Energy XXI

Latest Energy XXI News

• Net income year-on-year rose 487.
• Production averaged a record 45,300 BOE per day.
• Oil represented 69 percent of production.
• Development program drives current production to 52,350 BOE/d net.

• As previously reported, McMoRan saw positive pressure response from the Wilcox 'D' sand which was perforated on March 24, 2012.
• Currently, the test is ongoing from only the Wilcox 'D' sand, which resulted in the flare shown in the exhibit attached.

• Application has been made for the 292,030 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on 15 March 2012.

• Operating results being delivered continue to exceed expectations.

• 1,025,700 new shares of Common Stock are to be issued for the above conversions.

• Energy XXI has a total of 77,538,412 common shares in issue, excluding 256,353 treasury shares, and 948,200 shares of 5.625% Preferred Stock outstanding.

• Multi-well recompletion program at South Pass 89 (100% WI/ 82% NRI) has been completed.
• Five wells have been recompleted at Grand Isle 16/18 (100% WI/ 87% NRI).

• Energy XXI's production returns to near pre-storm levels of approximately 44,000 barrels of oil equivalent per day (BOE/d)
• For the 2012 fiscal first quarter, the company expects to have approximately $30 million in incremental cash from monetized hedges on West Texas Intermediate which totaled $23.3 million and other items not related to operations
• The ongoing six-well recompletion program at the South Pass 89 field continues to be successful
• At the Grand Isle field, the multi-well recompletion program continues

• Operatorship awarded on West Delta fields
• Production exceeds 46,500 BOE/d

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