Energy XXI Declares Quarterly Preferred Stock Dividends

HOUSTON, Feb. 25, 2011 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced its Board of Directors declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face value of $100 per share, and a $5.195 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share. The dividend on the 5.625% Convertible Perpetual Preferred Stock includes a catch-up payment from its Nov. 3, 2010 issuance through the normal Dec. 15, 2010 beginning of the pay period.

Dividends on both issues will be paid in cash on Tuesday, March 15, 2011 to the holders of record on Tuesday, March 1, 2011. The company currently has 99,100 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 1.15 million shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

About the Company

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 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.   To learn more, visit the Energy XXI website at www.EnergyXXI.com .

The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587

CONTACT: Energy XXI
         Stewart Lawrence
         Vice President, Investor Relations and Communications
         713-351-3006
         [e-mail]
         
         Seymour Pierce - UK AIM Adviser
         Jonathan Wright/
         Jeremy Porter - Corporate Finance
         Richard Redmayne - Corporate Broking
         Tel: [phone]
         
         Pelham Bell Pottinger
         James Henderson
         [e-mail]
         Mark Antelme
         [e-mail]
         [phone]

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