Energy XXI Announces Exchange of 5.625% Preferred Stock
HOUSTON � Feb. 21, 2012 � Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today announced the closing of exchange agreements (the �Exchange Agreements�) with holders 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 101,800 shares of Preferred Stock. Pursuant to the Exchange Agreements, the company 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 9.83526, in addition to a cash payment of $25.50 per share of Preferred Stock, of which $2.66 represented accrued and unpaid dividends and $22.84 represented an inducement premium. Accordingly, 1,001,231 new shares of Common Stock have been issued. Issuance of the shares of Common Stock in this transaction will be exempt from registration under the Securities Act of 1933, as amended (the �Securities Act�), pursuant to Section 3(a)(9) of the Securities Act. After such issuance, the company has a total of 77,538,412 common shares in issue, excluding 256,353 treasury shares, and 948,200 shares of Preferred Stock outstanding.
Application has been made for the 1,001,231 new shares of Common Stock to be admitted to trading on AIM and admission is expected to occur on Feb. 29, 2012.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Seymour Pierce
Nominated Adviser: Jonathan Wright
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7107 8000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
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Energy XXI
1021 Main Street One City Centre
Houston, TX 77002
US
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Energy XXI
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EXPLORATION STAGE |
CODE : EXXI |
ISIN : BMG100821401 |
CUSIP : G10009101 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energy X X I is a and oil exploration company based in United states of america. Its main exploration property is VERDA RAGEN in USA. Energy X X I is listed in United Kingdom and in United States of America. Its market capitalisation is US$ 370.4 millions as of today (€ 302.0 millions). Its stock quote reached its highest recent level on September 18, 2009 at US$ 9.63, and its lowest recent point on April 15, 2016 at US$ 0.12. Energy X X I has 95 459 002 shares outstanding. |