Energy XXI Updates Hedge Position

Energy XXI (Bermuda) Limited on Tuesday updated its hedge position for future sales of oil and natural gas production through 2010.

The hedges include new positions totaling 1.65 million barrels of oil and approximately 2.22 billion cubic feet of natural gas, primarily associated with the company's recent purchase of Gulf of Mexico producing properties. The new positions are comprised of fixed-price swaps averaging $69.88 per barrel on 1.22 million barrels of oil, three-way costless collars with a $50 subfloor, $65 floor and $82 ceiling on 432,000 barrels of oil, and three-way costless collars with a $6 subfloor, $8.50 floor and $9.80 ceiling on approximately 2.22 billion cubic feet of natural gas.

Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are primarily located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. On June 8, 2007, Energy XXI closed the purchase of Gulf of Mexico shelf properties from Pogo Producing Company.

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