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Are the financials out yet? I'm loading the boat!!!!!!
Conference call at 9
Energy XXI Reports Fiscal Third-Quarter Results
Wednesday April 30, 5:00 pm ET
* Volumes Rise 80% From Prior-Year Third Quarter
* Revenues and EBITDA More Than Double to New Record Highs
* Exploration Program Accelerates and Logs Success
HOUSTON, April 30, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (NasdaqCM:EXXI - News) (LSE:EXXI.L - News) (LSE:EXXS.L - News) today announced fiscal third-quarter financial and operating results for the period ended March 31, 2008.
Source: Energy XXI
· Website
``Our fiscal third-quarter operating results reflect the continued success of our acquire-and-exploit strategy,'' Energy XXI Chairman and CEO John Schiller said. ``Energy XXI remains on track to deliver a solid performance from our core producing properties during our 2008 fiscal year ending June 30, with the potential to significantly boost reserves through high-impact exploration.''
For the 2008 fiscal third quarter, revenues were $167.1 million and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) totaled $117.5 million, more than double the 2007 fiscal third-quarter revenues of $77.6 million and EBITDA of $54.5 million. Net income was $10.3 million, or $0.12 per diluted share, which included a loss of $2.7 million, or $0.03 per diluted share, for non-cash mark-to-market charges on open oil and gas derivative contracts. In the 2007 fiscal third quarter, net income was $9.6 million, or $0.11 per diluted share, which included a mark-to-market gain of $1.6 million, or $0.02 per diluted share, for open oil and gas derivative contracts.
Net cash provided by operating activities totaled $112.5 million for the 2008 fiscal third quarter, compared with $76.2 million in the 2007 fiscal third quarter. Discretionary cash flow was $96.2 million in the 2008 fiscal third quarter, compared with $47.5 million in the 2007 fiscal third quarter.
For the 2008 fiscal third quarter, sales volumes averaged 26,100 barrels of oil equivalent per day (BOE/d), compared with 14,500 BOE/d in the 2007 fiscal third quarter. The net realized price received for the company's production in the 2008 fiscal third quarter averaged $70.33 per BOE, including an $8.92 per BOE reduction due to hedging, compared with a net realized price of $59.54 per BOE, including a $7.95 per BOE contribution from hedging, in the 2007 fiscal third quarter.
CAPITAL EXPENDITURES
During the 2008 fiscal third quarter, capital expenditures totaled $62.8 million. The fiscal-year 2008 capital budget, excluding acquisitions, is expected to approximate $300 million, which reflects about $40 million of added spending primarily associated with incremental exploration activity and development costs associated with successful exploration.
3RD QUARTER OPERATIONAL HIGHLIGHTS
During the fiscal third quarter, Energy XXI continued to implement its exploration and development program, details of which are provided in the attached Operations Report.
``The last few months have been encouraging for us from an operations standpoint,'' Energy XXI President and Chief Operating Officer Steve Weyel said. ``We initiated drilling and recompletion work at the Main Pass properties acquired last June, with good results that should positively impact our fourth quarter. We drilled a discovery at our Lake Salvador project onshore Louisiana, helping validate the extensive pre-drill work we have done in the area. We side-tracked and resumed drilling at the high-potential Cote de Mer prospect. More recently, we gained access to 425,000 gross acres across the ultra-deep prospect trend on the shallow-water Gulf of Mexico shelf, including the re-entry of the Blackbeard West wellbore. While production volumes continued to be frustrated by infrastructure outages during the quarter, our operated properties have performed ahead of our expectations.''
CONFERENCE CALL TOMORROW AT 9 A.M. CDT, 3 P.M. LONDON TIME
Energy XXI will host its third-quarter conference call tomorrow, Thursday, May 1, 2008, at 9 a.m. CDT (3 p.m. London time). The dial-in number is 1 (913) 312-0715 in the U.S. and 08081 011 402 in the U.K., and the confirmation code is 4499493. For complete instructions on how to actively participate in the conference call, or to listen to the live audio webcast or a replay, please refer to http://www.energyxxi.com.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
Energy XXI Reports Fiscal Third-Quarter Results
Wednesday April 30, 5:00 pm ET
* Volumes Rise 80% From Prior-Year Third Quarter
* Revenues and EBITDA More Than Double to New Record Highs
* Exploration Program Accelerates and Logs Success
HOUSTON, April 30, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (NasdaqCM:EXXI - News) (LSE:EXXI.L - News) (LSE:EXXS.L - News) today announced fiscal third-quarter financial and operating results for the period ended March 31, 2008.
``Our fiscal third-quarter operating results reflect the continued success of our acquire-and-exploit strategy,'' Energy XXI Chairman and CEO John Schiller said. ``Energy XXI remains on track to deliver a solid performance from our core producing properties during our 2008 fiscal year ending June 30, with the potential to significantly boost reserves through high-impact exploration.''
For the 2008 fiscal third quarter, revenues were $167.1 million and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) totaled $117.5 million, more than double the 2007 fiscal third-quarter revenues of $77.6 million and EBITDA of $54.5 million. Net income was $10.3 million, or $0.12 per diluted share, which included a loss of $2.7 million, or $0.03 per diluted share, for non-cash mark-to-market charges on open oil and gas derivative contracts. In the 2007 fiscal third quarter, net income was $9.6 million, or $0.11 per diluted share, which included a mark-to-market gain of $1.6 million, or $0.02 per diluted share, for open oil and gas derivative contracts.
Net cash provided by operating activities totaled $112.5 million for the 2008 fiscal third quarter, compared with $76.2 million in the 2007 fiscal third quarter. Discretionary cash flow was $96.2 million in the 2008 fiscal third quarter, compared with $47.5 million in the 2007 fiscal third quarter.
For the 2008 fiscal third quarter, sales volumes averaged 26,100 barrels of oil equivalent per day (BOE/d), compared with 14,500 BOE/d in the 2007 fiscal third quarter. The net realized price received for the company's production in the 2008 fiscal third quarter averaged $70.33 per BOE, including an $8.92 per BOE reduction due to hedging, compared with a net realized price of $59.54 per BOE, including a $7.95 per BOE contribution from hedging, in the 2007 fiscal third quarter.
CAPITAL EXPENDITURES
During the 2008 fiscal third quarter, capital expenditures totaled $62.8 million. The fiscal-year 2008 capital budget, excluding acquisitions, is expected to approximate $300 million, which reflects about $40 million of added spending primarily associated with incremental exploration activity and development costs associated with successful exploration.
