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Energy XXI And EPL Announce Expiration Of Election Deadline

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 election deadline for EPL stockholders to elect the form of consideration they wish to receive in EPL's proposed merger with an indirect wholly owned subsidiary of Energy XXI, as described in more detail below, expired today, May 30, 2014, at 5:00 p.m., Eastern Time. In accordance with 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"), Merger Sub would merge with and into EPL, with the result that EPL would become an indirect wholly owned subsidiary of EXXI (the "Merger").

EPL Oil & Gas Inc. Company Logo

EPL stockholders had the choice to elect to receive, for each share of EPL common stock held by that stockholder, cash, Energy XXI common stock or a combination of cash and Energy XXI common stock (the "Merger Consideration"), subject to proration with respect to the stock and cash portion so that approximately 65% of the aggregate Merger Consideration will be paid in cash and approximately 35% will be paid in Energy XXI common stock. EPL stockholders with questions regarding the election procedures or who wish to obtain copies of any election materials may contact Continental Stock Transfer & Trust Company, the exchange agent for this transaction, at 917-262-2378, between the hours of 9 a.m. and 5 p.m., Eastern Time, or Mackenzie Partners, Inc., EPL's proxy solicitor, at 800-322-2885.

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