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Energy XXI Reports Fiscal Second-Quarter Results And Provides Operations Update

The Pendragon well, located on Vermilion Block 178, is currently drilling past 10,482 feet (TVD)/ 11,577 feet (MD). The exploratory well is targeting multiple sands on the south side of a salt dome, with a proposed total depth of 16,300 feet TVD/ 20,400 feet MD. Energy XXI is operator, with a 50 percent working interest (WI) and 40.6 percent net revenue interest (NRI).

Within the shallow-water ultra-deep exploration program with McMoRan, at the Davy Jones discovery well, the rig is being moved off location for several months while a large-scale hydraulic fracture treatment is designed to penetrate the Wilcox reservoirs.  Energy XXI holds a 15.8 percent working interest (12.6 percent net revenue interest) in the Davy Jones discovery well. Total net investment in Davy Jones through Dec. 31, 2012 was approximately $140.9 million.

Blackbeard West #2 on Ship Shoal Block 188 has been drilled to 25,584 feet and the rig has been released. A production liner has been set to enable completion of the well. Logs and core data have identified potential hydrocarbon-bearing sands between 20,800 and 24,000 feet.  Initial completion efforts are expected to focus on approximately 50 net feet of laminated sands located at approximately 24,000 feet. Additionally, 80 feet of potential low-resistivity pay at approximately 22,400 feet and an approximate 75-foot gross section at 20,900 feet have been identified. Data acquired to date indicate that a completion at these depths could utilize conventional equipment. Energy XXI holds a 22.9 percent working interest and a 17.5 percent net revenue interest in Ship Shoal Block 188. Total net investment in Blackbeard West No. 2 approximated $28.6 million at Dec. 31, 2012.

The Lomond North ultra-deep prospect in the Highlander area, located primarily in St. Martin Parish, Louisiana, is drilling below 13,700 feet toward a proposed total depth of 30,000 feet. The well is targeting Eocene, Paleocene and Cretaceous objectives below the salt weld. Lomond North is approximately 65 miles north of Davy Jones. Energy XXI holds an 18 percent working interest and a 13.1 percent net revenue interest in Lomond North, where its total net investment approximated $10.0 million at Dec. 31, 2012.

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