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Energy XXI Provides Operations Update, Hosts Fourth Annual Investor Day

Stocks in this article: EXXI

  • Fiscal first quarter production averages 46,600 BOE/d
  • Horizontal program helps West Delta 73 production triple since acquisition
  • Heron well at Main Pass logs 100 feet of net oil pay

HOUSTON, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today provided an operations update, including production and recent exploration and development results.

Energy XXI Logo (EPR)

Production Update

During the company's fiscal first quarter ended Sept. 30, 2013, production averaged approximately 46,600 barrels of oil equivalent per day (BOE/d), with oil production averaging approximately 29,700 barrels per day (Bbl/d).

"Our base production has remained strong, in line with our year-end exit rate of 47,000 BOE/d, with only two rigs drilling development wells during the quarter," Energy XXI Chairman and Chief Executive Officer John Schiller said. "With a mild hurricane season behind us and drilling activity set to increase during our second half, we continue to expect year-over-year production growth."

Operations Update

At West Delta 73 (100% WI/ 83% NRI), the Big Sky 3 well was brought online in mid-August at 1,275 Bbl/d and 825 thousand cubic feet per day (Mcf/d) gross with a flowing tubing pressure of 750 psi. Big Sky 3 was drilled to 11,600 feet measured depth (MD)/ 7,995 feet total vertical depth (TVD) with a 1,283 foot lateral into the F-30 sand. The Hulk well was drilled to 12,155 feet MD/ 9,326 feet TVD, including a 1,000-foot lateral section into the H-35 sand. Hulk was brought online last week at 1,690 Bbl/d of oil and 1,700 Mcf/d of natural gas, gross, with flowing tubing pressure of 1,360 psi. The next horizontal well at West Delta, Gunn, has spud and will be drilled to a proposed depth of 10,850 feet MD/ 8,250 feet TVD, including a 1,000-foot lateral section targeting the F-40 sand. The West Delta 73 horizontal program continues to exceed expectations in both production and reserves. A second rig is scheduled to arrive at West Delta 73 later this calendar year to accelerate oil development. "West Delta 73's ongoing program continues to deliver strong results," Executive Vice President of Exploration and Production Ben Marchive said. "The last two wells have added more than 2,000 Bbl/d of oil gross to our production, and we have a second rig set to arrive in the field to accelerate oil volume growth. The horizontal program at West Delta 73, initiated a year ago, has helped us triple oil production from the field since its acquisition in December 2010."

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