Market Overview

Energy XXI Says In Exploration Joint Venture

Energy XXI (Nasdaq: EXXI) (LSE:EXXI) today provided an operations update and announced an asset purchase and exploration joint venture.

At West Delta 73 (WI 100%/ NRI 83%) the company's first horizontal well, Big Sky 2, was drilled to 8,000 feet true vertical depth (TVD)/10,765 feet measured depth (MD), including a 1,000 foot lateral in the F-30 oil sand. The well was placed on production at 3,000 barrels of oil per day (BOE/d) gross. Based on the historical results of nine horizontal wells drilled in this field in the late 1990s, the estimated ultimate recovery from Big Sky 2 should exceed 1 million barrels of oil. Weimer, the company's second horizontal well at West Delta, is currently drilling at a depth of 8,234 feet TVD/9,320 feet MD and is targeting the F-45 oil sand. Weimer will be drilled to 8,300 feet TVD/10,200 feet MD with production online during October.

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