Energy XXI (Bermuda) Limited ("Energy XXI" or "the Company")
Exchange of 5.625% Convertible Perpetual Preferred Stock
Energy XXI announces the closing of an exchange agreement (the "Exchange Agreement") with a holder of the Company's 5.625% Convertible Perpetual Preferred Stock, par value $0.001 per share (the "Preferred Stock"), to issue shares (the "Exchange Securities") of the Company's common stock, par value $0.005 per share (the "Common Stock"), in exchange for 82 total shares of Preferred Stock.
Pursuant to the Exchange Agreement, the Company has issued a number of shares of Common Stock equal to the sum, rounded to the nearest whole number, of the number of shares of such Preferred Stock multiplied by 9.8780.
Accordingly, 810 new shares of Common Stock have been issued for the above conversion.
After such issuance, the Company has a total of 79,291,315 common shares in issue, excluding 663 treasury shares, and 813,801 shares of 5.625% Preferred Stock outstanding.
Application has been made for the 810 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on 26 September 2012.
19 September 2012
Enquiries of the Company
Vice President, Investor Relations and Communications
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