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Shareholders Of Energy XXI And EPL Approve Share Issuance And Merger

HOUSTON, May 30, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI) (AIM:EXXI) and EPL Oil & Gas, Inc. ("EPL") (NYSE:EPL) jointly announced today that the shareholders of Energy XXI and stockholders of EPL have approved the proposed merger contemplated by the Agreement and Plan of Merger, dated as of March 12, 2014 (as amended, the "Merger Agreement"), by and among Energy XXI, EPL, Energy XXI Gulf Coast, Inc. ("Gulf Coast"), an indirect wholly owned subsidiary of Energy XXI, and Clyde Merger Sub, Inc., a wholly owned subsidiary of Gulf Coast ("Merger Sub"). If the proposed merger is completed, Merger Sub would merge with and into EPL, with the result that EPL would become an indirect wholly owned subsidiary of EXXI.

A special meeting of Energy XXI shareholders was held on May 30, 2014, to approve the issuance of shares of Energy XXI common stock to EPL stockholders as consideration for the merger and to elect Scott A. Griffiths to serve as a Class II director on the Energy XXI board of directors. Approximately 74% of the shares outstanding as of the record date on April 21, 2014, and 97% of the shares that were voted approved the issuance of Energy XXI common stock in connection with the merger. Approximately 74% of the shares outstanding as of the record date and 97% of the shares that were voted approved the election of Scott A. Griffiths to serve as Class II director on the Energy XXI board of directors. Mr. Griffiths currently serves on the EPL board of directors.

A special meeting of EPL stockholders was also held on May 30, 2014, to approve the Merger Agreement. Approximately 83% of the shares outstanding as of the record date of April 21, 2014, and 99% of the shares that were voted approved the Merger Agreement. EPL stockholders also approved, by non-binding advisory vote, specified compensation arrangements that may be paid or become payable to EPL's named executive officers in connection with consummation of the merger by a vote of approximately 70% of the shares outstanding as of the record date and 83% of the shares that were voted. 

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