Energy XXI Kicks Off $700M Private Placement

Energy XXI (Bermuda) Limited on Monday announced that its subsidiary, Energy XXI Gulf Coast, Inc., has commenced a private placement of $700 million of senior notes due 2013. The notes will be offered and sold in the United States only to qualified institutional buyers and to institutional accredited investors in reliance on Section 4(2) or Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and in offshore transactions to non-U.S. persons in reliance on Regulation S of the Securities Act.

Energy XXI Gulf Coast, Inc. intends to use the net proceeds of the proposed offering and additional borrowings under its first lien revolving credit facility to fund the previously announced acquisition of certain oil and natural gas properties in the Gulf of Mexico from Pogo Producing Company and to repay its second lien revolving credit facility in full.

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