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Energy XXI Provides Fiscal Year-End Reserves Estimates, Operations Update And Initial Fiscal 2015 Budget

Stocks in this article: EXXI EXXI

Preliminary Proved Reserves Estimated at 246 MMBOE, up 38%

Energy XXI Logo (EPR)

Reserve Replacement Rate Exceeded 515%

Fourth-Quarter Production Volumes Ahead of Company Guidance

Fiscal 2015 Capital Program Focused on Development Drilling

HOUSTON, Aug. 4, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (AIM:EXXI) today provided estimates of its fiscal 2014 year-end reserves and fiscal 2015 capital program, as well as an operations update, including production and recent drilling results.

Highlights

  • Estimated proved reserves of 246 MMBOE as of June 30, 2014, exceeding 515% all-sources reserves replacement rate
  • Acquisition of EPL adds locations to the drilling inventory and provides significant operational synergies, including cost savings exceeding initial targets
  • Fourth-quarter production tops guidance, including a higher percentage of oil volumes
  • Fiscal 2015 capital budget target of $875 million focused on development drilling, with 30 wells expected to be placed on production in fiscal 2015, compared with 17 wells in fiscal 2014

Fiscal 2014 Year-end Reserves

Preliminary June 30, 2014 fiscal year-end proved reserves are estimated at 246 million barrels of oil equivalent (MMBOE), 75 percent liquids, up 38 percent from the June 30, 2013 year-end reserves, primarily due to the June 2014 acquisition of EPL Oil & Gas. Approximately 61 percent of proved reserves are proved developed. Netherland, Sewell & Associates, Inc., independent oil and gas reserves auditors, are currently finalizing the year-end proved, probable and possible reserves audit and these preliminary estimates are subject to change. All of the company's reserves are in the United States Gulf of Mexico or Gulf Coast.

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