3RD QUARTER OPERATIONAL HIGHLIGHTS
During the fiscal third quarter, Energy XXI continued to implement its exploration and development program, details of which are provided in the attached Operations Report.
``The last few months have been encouraging for us from an operations standpoint,'' Energy XXI President and Chief Operating Officer Steve Weyel said. ``We initiated drilling and recompletion work at the Main Pass properties acquired last June, with good results that should positively impact our fourth quarter. We drilled a discovery at our Lake Salvador project onshore Louisiana, helping validate the extensive pre-drill work we have done in the area. We side-tracked and resumed drilling at the high-potential Cote de Mer prospect. More recently, we gained access to 425,000 gross acres across the ultra-deep prospect trend on the shallow-water Gulf of Mexico shelf, including the re-entry of the Blackbeard West wellbore. While production volumes continued to be frustrated by infrastructure outages during the quarter, our operated properties have performed ahead of our expectations.''
CONFERENCE CALL TOMORROW AT 9 A.M. CDT, 3 P.M. LONDON TIME
Energy XXI will host its third-quarter conference call tomorrow, Thursday, May 1, 2008, at 9 a.m. CDT (3 p.m. London time). The dial-in number is 1 (913) 312-0715 in the U.S. and 08081 011 402 in the U.K., and the confirmation code is 4499493. For complete instructions on how to actively participate in the conference call, or to listen to the live audio webcast or a replay, please refer to http://www.energyxxi.com.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
Go to exxi's website and view the presentations and info on the site. The recent upward price action of exxi, mmr and pxp have me wondering whats goin on. We should get an update, i think the conference and earning call is set for april 30. I know that they are past the existing depth that exxon drilled and drilling at 100 feet per day. I agree that if blackbeard hits and a success, these prices will be long gone.
OMNI Energy Completes Acquisition of Industrial Lift Truck
Thursday April 24, 3:50 pm ET
Acquisition Expands Equipment Rental Fleet; Offers Additional Cross-Selling and Organic Growth Opportunities; Expected to be Immediately Accretive to Earnings
CARENCRO, La., April 24 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News; "OMNI" or the "Company") announced today that it has completed the acquisition of all of the outstanding common stock of Industrial Lift Truck & Equipment Co., Inc. ("ILT") for $16.25 million in cash and $4.0 million in promissory notes. The promissory notes will accrue interest at the rate of 5% per annum and mature at various dates over a three-year period. In addition, ILT was required to have at least $1.5 million of excess working capital at closing.
Headquartered in Lafayette, La., ILT employs a workforce of approximately 30 employees and operates from an additional rental and service facility located in Lincoln, Texas. The company owns over 300 specialized lifting units. For the year ended December 31, 2007, ILT is expected to realize adjusted earnings before interest, taxes, depreciation and amortization adjusted for certain operating expenses ("EBITDA") of more than $7.6 million on revenues of approximately $13.8 million. The cash portion of the purchase price was funded through borrowings under the Company's senior term debt facility.
Commenting on the acquisition of ILT, OMNI's Chief Operating Officer Brian Recatto said, "This acquisition will allow us to add additional complementary rental items to our land based portfolio. Industrial Lift Trucks has a 34-year history of outstanding customer service supporting the oil and gas industry. We believe the incorporation of ILT's impressive fleet of industrial lifting equipment into OMNI's existing fleet of specialized rental equipment affords us a number of organic growth opportunities without the need for additional infrastructure costs. With locations in many of the prolific oil and gas regions, the combined company will have the ability to offer ILT's rental services to our expanding national client base. We are pleased that Jim Ortego will continue in his role as general manager of ILT, contributing his many years of industry knowledge to our company."
Ronald Mogel, OMNI's Senior Vice President and Chief Financial Officer, added, "The acquisition of ILT is expected to be immediately accretive to earnings and will further strengthen our revenue, earnings and market position in the major geographic regions we currently service. We believe this will enable us to increase our return to shareholders over both the near term and the long term."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the United States of America and the Gulf of Mexico. OMNI provides its services through five business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing, Transportation Services and Other Services. OMNI's seismic services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast, also called transition zones, and contiguous dry land areas, also called highland zones. OMNI's environmental, leasing, transportation and other services provide important support to oil and gas companies operating in south Louisiana, east Texas (including the Barnett Shale region), the Rocky Mountains and the Gulf of Mexico.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with the ability to integrate successfully the acquisition referenced herein, the expansion of our Transportation Services and Equipment Rental operations into the Barnett Shale region, the previously announced expansion of operations in the Rocky Mountain Region of the United States, the timely conversion of seismic drilling backlog into revenue, the utilization rates of our equipment and personnel, OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, international expansion, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the ultimate outcome of pending litigation, the continued growth of our environmental services and equipment leasing business segments, completion of strategic transactions under consideration by OMNI and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
OMNI Closes on $90 Million Senior Credit Facility
Thursday April 24, 3:00 pm ET
CARENCRO, La., April 24 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News; "OMNI" or the "Company") today announced that it has closed a $90 million Senior Bank Credit Facility with Fifth Third Bank, which replaces in its entirety its existing $64 million credit facility. The new facility consists of a $50 million term facility supplemented by an additional $15 million term tranche available for future acquisitions and a $25 million revolving credit facility.
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In making the announcement, Ronald Mogel, Senior Vice President and Chief Financial Officer of OMNI, said, "We are very pleased with the terms of our new credit facility, which reflects the strong and consistent cash flow generating capabilities of our operating units, our continued balance sheet improvements, and our sound financial statements."
Mr. Mogel continued, "Pricing for the new facility is competitive and offers improved terms as compared to our previous facility, reflecting our consistent ability to perform financially. This facility should allow us to expand our capital base and should have a positive effect on per share earnings enabling us to continue to grow through attractive acquisitions as we transition through the current fiscal year and beyond."
