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Energy XXI Provides Fiscal Year-End Reserves Estimates And Operations Update

Stocks in this article: EXXI

  • Proved reserves estimated at 179 MMBOE, up 50%, with a present value of $6.1 billion; proved plus probable reserves estimated at 232 MMBOE with a present value of $8.4 billion
  • Reserve replacement rate approximated 390% organically, or 469% including acquisitions
  • Horizontal drilling program records 82% success rate on first 11 wells
  • Subsalt exploration program logs first discovery with 76 feet of net oil pay
  • Fiscal 2014 capital program, at $660 million, expected to be within cash flow

HOUSTON, July 16, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today provided estimates of its fiscal 2013 year-end reserves and fiscal 2014 capital program, as well as an operations update, including production and recent exploration and development results.

Energy XXI Logo (EPR)

Fiscal 2013 Year-end Reserves and Present Value

The company's June 30, 2013 fiscal year-end proved reserves are estimated at 179 million barrels of oil equivalent (MMBOE), up almost 50 percent from the June 30, 2012 year-end reserves. Energy XXI estimates it added 62 MMBOE of proved reserves through discoveries, extensions of existing fields and revisions, in addition to 13 MMBOE through acquisitions, while producing 16 MMBOE in fiscal 2013. The all-sources proved reserves replacement rate was 469 percent. Excluding acquisitions, the nearly 390 percent organic reserves replacement rate was a record for Energy XXI. Pre-tax proved-only present value, using a 10 percent discount rate (PV10), totaled $6.1 billion as of June 30, 2013, using prices of $91.60 per barrel of oil and $3.44 per MMBTU of gas, before differentials, based on the SEC-prescribed first-of-the-month average prices for the preceding 12 months. Proved plus probable reserves as of June 30, 2013 are estimated at 232 MMBOE, with a PV10 of $8.4 billion.

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