Energy XXI Announces Early Settlement Results For Tender Offer For 10% Senior Notes Due 2013

HOUSTON, Feb. 25, 2011 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI) today announced the results of the early settlement for the tender offer by its wholly owned subsidiary, Energy XXI Gulf Coast, Inc. (the "Company"), to purchase for cash any and all of the Company's outstanding 10% Senior Notes due 2013 (the "10% Notes").

D.F. King & Co., Inc., the Depositary and Tender Agent for the tender offer, has advised Energy XXI that, as of 5 p.m., New York City time, on Feb. 24, 2011 (the "Early Participation Payment Deadline"), $122.3 million aggregate principal amount of the 10% Notes had been validly tendered and not withdrawn, representing approximately 53.4 percent of the 10% Notes outstanding. For each $1,000 principal amount of the 10% Notes validly tendered and not withdrawn, holders will be entitled to receive total consideration of $1,050, which includes an early tender payment of $30 per $1,000 principal amount of the 10% Notes so tendered (the "Early Participation Payment").

The tender offer remains open and is scheduled to expire at midnight, New York City time, on March 10, 2011 (the "Expiration Date"). Holders whose 10% Notes are validly tendered after the Early Participation Payment Deadline but prior to the Expiration Date will be eligible to receive the tender offer consideration, determined as set forth in the Offer to Purchase, but will not be eligible to receive the Early Participation Payment.

The complete terms and conditions of the offer are set forth in an Offer to Purchase and related Letter of Transmittal sent to holders of 10% Notes. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Depositary and Tender Agent for the Offer, D.F. King & Co., Inc. at [phone] (US toll free).

RBS Securities Inc. is the Dealer Manager for the tender offer. Questions regarding the offer may be directed to RBS Securities Inc. at [phone] (toll-free) and [phone] (collect).