Brian Recatto, Chief Operating Officer of OMNI, commented, "The new credit facility will give us added flexibility in financing and growing our existing operations, and will provide us more capacity to continue to expand through strategic acquisitions. It is gratifying that a well-regarded bank like Fifth Third has shown the confidence in OMNI to extend this new credit facility during this current period of credit uneasiness throughout the United States."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the United States of America and the Gulf of Mexico. OMNI provides its services through five business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing, Transportation Services and Other Services. OMNI's seismic services play a significant role with geophysical companies who have operations in marsh, swamp, shallow water and the U.S. Gulf Coast, also called transition zones, and contiguous dry land areas, also called highland zones. OMNI's environmental, leasing, transportation and other services provide important support to oil and gas companies operating in south Louisiana, east Texas (including the Barnett Shale region), the Rocky Mountains and the Gulf of Mexico.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties associated with potential interest rate changes under the Senior Bank Credit Facility, the timely conversion of seismic drilling backlog into revenue, OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the ultimate outcome of pending litigation, the continued growth of our environmental services and rental equipment business units, and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
Energy XXI Announces Fiscal 3rd Quarter 2008 Earnings Release Date and Conference Call
Wednesday April 23, 1:00 pm ET
HOUSTON, April 23, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (NasdaqCM:EXXI - News) (AIM:EXXI) (AIM:EXXS) today announced it will host a conference call on Thursday, May 1, 2008, at 9 a.m. CDT (3 p.m. London time) to discuss fiscal third-quarter financial and operating results for the period ended March 31, 2008. Earnings will be released through global newswire services after the close of trading on NASDAQ on April 30 and will be available at http://www.energyxxi.com.
To actively participate on the conference call, please call the dial-in number below about 10 minutes before the scheduled start time. Those who wish to view the presentation materials, or to participate in listen-only mode, should access the event through the company's web site, http://www.energyxxi.com. A replay of the call will be archived and available on the web site following the live call.
Energy XXI Fiscal Third-Quarter 2008 Conference Call
-- May 1, 2008 - 9 a.m. CDT (3 p.m. London time)
-- Live Dial-in (Confirmation Code 4499493)
- U.S.: 1 (913) 312-0715
- U.K.: 08081 011 402
-- Presentation Slides, Live Listen-Only and Replay:
http://www.energyxxi.com
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at http://www.energyxxi.com.
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587
Energy XXI Announces Fiscal 3rd Quarter 2008 Earnings Release Date and Conference Call
Wednesday April 23, 1:00 pm ET
HOUSTON, April 23, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (NasdaqCM:EXXI - News) (AIM:EXXI) (AIM:EXXS) today announced it will host a conference call on Thursday, May 1, 2008, at 9 a.m. CDT (3 p.m. London time) to discuss fiscal third-quarter financial and operating results for the period ended March 31, 2008. Earnings will be released through global newswire services after the close of trading on NASDAQ on April 30 and will be available at http://www.energyxxi.com.
To actively participate on the conference call, please call the dial-in number below about 10 minutes before the scheduled start time. Those who wish to view the presentation materials, or to participate in listen-only mode, should access the event through the company's web site, http://www.energyxxi.com. A replay of the call will be archived and available on the web site following the live call.
Energy XXI Fiscal Third-Quarter 2008 Conference Call
-- May 1, 2008 - 9 a.m. CDT (3 p.m. London time)
-- Live Dial-in (Confirmation Code 4499493)
- U.S.: 1 (913) 312-0715
- U.K.: 08081 011 402
-- Presentation Slides, Live Listen-Only and Replay:
http://www.energyxxi.com
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at http://www.energyxxi.com.
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587
What a day for exxi!
The shares were sold by institution, seneca capital investments. They still have about 5.7 million shares. Nice close today at 4.28.
Energy XXI Enters Blackbeard Prospect, Provides Operations Update
9:15a ET April 3, 2008 (PrimeNewswire)
Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) (LSE:EXXS) today provided an operations update, including announcement of an agreement allowing the company to earn working interests in the South Timbalier Block 168 No. 1 exploration well, formerly known as the Blackbeard West No. 1, in the relatively shallow waters of the Gulf of Mexico shelf.
Energy XXI entered into an agreement with McMoRan Exploration Company (NYSE:MMR) to earn a 20 percent working interest in five blocks encompassing the Blackbeard West prospect. Subject to certain preferential rights held by third parties, McMoRan will also assign a proportional share of its interest in 81 additional blocks covering approximately 425,000 gross acres associated with the ultra-deep trend to Energy XXI. In total, Energy XXI will pay up to $5.5 million for the right to participate in the re-entry of South Timbalier Block 168 and for a share of the additional acreage.
The original Blackbeard West #1 exploration test, located at South Timbalier 168 in 70 feet of water offshore Louisiana, was drilled to 30,067 feet by a separate producer group but was temporarily abandoned. McMoRan resumed operations on March 18 with the expectation of deepening the well to a proposed total depth of 31,267 feet to evaluate deeper Miocene targets.
Current Blackbeard West participants include McMoRan, the operator, with a 32.3 percent working interest, Energy XXI with 20 percent and Plains Exploration Company (NYSE:PXP) with 35 percent.
"Blackbeard is an exciting, opportunistic addition to our drilling program, offering multiple trillions of cubic feet of natural gas potential," Energy XXI Chairman and Chief Executive Officer John Schiller said. "We reserve a portion of our drilling budget for swing-for-the-fences projects such as this, and are pleased to team up with McMoRan again, following our joint success last year with the Laphroaig discovery. Prior to this agreement, Energy XXI had begun drilling or had scheduled within the next few months to spud six prospects with net unrisked reserves potential totaling nearly 50 million barrels of oil equivalent (MMBOE). As a reference point, our fiscal year-end proved reserves totaled 55.6 MMBOE. Adding Blackbeard to the portfolio significantly increases the potential to grow the company through near-term exploration."
Energy XXI today also provided updates on other operational matters:
* Volumes for the fiscal third quarter ended March 31 are estimated to have averaged more than 26,000 barrels of oil equivalent per day (BOE/d), with March volumes exceeding 27,000 BOE/d; * A new daily high production record of 29,312 BOE/d was set on March 18, assisted by the first well recompletion performed on the Main Pass fields acquired in June 2007, as the MP 61 #B-1 (50 percent working interest) well was placed back on line at 560 BOE/d (net); * The Cote de Mer prospect (35 percent working interest) resumed drilling operations in late March, preparing to side-track at about 13,000 feet with the anticipation of reaching total vertical depth of 21,932 feet in late June; * The deep J Prospect (38.6 percent working interest) at the company's Rabbit Island field found more than 600 feet of wet sand within the target interval and was abandoned; * The second well in the Lake Salvador exploratory area onshore Louisiana was an apparent success, and a third well is currently drilling; * The Greene & Broussard Plantations Inc. #1 well targeting the Kaplan prospect (87.5 percent working interest) in Vermillion Parish spud on March 28.
"We are pleased with the operational results delivered in the just-completed fiscal third quarter and look forward to the results from the drilling program we have in place," Schiller said.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
The technical information contained in this announcement relating to operations adheres to the standard set by the Society of Petroleum Engineers. Tom O'Donnell, Vice President of Corporate Development, a registered Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at www.energyxxi.com.
