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

At the South Pass 49 field (57% WI/ 47% NRI), three successful workovers have been completed to the D-65 reservoir. Gross production from the three wells now totals 30 MMcf/d with 200 Bopd. The original A-7 well recompletion continues to produce at 20 MMcf/d gross, six months after being placed on production. The second recompletion, in the A-19 well, has gross production of 5 MMcf/d and 125 Bopd. The newest recompletion, in the A-17 well, was placed on production at 5 MMcf/d and 60 Bopd gross, with a flowing tubing pressure of 1,200 psi. The last two recompletions, the A-17 and A-19, are still unloading completion fluid and are expected to increase in rate.

The Pendragon well, located on Vermilion Block 178, encountered mechanical issues and will be plugged and abandoned. A permit will be sought to re-drill Pendragon from a new surface location. Energy XXI expects to begin drilling Merlin, the largest prospect in the Vermilion inventory, in June. Merlin will target multiple sands and will be drilled to approximately 15,700 feet TVD. Energy XXI is the operator, with a 50 percent working interest and 40.6 percent net revenue interest.

Onshore Louisiana at the Bayou Carlin field in St. Mary's Parish, the Duplantis well (94%WI/ 69% NRI) has been drilled to a casing point at 16,750 feet MD/ 16,600 feet TVD toward a proposed total depth of 19,900 feet TVD, targeting sands producing nearby from the Peterson and Landers wells, as well as the MA-12, MA-13 and MA-14 sands. Farther east, in St. Martin Parish, the Pintail exploration well (48.4% WI/ 25.4% NRI) targeting a structure analogous to the Bayou Carlin field is currently drilling below 13,500 feet MD/ 13,300 feet TVD. The Pintail well will be drilled to a proposed depth of 18,700 feet MD/ 16,775 feet TVD.

Within the ultra-deep exploration program with McMoRan, the Lomond North prospect in the Highlander area, located primarily in St. Martin Parish, Louisiana, is drilling below 18,250 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 the partnership's Davy Jones discovery. 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 $15.0 million at March 31, 2013.

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