Energy XXI Approved for NASDAQ Listing
The NASDAQ Stock Market has approved the listing of Energy XXI (Bermuda) Limited (OTCBB:EXXIF) (LSE:EXXS) (LSE:EXXI) unrestricted common stock, which will be eligible to trade on NASDAQ under the symbol EXXI beginning Aug. 1, 2007. The unrestricted shares remain listed on AIM in London under the same symbol, allowing them to trade on either market.
"In just 16 months, Energy XXI has grown from a start-up company with $300 million of seed capital to an operator with more than $1.5 billion of assets and net oil and natural gas production equivalent to more than 25,000 barrels per day," Energy XXI Chairman and CEO John Schiller said. "The NASDAQ listing provides visibility for our successful growth story, and should result in improved liquidity for our shares by providing additional access to institutional investors."
EXXI shares may be deposited in CREST or DTC to facilitate electronic trading. Energy XXI's restricted common stock and warrants remain listed on London's AIM under the symbols EXXS and EXXW, respectively. Shareholders who have held restricted EXXS stock for more than one year or are included in the company's resale S-1 may be able to deliver unrestricted EXXI stock to a buyer through a Rule 144 or S-1 sale. Complete descriptions of settlement procedures for shareholders interested in selling or exchanging their shares are included in the investor section of the Energy XXI website, www.energyxxi.com, and are available from Collins Stewart Europe Limited and Jefferies International, Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, and Natexis Bleichroeder are market makers.
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.
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