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587
NEWS OUT TODAY
Energy XXI Enters Blackbeard Prospect, Provides Operations Update
9:15a ET April 3, 2008 (PrimeNewswire)
Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) (LSE:EXXS) today provided an operations update, including announcement of an agreement allowing the company to earn working interests in the South Timbalier Block 168 No. 1 exploration well, formerly known as the Blackbeard West No. 1, in the relatively shallow waters of the Gulf of Mexico shelf.
Energy XXI entered into an agreement with McMoRan Exploration Company (NYSE:MMR) to earn a 20 percent working interest in five blocks encompassing the Blackbeard West prospect. Subject to certain preferential rights held by third parties, McMoRan will also assign a proportional share of its interest in 81 additional blocks covering approximately 425,000 gross acres associated with the ultra-deep trend to Energy XXI. In total, Energy XXI will pay up to $5.5 million for the right to participate in the re-entry of South Timbalier Block 168 and for a share of the additional acreage.
The original Blackbeard West #1 exploration test, located at South Timbalier 168 in 70 feet of water offshore Louisiana, was drilled to 30,067 feet by a separate producer group but was temporarily abandoned. McMoRan resumed operations on March 18 with the expectation of deepening the well to a proposed total depth of 31,267 feet to evaluate deeper Miocene targets.
Current Blackbeard West participants include McMoRan, the operator, with a 32.3 percent working interest, Energy XXI with 20 percent and Plains Exploration Company (NYSE:PXP) with 35 percent.
"Blackbeard is an exciting, opportunistic addition to our drilling program, offering multiple trillions of cubic feet of natural gas potential," Energy XXI Chairman and Chief Executive Officer John Schiller said. "We reserve a portion of our drilling budget for swing-for-the-fences projects such as this, and are pleased to team up with McMoRan again, following our joint success last year with the Laphroaig discovery. Prior to this agreement, Energy XXI had begun drilling or had scheduled within the next few months to spud six prospects with net unrisked reserves potential totaling nearly 50 million barrels of oil equivalent (MMBOE). As a reference point, our fiscal year-end proved reserves totaled 55.6 MMBOE. Adding Blackbeard to the portfolio significantly increases the potential to grow the company through near-term exploration."
Energy XXI today also provided updates on other operational matters:
* Volumes for the fiscal third quarter ended March 31 are estimated to have averaged more than 26,000 barrels of oil equivalent per day (BOE/d), with March volumes exceeding 27,000 BOE/d; * A new daily high production record of 29,312 BOE/d was set on March 18, assisted by the first well recompletion performed on the Main Pass fields acquired in June 2007, as the MP 61 #B-1 (50 percent working interest) well was placed back on line at 560 BOE/d (net); * The Cote de Mer prospect (35 percent working interest) resumed drilling operations in late March, preparing to side-track at about 13,000 feet with the anticipation of reaching total vertical depth of 21,932 feet in late June; * The deep J Prospect (38.6 percent working interest) at the company's Rabbit Island field found more than 600 feet of wet sand within the target interval and was abandoned; * The second well in the Lake Salvador exploratory area onshore Louisiana was an apparent success, and a third well is currently drilling; * The Greene & Broussard Plantations Inc. #1 well targeting the Kaplan prospect (87.5 percent working interest) in Vermillion Parish spud on March 28.
"We are pleased with the operational results delivered in the just-completed fiscal third quarter and look forward to the results from the drilling program we have in place," Schiller said.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
The technical information contained in this announcement relating to operations adheres to the standard set by the Society of Petroleum Engineers. Tom O'Donnell, Vice President of Corporate Development, a registered Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at www.energyxxi.com.
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587
This company is currently producing oil and natural gas. They produce around 29000 barrels of oil a day. Insiders have been buying up alot of shares within the past two months.
Press Release Source: Orion Marine Group, Inc.
Orion Marine Group Announces Approximately $37.5 Million of Contract Awards
Monday March 24, 7:16 pm ET
HOUSTON, March 24, 2008 (PRIME NEWSWIRE) -- Orion Marine Group, Inc. (the ``Company'') (NasdaqGM:OMGI - News), a leading marine specialty contractor serving the heavy civil marine infrastructure sector, today announced the award of several new contracts.
Recently, Orion Marine Group's wholly owned subsidiaries have been awarded several large public and private jobs totaling approximately $37.5 million.
Highlights of these awards include:
* Marine construction of a cargo dock for the Port of Beaumont
* Marine construction improvement of a private bulkhead in Florida
* Dredging services for the Alabama State Port Authority
* As well as maintenance dredging services for the Florida
Intracostal Navigational District Jupiter Inlet from the Company's
newest subsidiary, Subaqueous Services, LLC.
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Mike Pearson, Orion Marine Group's President and Chief Executive Officer said, ``These awards further illustrate the continued strength our end markets possess. We continue to be encouraged about 2008 and the goals we previously established.''
About Orion Marine Group
Orion Marine Group, Inc. provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast, the Atlantic Seaboard and the Caribbean Basin and acts as a singlesource turnkey solution for its customers' marine contracting needs. Its heavy civil marine construction services include marine transportation facility construction, dredging, repair and maintenance, bridge building, marine pipeline construction, as well as specialty services. Its specialty services include salvage, demolition, diving, surveying, towing and underwater inspection, excavation and repair. The Company is headquartered in Houston, Texas and has a 75-year legacy of successful operations.
The Orion Marine Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4539
Press Release Source: Orion Marine Group, Inc.
Orion Marine Group Announces Approximately $37.5 Million of Contract Awards
Monday March 24, 7:16 pm ET
HOUSTON, March 24, 2008 (PRIME NEWSWIRE) -- Orion Marine Group, Inc. (the ``Company'') (NasdaqGM:OMGI - News), a leading marine specialty contractor serving the heavy civil marine infrastructure sector, today announced the award of several new contracts.
Recently, Orion Marine Group's wholly owned subsidiaries have been awarded several large public and private jobs totaling approximately $37.5 million.
Highlights of these awards include:
* Marine construction of a cargo dock for the Port of Beaumont
* Marine construction improvement of a private bulkhead in Florida
* Dredging services for the Alabama State Port Authority
* As well as maintenance dredging services for the Florida
Intracostal Navigational District Jupiter Inlet from the Company's
newest subsidiary, Subaqueous Services, LLC.
Mike Pearson, Orion Marine Group's President and Chief Executive Officer said, ``These awards further illustrate the continued strength our end markets possess. We continue to be encouraged about 2008 and the goals we previously established.''
