EXXI Energy Xxi (DI)

TIDMEXXI

RNS Number : 9371R

Energy XXI (Bermuda) Limited

23 November 2012

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 61 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, 603 new shares of Common Stock have been issued for the above conversion.

After such issuance, the Company has a total of 79,327,491 common shares in issue, excluding 663 treasury shares, and 813,320 shares of 5.625% Preferred Stock outstanding.

Application has been made for the 603 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on 30 November 2012.

23 November 2012

Enquiries of the Company

Energy XXI

Stewart Lawrence

Vice President, Investor Relations and Communications

713-351-3006

slawrence@energyxxi.com

Greg Smith

Director, Investor Relations

713-351-3149

gsmith@energyxxi.com

Seymour Pierce

Nominated Adviser: Jonathan Wright

Corporate Broking: Richard Redmayne

Tel: +44 (0) 20 7107 8000

Pelham Bell Pottinger

James Henderson

jhenderson@pelhambellpottinger.co.uk

Mark Antelme

mantelme@pelhambellpottinger.co.uk

+44 (0) 20 7861 3232

This information is provided by RNS

The company news service from the London Stock Exchange

END

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