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Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

"Fiscal 2013 was a good year in terms of better defining our portfolio's opportunity set, including the upside of horizontal drilling, which contributed to the previously announced 50 percent growth in proved reserves," Energy XXI Chairman and CEO John Schiller said. "We continue to see excellent results from our oil-focused drilling program. Our fiscal 2014 capital program is designed to generate free cash flow while increasing production. If full-year production averages the current rate of about 47,000 BOE/d, volumes will increase 10 percent year over year."

Year-end Reserves

The company's June 30, 2013 fiscal year-end proved reserves were estimated at 179 million barrels of oil equivalent (MMBOE), up approximately 50 percent from the June 30, 2012 fiscal year-end reserves. Energy XXI added 62 MMBOE of proved reserves through discoveries, extensions of existing fields and performance revisions, in addition to 13 MMBOE through acquisitions, while producing 15.7 MMBOE. The all-sources reserves replacement rate was 475 percent.

Netherland Sewell & Associates, Inc. (NSAI), independent oil and gas reserves consultants, audited the year-end reserves estimates. All of the company's proved reserves are in the Gulf of Mexico or U.S. Gulf Coast, 61 percent are proved developed, 75 percent are liquids (of which 95 percent is crude oil and condensate), and 25 percent are natural gas. The tables set forth below provide additional information relating to the company's reserves, including cost-incurred data.

The following fiscal year-ended June 30, 2013 estimated proved, probable and possible reserves attributable to the company's net interests in oil and gas properties were prepared by in-house reservoir engineers and audited by NSAI.
June 30, 2013
  Oil NGL Gas Equivalent PV10%
  (MBBL) (MBBL) (MMCF) (MBOE) ($000) 1
Proved Developed Producing 66,883 3,161 125,982 91,041 3,094,852
Proved Developed Non-Producing 9,247 931 49,642 18,452 459,140
Proved Undeveloped 51,409 2,015 93,498 69,007 2,595,644
Proved Reserves  127,539  6,107  269,122  178,500  6,149,636
Probable 38,686 2,119 76,611 53,573 2,237,557
Proved+Probable 166,225 8,226 345,733 232,073 8,387,193
Possible 61,380 2,132 87,667 78,123 2,559,864
Proved+Probable+Possible 227,605 10,358 433,400 310,196 10,947,057
1Before tax, as of June 30, 2013, using prices of $108.24/per barrel of oil and $3.63/MCF ($91.60/per barrel of oil and $3.44/MMBTU base before differentials & BTU), based on the SEC-prescribed first-of-the-month average prices for the preceding 12 months

Exploration and Development Activity

At the West Delta 73 field (100% WI / 83% NRI), the Big Sky 3 well was drilled to 11,600 feet MD/ 7,995 feet TVD and currently is being brought online with a 1,283-foot lateral in the F-30 sand. Big Sky 3 represents the fifth consecutive successful completion from this horizontal program. The next horizontal well, Hulk, currently is being drilled to a total depth of 12,200 feet MD/ 9,300 feet TVD, targeting the H-35 sand.

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