About Orion Marine Group
Orion Marine Group, Inc. provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast, the Atlantic Seaboard and the Caribbean Basin and acts as a singlesource turnkey solution for its customers' marine contracting needs. Its heavy civil marine construction services include marine transportation facility construction, dredging, repair and maintenance, bridge building, marine pipeline construction, as well as specialty services. Its specialty services include salvage, demolition, diving, surveying, towing and underwater inspection, excavation and repair. The Company is headquartered in Houston, Texas and has a 75-year legacy of successful operations.
The Orion Marine Group, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4539
I'm loadin da boat!
Thanks!
Could somebody post a chart for OMNI and their opinion on where its heading? TIA
Energy XXI Reports Fiscal First-Quarter Results
Quarterly Volumes Grow 90% To More Than 26,000 BOE/d; Cash Flow More Than Quadruples To Nearly $77 Million
HOUSTON, Nov. 13, 2007 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (AIM: EXXS, EXXI) today announced fiscal first-quarter financial and operating results for the period ended Sept. 30, 2007.
"Energy XXI achieved a 25 percent increase in production volumes relative to the immediately preceding quarter, and a 90 percent increase relative to the prior year's fiscal first quarter," Energy XXI Chairman and CEO John Schiller said. "Our volumes remained on an upward trajectory in October, averaging 26,500 barrels of oil equivalent per day (BOE/d), despite the shut-in of our Rabbit Island field due to maintenance on a third-party natural gas pipeline. The shut-in affected about 2,000 BOE/d of net production beginning in mid-October and is expected to last through November."
For the 2008 fiscal first-quarter, revenues were $143.6 million and earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) totaled $102.4 million, compared with revenues of $65.8 million and EBITDA of $45.1 million in the 2007 fiscal first quarter. Net income was $1.9 million, or $.02 per diluted share, compared with net income of $1.9 million, or $.02 per diluted share, in the 2007 fiscal first quarter.
Net cash provided by operating activities totaled $76.7 million for the 2008 fiscal first quarter, compared with $17.7 million in the 2007 fiscal first quarter. Discretionary cash flow was $79.0 million in the 2008 fiscal first quarter, compared with $40.3 million in the 2007 fiscal first quarter.
For the 2008 fiscal first quarter, sales volumes averaged 26,200 BOE/d, compared with 13,800 BOE/d in the 2007 fiscal first quarter. The net realized price received for the company's production in the 2008 fiscal first quarter averaged $59.63 per BOE, including $3.94 per BOE contributed by hedging, compared with a net realized price of $52.03 per BOE, including $1.68 per BOE contributed by hedging, in the 2007 fiscal first quarter.
Capital Expenditures
During the 2008 fiscal first quarter, capital expenditures, excluding acquisitions, totaled $79.5 million. In addition, producing property acquisitions totaled $33.4 million, including $29.9 million involving a partnership with Castex Energy. The fiscal-year 2008 capital budget, excluding acquisitions, is unchanged at approximately $260 million.
1st Quarter Operational Highlights
During the fiscal first quarter, Energy XXI was successful in four of five exploration wells and one of three development wells. Further detail on the exploration and development program is provided in the attached Operations Report.
"Volume growth last year was driven by a very active development drilling program, particularly at our South Timbalier 21 field offshore Louisiana, whereas growth this year revolves around the optimization of production at the former Pogo properties acquired in June," Energy XXI President and Chief Operating Officer Steve Weyel said. "We have made good progress with the newly added properties, which continue to achieve volume growth ahead of our expectations, without having drilled a single well. We plan to ramp up the offshore drilling program later in the year, but for now we are concentrating on operating enhancements, getting higher rates from the existing producing wells while improving the on-line performance of the acquired facilities."
Conference Call Today at 10 a.m. EST, 3 p.m. London Time
Energy XXI will host its first-quarter conference call today, Tuesday, Nov. 13, 2007, at 10 a.m. EST (3 p.m. London time). The dial-in number is 1 (913) 312-0868 in the U.S. and 08000 517 166 in the U.K., and the confirmation code is 7144886. For complete instructions on how to actively participate in the conference call, or to listen to the live audio webcast or a replay, please refer to www.energyxxi.com.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
The technical information contained in this announcement relating to operations adheres to the standard set by the Society of Petroleum Engineers. Tom O'Donnell, Vice President of Corporate Development, a registered Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are primarily located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at www.energyxxi.com
The Energy XXI logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3587
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED BALANCE SHEETS
(In Thousands, except share information)
September 30, June 30,
2007 2007
--------------------------
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 12,000 $ 19,784
Accounts receivable
Oil and natural gas sales 56,396 55,763
Joint interest billings 23,104 14,377
Insurance and other 20,365 958
Prepaid expenses and other
current assets 34,485 21,870
Royalty deposits 9,305 2,175
Derivative financial instruments 10,729 17,131
--------------------------
Total Current Assets 166,384 132,058
--------------------------
Property and Equipment, net of
accumulated depreciation, depletion,
and amortization
Oil and natural gas properties
- full cost method of accounting 1,530,248 1,491,685
Other property and equipment 3,153 3,097
--------------------------
Total Property and Equipment 1,533,401 1,494,782
--------------------------
Other Assets
Derivative financial instruments 1,767 616
Debt issuance costs, net of
accumulated amortization 19,857 20,986
--------------------------
Total Other Assets 21,624 21,602
--------------------------
Total Assets $ 1,721,409 $ 1,648,442
