This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stocks in this article: EXXI

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.

3 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs