Since the company’s IPO in October 2005, Energy XXI has implemented an “acquire and exploit” growth strategy to build a geographically focused portfolio with some of the highest per-unit margins in the industry. The company has focused on developing the acquired properties while ramping up a complementary exploration program designed to provide organic growth for the future. Energy XXI completed four major acquisitions totaling approximately $1.4 billion between April 2006 and December 2009, creating a company with more than 76 million barrels of oil equivalent (BOE) of proved reserves and about 27,000 BOE per day of production, 64% of which is oil. Energy XXI operates approximately 80% of its proved reserves, with 273 wells in 50 producing fields. The company’s core properties are located on- and offshore Louisiana.

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Business Strategy

Our acquisition strategy focuses primarily on mature oil-producing assets on the Gulf of Mexico shelf. The company’s goal is to extract upside from these properties through production optimization and low-risk drilling, guided by extensive field studies of the primary reservoirs. The company also is pursuing a complementary exploration program designed to provide organic growth for the future, including select high-impact tests of ultra-deep shelf prospects.

Recent Developments

On Nov. 23, 2009, Energy XXI executed an agreement to acquire oil and natural gas properties with 22.9 million BOE of proved reserves from MitEnergy Upstream LLC for $283 million. The transaction, which closed Dec. 22, 2009, was a consolidation of interests in core Gulf of Mexico shelf properties already operated by Energy XXI. The properties included 30 fields producing 8,000 BOE per day net, about 77% of which was oil.