==========================
LIABILITIES
Current Liabilities
Accounts payable $ 80,372 $ 79,563
Advances from joint interest partners 1,716 2,026
Accrued liabilities 54,951 33,459
Deferred income taxes 1,044 1,044
Derivative financial instruments 9,356 1,480
Note payable 14,739 --
Current maturities of long-term debt 5,432 5,508
--------------------------
Total current liabilities 167,610 123,080
Long-term debt, less current maturities 1,080,234 1,045,511
Deferred income taxes 11,099 14,788
Asset retirement obligations 65,978 63,364
Derivative financial instruments 5,950 4,573
--------------------------
Total Liabilities 1,330,871 1,251,316
--------------------------
Stockholders' Equity
Preferred stock, $0.01 par value,
2,500,000 shares authorized and
no shares issued at September
30, 2007 and June 30, 2007 -- --
Common stock, $0.001 par value,
400,000,000 shares authorized and
84,511,906 and 84,203,444 issued
and outstanding at September 30, 2007
and June 30, 2007, respectively 84 84
Additional paid-in capital 363,305 363,206
Retained earnings 32,960 31,072
Accumulated other comprehensive
income (loss), net of tax expense (5,811) 2,764
--------------------------
Total Stockholders' Equity 390,538 397,126
--------------------------
Total Liabilities and
Stockholders' Equity $ 1,721,409 $ 1,648,442
==========================
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share information)
(Unaudited)
Three Months Ended
September 30,
----------------------
2007 2006
----------------------
Revenues
Oil sales $ 87,573 $ 35,152
Natural gas sales 56,035 30,665
----------------------
Total Revenues 143,608 65,817
----------------------
Costs and Expenses
Lease operating expense 30,693 14,681
Production taxes 1,960 811
Depreciation, depletion and amortization 73,253 27,744
Accretion of asset retirement obligation 1,760 871
General and administrative expense 5,771 5,018
Loss (gain) on derivative
financial instruments 1,042 (705)
----------------------
Total Costs and Expenses 114,479 48,420
----------------------
Operating Income 29,129 17,397
----------------------
Other Income (Expense)
Interest income 498 426
Interest expense (26,811) (14,859)
----------------------
Total Other Income (Expense) (26,313) (14,433)
----------------------
Income Before Income Taxes 2,816 2,964
Provision for Income Taxes 929 1,031
----------------------
Net Income $ 1,887 $ 1,933
======================
Earnings Per Share
Basic $ 0.02 $ 0.02
Diluted $ 0.02 $ 0.02
Weighted Average Number of Common
Stock Outstanding
Basic 84,135 83,662
Diluted 94,321 83,833
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
September 30,
---------------------
2007 2006
---------------------
Cash Flows From Operating Activities
Net income $ 1,887 $ 1,933
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Deferred income tax expense 929 1,031
Change in derivative financial instruments (22) 3,331
Accretion of asset retirement obligations 1,760 871
Depletion, depreciation, and amortization 73,253 27,744
Write-off and amortization of debt
issuance costs 1,120 5,367
Common stock issued to Directors
for services 67 --
Changes in operating assets and
liabilities
Accounts receivable (21,252) (20,120)
Prepaid expenses and other
current assets (19,745) (10,380)
Accounts payable and other
liabilities 38,675 7,884
---------------------
Net Cash Provided by Operating Activities 76,672 17,661
---------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (3,521) (301,177)
Capital expenditures (79,489) (48,509)
Insurance payments received -- 4,581
Proceeds from the sale of oil and natural
gas properties -- 1,400
Other 2 2,540
---------------------
NET CASH USED IN INVESTING ACTIVITIES (83,008) (341,165)
---------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock 32 20,385
Proceeds from long-term debt 20,000 269,000
Payments on long-term debt (20,000) (14,625)
Payments on put financing (1,490) (833)
Debt issuance costs -- (4,741)
Other 10 --
---------------------
NET CASH (USED IN) PROVIDED BY
FINANCING ACTIVITIES (1,448) 269,186
---------------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,784) (54,318)
CASH AND CASH EQUIVALENTS, beginning of period 19,784 62,389
---------------------
CASH AND CASH EQUIVALENTS, end of period $ 12,000 $ 8,071
=====================
ENERGY XXI (BERMUDA) LIMITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In Thousands, except per share information)
(Unaudited)
As required under Regulation G of the Securities Exchange Act of
1934, provided below are reconciliations of net income to the
following non-GAAP financial measures: EBITDA and discretionary cash
flow. The company uses these non-GAAP measures as key metrics for the
management of the company and to demonstrate the company's ability to
internally fund capital expenditures and service debt. The non-GAAP
measures are useful in comparisons of oil and gas exploration and
production companies as they exclude non-operating fluctuations in
assets and liabilities.
Three Months Ended
September 30,
----------------------
2007 2006
----------------------
Net Income as Reported $ 1,887 $ 1,933
Total other (income) expense 26,313 14,433
Depreciation, depletion and amortization 73,253 27,744
Provision for income taxes 929 1,031
----------------------
EBITDA $ 102,382 $ 45,141
======================
EBITDA Per Share
Basic $ 1.22 $ 0.54
Diluted $ 1.09 $ 0.54
Weighted Average Number of
Common Stock Outstanding
Basic 84,135 83,662
Diluted 94,321 83,833
---------------------------------------------------------------------
Net Income as Reported $ 1,887 $ 1,933
Deferred income tax expense 929 1,031
Change in derivative financial instruments (22) 3,331
Accretion of asset retirement obligations 1,760 871
Depletion, depreciation, and amortization 73,253 27,744
Write-off and amortization of debt
issuance costs 1,120 5,367
Common stock issued to Directors
for services 67 --
----------------------
Discretionary Cash Flow $ 78,994 $ 40,277
======================
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED OPERATING RESULTS
(In Thousands)
(Unaudited)
Twelve
Quarter Ended Months
--------------------------------------------- Ended
Sept 30, Dec 31, Mar 31, June 30, Sept 30, Sept 30,
2006 2006 2007 2007 2007 2007
------- ------- ------- -------- -------- --------
Operating
Revenues $65,817 $79,143 $77,608 $118,716 $143,608 $419,075
------- ------- ------- -------- -------- --------
Operating
Expenses
Lease operating
expense
