Since our inception in July 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. Having completed three major acquisitions totaling $1.1 billion between April 2006 and June 2007, our attention has since turned to developing the acquired properties while ramping up a complementary exploration program designed to provide organic growth for the future.

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Company Profile

The company's core properties are offshore and onshore the Louisiana Gulf Coast with 62 producing fields. Offshore properties are primarily comprised of large legacy oil fields where activity focuses on exploitation, while onshore properties are primarily natural gas focused, with a large exploration component. The company's 384 gross wells produced an average of 26,200 BOE/d in 2008, a 62% increase over fiscal 2007 volumes. As of fiscal year-end June 30, 2008, total proved reserves were 51.5 million BOE with 58% in oil. The company is pursuing high-impact exploration that could add materially to the reserves profile.