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Energy XXI completes EPL acquisition

Energy XXI

Energy XXI (Nasdaq:EXXI) (AIM:EXXI) has completed the previously announced acquisition of EPL Oil & Gas (NYSE:EPL) for approximately $2.3 billion, making Energy XXI the largest publicly traded independent operator on the Gulf of Mexico shelf.

The transaction included the assumption of approximately $805 million of EPL debt, net of cash, payment of approximately $1.02 billion in cash, and approximately 23 million common shares of Energy XXI stock. After closing the transaction, Energy XXI has approximately 93 million shares outstanding (approximately 102 million shares fully diluted).

Production update
Oil and gas production for the combined companies currently approximates 62,000 barrels of oil equivalent per day (boe/d), 73% oil. Energy XXI expects production in the fiscal fourth quarter ended June 30, 2014 to average 45,000 - 46,000 boe/d, 68% being oil, which includes one month of EPL's volumes.

Financial update
In mid-May, the company completed the placement of $650 million of 6.875% senior unsecured notes due 2024. Concurrent with the EPL transaction closing, available credit on the company's revolving credit facility was raised to $1.5 billion, bringing total current liquidity to $980 million.

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