Insurance
expense 2,662 2,653 4,866 2,489 5,058 15,066
Workover
expense 1,322 (495) 1,910 5,532 4,832 11,779
Other lease
operating
expense 10,697 10,629 9,575 17,145 20,803 58,152
------- ------- ------- -------- -------- --------
Total lease
operating
expense 14,681 12,787 16,351 25,166 30,693 84,997
Production
taxes 811 407 1,691 686 1,960 4,744
DD&A 27,744 31,711 28,600 57,873 73,253 191,437
General and ad-
ministrative 5,018 5,573 5,733 10,183 5,771 27,260
Other - net 166 18 (675) 1,545 2,802 3,690
------- ------- ------- -------- -------- --------
Total operating
expenses 48,420 50,496 51,700 95,453 114,479 312,128
------- ------- ------- -------- -------- --------
Operating
Income $17,397 $28,647 $25,908 $ 23,263 $ 29,129 $106,947
======= ======= ======= ======== ======== ========
Sales Volumes
per Day
Natural gas
(MMcf) 47.1 52.1 42.1 60.0 83.5 59.5
Crude oil
(MBbls) 5.9 7.0 7.5 10.9 12.3 9.4
Total (MBOE) 13.8 15.7 14.5 20.9 26.2 19.3
Average Sales
Price
Natural gas
per Mcf $ 6.28 $ 6.67 $ 7.77 $ 7.78 $ 5.83 $ 6.85
Hedge gain
per Mcf 0.80 0.67 1.43 0.80 1.46 1.11
------- ------- ------- -------- -------- --------
Total natural
gas per
Mcf $ 7.08 $ 7.34 $ 9.20 $ 8.58 $ 7.29 $ 7.96
======= ======= ======= ======== ======== ========
Crude oil
per Bbl $ 67.16 $ 56.77 $ 56.24 $ 67.46 $ 79.19 $ 67.10
Hedge gain
(loss) per Bbl (2.48) 11.14 7.36 5.21 (1.52) 4.54
------- ------- ------- -------- -------- --------
Total crude
oil per Bbl $ 64.68 $ 67.91 $ 63.60 $ 72.67 $ 77.67 $ 71.64
======= ======= ======= ======== ======== ========
Hedge gain
per BOE $ 1.68 $ 7.19 $ 7.95 $ 5.03 $ 3.94 $ 5.64
======= ======= ======= ======== ======== ========
Operating
Revenues per
BOE $ 52.03 $ 54.71 $ 59.54 $ 62.53 $ 59.63 $ 59.38
------- ------- ------- -------- -------- --------
Operating
Expenses per
BOE
Lease operating
expense
Insurance
expense 2.10 1.83 3.73 1.31 2.10 2.13
Workover
expense 1.04 (0.34) 1.47 2.91 2.00 1.67
Other lease
operating
expense 8.46 7.35 7.34 9.03 8.64 8.24
------- ------- ------- -------- -------- --------
Total lease
operating
expense 11.60 8.84 12.54 13.25 12.74 12.04
Production
taxes 0.64 0.28 1.30 0.36 0.81 0.67
DD&A 21.93 21.92 21.94 30.48 30.42 27.13
General and ad-
ministrative 3.97 3.85 4.40 5.37 2.40 3.86
Other - net 0.14 0.02 (0.52) 0.82 1.16 0.53
------- ------- ------- -------- -------- --------
Total operating
expenses 38.28 34.91 39.66 50.28 47.53 44.23
------- ------- ------- -------- -------- --------
Operating
Income per
BOE $ 13.75 $ 19.80 $ 19.88 $ 12.25 $ 12.10 $ 15.15
======= ======= ======= ======== ======== ========
ENERGY XXI (BERMUDA) LIMITED
SUMMARY OF HEDGE POSITIONS AS OF NOVEMBER 13, 2007
Natural Gas (000 MMBTU)
------------------------------------------------------------
Average
---------------------
Qtr Instrument Volume Sub Floor Cap
---- ------------- ------ ----- ----- -----
Q208 Swaps 2,762 8.22 8.22
3-Way Collars 540 5.71 7.48 10.09
Collars 400 8.26 10.75
Puts 100 8.00
Put Spreads 1,100 6.00 8.00
Q308 Swaps 3,210 8.60 8.60
3-Way Collars 1,500 5.70 7.45 10.10
Collars 570 8.26 10.74
Puts 140 8.00
Put Spreads 1,540 6.00 8.00
Q408 Swaps 2,730 8.64 8.64
3-Way Collars 1,420 5.68 7.42 10.10
Collars 460 8.24 10.78
Puts 120 8.00
Put Spreads 1,390 6.00 8.00
Q109 Swaps 1,480 8.78 8.78
3-Way Collars 1,340 5.66 7.38 10.11
Collars 390 8.22 10.81
Puts 120 8.00
Put Spreads 1,280 6.00 8.00
Q209 Swaps 1,820 8.77 8.77
3-Way Collars 1,250 5.63 7.34 10.12
Collars 360 8.21 10.82
Puts 110 8.00
Put Spreads 1,170 6.00 8.00
Q309 Swaps 1,920 8.62 8.62
3-Way Collars 1,040 6.00 8.09 9.97
Q409 Swaps 1,720 8.46 8.46
3-Way Collars 930 6.00 8.10 9.96
Q110 Swaps 1,530 8.46 8.46
3-Way Collars 820 6.00 8.11 9.96
Q210 Swaps 1,390 8.46 8.46
3-Way Collars 740 6.00 8.12 9.95
Q310 Swaps 1,700 8.12 8.12
3-Way Collars 180 6.00 8.50 9.80
Q410 Swaps 1,500 8.12 8.12
3-Way Collars 180 6.00 8.50 9.80
Q111 Swaps 1,380 8.12 8.12
3-Way Collars 180 6.00 8.50 9.80
Q211 Swaps 1,280 8.12 8.12
3-Way Collars 180 6.00 8.50 9.80
-----------------------------------------------------------
Crude Oil (000 BBL)
-----------------------------------------------------------
Average
---------------------
Qtr Instrument Volume Sub Floor Cap
---- ------------- ------ ----- ----- -----
Q208 Swaps 383 76.60 76.60
3-Way Collars 181 46.88 56.88 63.72
Collars 191 64.46 76.98
Puts 24 60.00
Q308 Swaps 505 71.98 71.98
3-Way Collars 240 54.25 67.30 78.49
Collars 162 64.79 76.56
Puts 33 60.00
Q408 Swaps 398 70.14 70.14
3-Way Collars 208 54.13 67.19 78.50
Collars 189 65.46 76.36
Puts 30 60.00
Q109 Swaps 364 70.38 70.38
3-Way Collars 205 54.12 67.44 78.99
Collars 55 60.00 78.00
Puts 27 60.00
Q209 Swaps 320 70.37 70.37
3-Way Collars 184 54.02 67.40 79.09
Collars 51 60.00 78.00
Puts 26 60.00
Q309 Swaps 325 70.85 70.85
3-Way Collars 170 53.94 67.24 78.94
Q409 Swaps 303 70.86 70.86
3-Way Collars 137 53.69 67.37 79.66
Q110 Swaps 277 70.97 70.97
3-Way Collars 111 53.38 67.52 80.49
Q210 Swaps 257 71.01 71.01
3-Way Collars 87 52.93 67.70 81.64
Q310 Swaps 238 70.86 70.86
3-Way Collars 68 52.35 67.35 82.05
Q410 Swaps 215 70.89 70.89
3-Way Collars 60 52.00 67.00 82.04
Q111 Swaps 193 70.93 70.93
3-Way Collars 52 51.54 66.54 82.03
Q211 Swaps 171 70.96 70.96
3-Way Collars 45 50.95 65.95 82.02
Includes production for November 2007 and later
All prices are weight-averaged by contract volume
FY 2008 1st Quarter Operations Report
EXXI Fiscal 1st Quarter 2008 Drilling Results
Exploration Development Total
-------------- ------------- -------------
Gross Net Gross Net Gross Net
------ ------ ------- ----- ------ ------
Operated
Oil 1 1 1 1 2 2
Gas 1 1 0 0 1 1
Dry 0 0 2 2 2 2
Non-Operated
Oil 0 0 0 0 0 0
Gas 2 1.25 0 0 2 1.25
Dry 1 0.5 0 0 1 0.5
------ ------ ------- ----- ------ ------
Total 5 3.75 3 3 8 6.75
------ ------ ------- ----- ------ ------
Exploration Development Total
-------------- ------------- -------------
Success Rate
(Net) 87% 33% 63%
-------------- ------------- -------------
Exploration Development Total
-------------- ------------- -------------
Onshore 4 2 6
Offshore 1 1 2
====== ==== ======
Total 5 3 8
Gulf of Mexico Shelf Highlights
South Timbalier 21 (100% WI)
During the fiscal first quarter, South Timbalier 21 net production averaged 8,250 BOE/d as flush production volumes delivered by last year's accelerated drilling program dissipated. The current one-rig program is designed to essentially offset natural field declines from the more normalized 7,000 - 8,000 BOE/d range.
