Attached files
| file | filename |
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| 8-K - 8-K - Energy XXI Ltd | v210754_8k.htm |
| EX-99.2 - EX-99.2 - Energy XXI Ltd | v210754_ex99-2.htm |
Energy
XXI Gulf Coast, Inc. Announces $250 Million
Offering
of Senior Notes
HOUSTON –
Feb. 9, 2011 – Energy XXI Gulf Coast, Inc. (the “Company”), the operating
subsidiary of Energy XXI (Bermuda) Limited (“Energy XXI”) (NASDAQ: EXXI)
(LSE: EXXI), today announced that it intends, subject to market and other
conditions, to offer up to $250 million aggregate principal amount of its senior
notes due 2019 (the “2019 Notes”) in a private placement to eligible
purchasers.
The
Company intends to use the net proceeds from the offering to repurchase or
redeem its 10% Senior Notes due 2013 and repay outstanding indebtedness under
its revolving credit facility.
The 2019
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.
This
press release is being issued pursuant to Rule 135C under the Securities Act,
and is neither an offer to sell nor a solicitation of an offer to buy the 2019
Notes or any other securities and shall not constitute an offer to sell or a
solicitation of an offer to buy, or a sale of, the 2019 Notes or any other
securities in any jurisdiction in which such offer, solicitation or sale is
unlawful.
Forward-Looking
Statements
All
statements included in this release relating to future plans, projects, events
or conditions and all other statements other than statements of historical fact
included in this release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
in this press release relate to, among other things, the offering of the 2019
Notes and the expected use of proceeds from such offering. These
statements are based upon current expectations and are subject to a number of
risks, uncertainties and assumptions, including changes in long-term oil and gas
prices or other market conditions affecting the oil and gas industry,
reservoir performance, the outcome of commercial negotiations and
changes in technical or operating conditions, among others, that could cause
actual results, including project plans and related expenditures and resource
recoveries, to differ materially from those described in the
forward-looking statements. Neither Energy XXI nor the Company assumes any
obligation and expressly disclaims any duty to update the information contained
herein except as required by law.
About
Energy XXI
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. Energy XXI’s properties are located in the U.S. Gulf
of Mexico waters and the Gulf Coast onshore. Seymour Pierce is Energy
XXI’s listing broker in the United Kingdom. The Company is an
indirect wholly-owned subsidiary of Energy XXI.
Enquiries
of the Company
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Energy
XXI
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Pelham
Bell Pottinger
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Stewart
Lawrence
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James
Henderson
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Vice
President, Investor Relations and
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jhenderson@pelhambellpottinger.co.uk
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Communications
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Mark
Antelme
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713-351-3006
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mantelme@pelhambellpottinger.co.uk
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slawrence@energyxxi.com
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+44
(0) 20 7861 3232
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Seymour
Pierce – UK AIM Adviser
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Jonathan
Wright/
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Jeremy
Porter – Corporate Finance
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Richard
Redmayne – Corporate Broking
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Tel:
+44 (0) 20 7107 8000
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