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.
|