Energy XXI Declares Quarterly Stock Dividends On Preferred And Common Shares

HOUSTON, Jan. 30, 2013 (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 $3.5156 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share.

Dividends on both issues will be paid in cash on March 15, 2013 to the holders of record on March 1, 2013. The company currently has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 813,188 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

The Board of Directors also declared a quarterly dividend of $0.07 per share of common stock, to be paid on March 15, 2013 to shareholders of record on March 1, 2013. The company currently has 79,357,084 shares of common shares outstanding. The board of directors will determine future dividends for Energy XXI common stock on a quarterly basis, with the amount dependent upon earnings, financial condition, capital requirements and other factors.

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]
         
         Greg Smith
         Director, Investor Relations
         713-351-3149
         [e-mail]
         
         Seymour Pierce
         David Porter, Rick Thompson - Corporate Finance
         Richard Redmayne - Corporate Broking
         Tel: [phone]
         
         Pelham Bell Pottinger
         James Henderson
         [e-mail]
         Mark Antelme
         [e-mail]
         [phone]