Energy XXI Intends to Offer $700MM of Senior Notes

Energy XXI Gulf Coast announced that it intends, subject to market and other conditions, to offer up to $700 million aggregate principal amount of its senior notes due 2017 (the "2017 Notes") in a private placement to eligible purchasers.

The Company intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility and cash on hand provided by its recent equity offerings, to finance the previously disclosed purchase of certain shallow-water Gulf of Mexico shelf oil and natural gas interests from ExxonMobil and to repurchase or redeem its 16% Second Lien Junior Secured Notes due 2014.

The 2017 Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws; and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.


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