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

In the company's shallow-water sub-salt exploration play, the Heron well (25% WI/ 17.8% NRI), located on Main Pass Block 295 and operated by Apache, currently is preparing to drill out from casing run to 10,510 feet MD/ 10,500 feet TVD, targeting multiple sands trapped against a salt dome. The well has initially encountered 76 feet of net oil pay in two sands, as identified with wireline logging equipment. Drilling continues toward deeper primary targets with a proposed depth of 20,000 feet TVD.

The Merlin well (50% WI/ 41% NRI), located on Vermilion Block 178, was spud in mid-June and currently is drilling below 8,536 feet MD/ 8,166 feet TVD. Energy XXI is the operator at Merlin, which is targeting multiple oil and gas sands trapped against a salt dome, with a proposed depth of 15,700 feet TVD.

Onshore Louisiana at the Bayou Carlin field in St. Mary's Parish, the Duplantis well (94%WI/ 69% NRI) was drilled to a total depth of 19,718 feet TVD. The targeted sands were penetrated down-dip of existing production and therefore were not productive. The well was temporarily abandoned pending the acquisition of additional seismic that can help identify up-dip sections of the targeted sands. Farther east, in St. Martin Parish, the Pintail exploration well (48.4% WI/ 25.4% NRI) was drilled to a depth of 18,612 feet MD/ 16,767 feet TVD. The Pintail well logged a shallow hydrocarbon-bearing sand and was temporarily abandoned pending further evaluation. The lower target Marg A sand was found to be non-productive.

Within the ultra-deep exploration program with Freeport-McMoRan, the Lomond North prospect (18% WI/ 13% NRI) in the Highlander area, located primarily in St. Martin Parish, Louisiana, is drilling below 23,000 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. The Lineham Creek exploration prospect (9% WI/ 6.75 NRI), located onshore in Cameron Parish, Louisiana, approximately 55 miles northwest of Davy Jones, is drilling in the sidetrack wellbore below 22,100 feet, toward a target depth of 30,500 feet.

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