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Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

EXPLORATION AND DEVELOPMENT ACTIVITY

At the West Delta 73 field (100% WI / 83% NRI), the Rosebank well is online and producing 800 BOE/d net. The well was completed in July but due to rig moves was not fully placed on production until the first week of August. This well penetrated the F-40 sand and is producing approximately 85 percent oil.

The Don Tomas well at Main Pass (WI 100% / 78% NRI) has been successfully completed and is currently being tested. As previously announced, initial logs indicated the well encountered 195 feet of net pay within the BA-4AA sand. The company has also logged an additional 89 feet of net pay in the BA-4B and J-6 sands and will evaluate a second well up-dip to develop the additional pay sands.

At Grand Isle 16 (WI 100% / NRI 87%), the Pi development well has been completed and is testing. The well encountered 400 feet of net pay, primarily oil, in multiple sands. The well currently is being brought online with a flowing tubing pressure of 1,850 psi, which the company believes will allow production of approximately 1,200 BOE/d net. At Grand Isle, the company expects to drill as many as six development wells and recomplete another five wells in the current fiscal year.

CAPITAL PROGRAM ESTIMATES

The company has received approval from its board of directors to proceed with a capital expenditure budget of $700 million for fiscal year 2013, which began July 1, 2012. Drilling, completion and facilities for the company's core assets account for $505 million of the total capital budget, with $322 million going toward exploration and development at the acquired ExxonMobil properties and $183 million allocated toward the exploration and development of the legacy assets. Another $94 million is allocated to the ultra-deep exploration and development program. The remainder of the capital budget is allocated to general and administrative, land and abandonment costs.  

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