess thereof).
The offer continues to expire at 12:00 midnight EST on March 10,
2011, unless extended or earlier terminated. The offer is not
subject to the receipt of any minimum amount of tenders.
The complete terms and conditions of the offer are set forth in
an Offer to Purchase and related Letter of Transmittal that were
sent to holders of notes. Copies of the Offer to Purchase and
Letter of Transmittal may be obtained from the Depositary and
Information Agent for the Offer, D.F. King & Co., Inc. at (800)
769-4414 (US toll free).
RBS Securities Inc. is the Dealer Manager for the tender offer.
Questions regarding the offer may be directed to RBS Securities
Inc. at (877) 297-9832 (toll-free) and (203) 897-6145
(collect).
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the notes or any other securities.
The offer is made only by and pursuant to the terms of the Offer to
Purchase and the related Letter of Transmittal. None of Energy XXI
Gulf Coast, Inc., Energy XXI (Bermuda) Limited, the Dealer Manager
or the Tender Agent and Information Agent makes any recommendations
as to whether holders should tender their notes pursuant to the
offer.
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 Energy XXI
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 on-shore. Seymour Pierce is Energy XXI's listing broker
in the United Kingdom.
The Energy XXI logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3587
CONTACT: Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Seymour Pierce - UK AIM Adviser
Jonathan Wright/
Jeremy Porter - 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
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