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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Netherland, Sewell & Associates, Inc., independent oil and gas reserves auditors, completed the year-end proved and probable reserves audits and currently are finalizing the possible reserves audit. All of the company's reserves are in the United States Gulf of Mexico or Gulf Coast, with approximately 75 percent being liquids, of which 95 percent is crude oil and condensate. Approximately 61 percent of proved reserves are proved developed.

"The horizontal drilling campaign was a key driver to our reserves growth in fiscal 2013," Energy XXI Chairman and CEO John Schiller said. "Since initiating the horizontal program a year ago, we have been successful in nine of our first 11 attempts. On average, the successful horizontal wells added about 1 MMBOE of incremental proved reserves per location due to higher recoveries of oil-in-place. We have addressed the early challenges associated with the program and the value generated by the overall horizontal program has been outstanding."

Production Update

During the company's fiscal fourth quarter, production reached 50,200 BOE/d, averaging approximately 47,000 BOE/d for the quarter, with oil production averaging nearly 29,000 barrels per day (Bbl/d).

"The drilling program leading into our new fiscal year is delivering excellent results, and we have gained confidence in what to expect moving forward," Schiller said. "Our goal is to increase shareholder value, primarily through reserves and volume growth while spending within operating cash flow."

Operations Update

At West Delta 73 (100% WI/ 83% NRI), the Glacier well was drilled to 10,215 feet measured depth (MD)/ 8,074 feet true vertical depth (TVD), including a 977-foot lateral section into the F-35 sand. Glacier was brought online in June at 1,450 Bbl/d of oil and 500 thousand cubic feet per day (Mcf/d) of natural gas, gross, with flowing tubing pressure of 550 psi. The next horizontal well at West Delta, Big Sky 3, is drilling below 10,110 feet MD/ 8,000 feet TVD, targeting the F-30 sand with a proposed depth of 11,225 feet MD/ 8,000 feet TVD, including a 1,000-foot lateral section.

2 of 6

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 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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