Market Overview

Cox Oil Announces Completion of Energy XXI Acquisition

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Cox
Oil ("Cox")
, a privately owned, independent oil and gas company,
today announced the completion of the merger between affiliates of Cox
("Merger Sub") and Energy XXI Gulf Coast, Inc. ("EGC") (NASDAQ:EGC),
following the receipt of all required regulatory approvals and the
satisfaction of all conditions to the merger agreement.

Under the terms of the transaction, effective October 18, 2018, Cox
acquired all outstanding shares of EGC common stock for $9.10 per fully
diluted share in cash, for a total consideration of approximately $322
million. This represents a 21% premium to EGC's closing share price on
June 15, 2018. Additionally, the Merger Sub merged with and into EGC,
and the separate existence ceased with EGC continuing as the surviving
corporation.

"This is an exciting day for Cox Oil, a testament to the dedication of
our outstanding team striving to deliver maximum value to our existing
portfolio and another positive step towards our long-term strategy and
goals," said Brad E. Cox, Chairman of Cox Oil.

About Cox Oil

Cox is a privately-held entity that owns and operates assets in the Gulf
of Mexico and was founded by fourth generation oilman, Brad E. Cox. Cox
has grown through enhanced development of production and reserves in
existing assets along with strategic acquisitions. Cox's assets are
located in both the OCS in the Gulf of Mexico and the shallow waters off
the coast of Louisiana. They currently operate more than 600 producing
wells from approximately 500 structures over 66 fields with daily
production of approximately 85,000 BOE. These operated assets stretch
from offshore Florida to Texas. Cox is based in Dallas, Texas with
operation staff in New Orleans, Louisiana and Houston, Texas. To learn
more, visit Cox's website at coxoperating.com.

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