|Energy XXI Operated JV with ExxonMobil|
|2-Well Carry to Earn 50% Working Interest|
|7 Prospect Areas on 54,500 Acres|
|Interest: 50% WI 40.62% NRI|
Energy XXI and ExxonMobil entered into a joint venture agreement in 2012 to explore for oil and gas on nine contiguous blocks adjacent to Vermilion Block 164 in shallow waters on the Gulf of Mexico shelf. The Vermilion Block 164, which was discovered in 1957, has produced more than 44 million BOE since its founding.