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HOUSTON, May 6, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced its Board of Directors has authorized the repurchase up to $250 million in value of the company's common stock from time to time, in one or more open-market transactions.
The repurchase program authorizes Energy XXI to make repurchases on a discretionary basis as determined by management, subject to market conditions, applicable legal requirements, available liquidity and other appropriate factors. The repurchase program does not obligate Energy XXI to acquire any particular amount of common stock and may be modified or suspended at any time and could be terminated prior to completion. The repurchase program will be funded from the company's cash on hand or available revolving credit facility. Any repurchased shares of common stock will be retained at the subsidiary level, subject to transfer to the parent company where they may be retired.
In connection with the repurchase program, on May 1, 2013, the Board of Directors also approved a Rule 10b5-1 plan that allows Energy XXI to repurchase common stock at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by the company will have the authority under the pricing parameters and other terms and limitations specified in the 10b5-1 plan to repurchase shares on the company's behalf. The company will periodically report the number of shares purchased under the plan.
"The repurchase program reflects the confidence we have in the company and its prospects," Chairman and Chief Executive Officer John Schiller said. "We believe our own stock at these prices represents the best acquisition prospect currently available to us."