HOUSTON, June 2, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Bermuda) Limited ("Energy XXI") (Nasdaq:EXXI) (AIM:EXXI) and EPL Oil & Gas, Inc. ("EPL") (NYSE:EPL) jointly announced today the final results of the merger consideration elections made by EPL stockholders prior to the election deadline, which expired on Friday, May 30, 2014, at 5:00 p.m., Eastern time.
The merger consideration elections were made under 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., an indirect wholly owned subsidiary of Energy XXI ("Gulf Coast"), and Clyde Merger Sub, Inc., a wholly owned subsidiary of Gulf Coast ("Merger Sub"), pursuant to which Merger Sub would merge with and into EPL, with the result that EPL would become an indirect wholly owned subsidiary of EXXI (the "Merger").
In addition to the share totals shown below, 836,311 additional shares of EPL common stock are not yet outstanding, but are issuable in connection with the net exercise of outstanding stock options. In accordance with the Merger Agreement, each net exercise share will be converted into $39.00 in cash, without proration. Including these net exercise shares, a total of 39,928,038 shares of EPL common stock will receive merger consideration in the Merger.
|Cash Election, excluding stock option net exercise shares||30,578,387|
|Mixed Election, including no election||2,643,862|
|No Election (Note 1)||4,725,666|
|Cash Election, excluding stock option net exercise shares||$25.92||0.5595|
|Mixed Election, including no election||$25.35||0.5840|