Activity during the quarter included the company's first exploration well in the field. Beaujolais, spud 07/17/07, TD'd at 14,066' and encountered approximately 40' of net pay in the primary D-15 through D-18 sand objectives, 20' of net pay in the S-4 interval and 16' of net pay in the D-7 and D-9 sands. The well is being dual completed in the D-15 and D-18 sands and is expected to be on production in December.
Pinot, the first of three planned South Timbalier development wells in the FY 2008 budget, spud 10/25/07 and is drilling ahead toward a planned TD of 11,375'.
Acquired Pogo Properties
Gulf of Mexico shelf properties acquired in June from Pogo Producing Company averaged 7,800 BOE/d in the fiscal first quarter, and entered the second quarter producing more than 10,000 BOE/d. Volumes from these properties have improved as extensive repair and maintenance work has been completed and efforts to optimize production have been undertaken. Evaluation of the properties is ongoing, and the company is encouraged by newly identified exploration and exploitation opportunities on and near existing producing facilities.
South Louisiana Onshore Highlights
Bayou Carlin
* C. M. Peterson Jr. #1 (31.25% WI) (Laphroaig Discovery), St. Mary Parish - Commenced production Aug. 15; ramped up in October to 40 MMcf/d and 742 BOPD through a 26/64" choke with 11,750 psig FTP.
Lake Salvador
* Devon-Mar #1 (37.5% WI), Lafourche Parish - Spud 9/12/07; reached TD of 12,480' MD on 10/06/07; three amplitude-supported objectives in the Middle Miocene Cib Op sands were found to be very high porosity wet sandstones; although the well was plugged and abandoned, the physical property logs acquired by this well will be valuable in calibrating the seismic attributes in the Lake Salvador Seismic Project.
Golden Meadow
* LaTerre Co. Inc. #1 (50% WI) (W. Lake Verret Discovery), Lafourche Parish - Spud 04/24/07; reached TD of 15,800' on 06/17/07; encountered 46' net pay; completed in the Cib. Carst. E Sand on 10/12/07 with production of 462 BOPD and 4.4 MMcf/d through a 10/64 choke with a FTP of 9,250 psig.
* LL&E #232 (25% WI), Lafourche Parish - Spud 09/22/07; reached TD of 14,000' on 10/12/07; encountered more than 100' of gross pay in the main Duval sand objective; completion operations scheduled for November.
South Lake Verret
* Jeanerette Lumber & Shingle 34-1 (100% WI), St. Martin Parish - Spud 08/08/07; reached TD of 15,069' on 09/07/07; encountered three zones of interest in the Operc 9 section; a completion rig will be brought in to test these zones.
Cote de Mer
* McIlhenny #1 well (35% WI) (Cote de Mer Prospect), Vermilion Parish - Spud 02/07/07; experienced uncontrolled release of gas on 06/11/07 at about 20,400' MD; washed out drill string to 18,600'; wellbore being evaluated for continued drilling operations while control operations are completed.
GLOSSARY
Barrel - unit of measure for oil and petroleum products, equivalent to 42 U.S. gallons.
BOE - barrels of oil equivalent, used to equate natural gas volumes to liquid barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.
BOE/d - barrels of oil equivalent per day.
Field - an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
FTP - flowing tubing pressure.
MBOE - thousand barrels of oil equivalent.
MMBOE - million barrels of oil equivalent.
MD - measured depth.
Net Pay - cumulative hydrocarbon-bearing formations.
Spud - to begin drilling a well.
TD - target total depth of a well.
TD'd - to finish drilling a well.
TVD - total vertical depth.
Workover - operations on a producing well to restore or increase production. A workover may be performed to stimulate the well, remove sand or wax from the wellbore, to mechanically repair the well, or for other reasons.
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I love this board!!!
FCCN/AERO MERGER OF THE CENTURY!!!!!!! LMAO
Wow, that truly was the reverse merger of the year, LMAO!!!!!
FCCN, what a POS. Reminds me of sljb. Its the auditors fault, ROFLMAO!!!!!!!! They merged with aero, yet file nothing with the SEC and don't change the name. What a joke!
Very possible.
FCCN down again, nooooooooooooo!. It's suppose to be the reverse merger of the century. LMAO!!!
FCCN- tanking before the close. Sell now or feel the pain from the afterhours 8-k tommorow.
No but I did get to have fun with SLJB.
Amazing that you can't cut and paste.
time bomb?
tic tic tic
The hour is near.
"Our intention is to close the Hacketts acquisition on or before November 30"
I never said it would tank any day now, they are going to pump this thing until the last minute. Besides it is the longs who will suffer. If the merger does happen, you will only get a small portion of a company that has an unknown value. Then they will reverse split and dilute the crap out of it.
I thought you guys were waiting on confirmation of the merger date and then BOOM. Down 6% today, i don't thinks you guys can afford another great pr.
Wow, that was great news. Confirmation of merger date and red for the day. Must be the dump.
VFIN is dumping hard into this pump.
Nice find, its good hearing the other side of the story besides all the pumping.
What a JOKE, lawsuit was just filed yesterday and its over already. ROFLMAO!!!
Uh, fccn is a POS.
Didn't aero try to go public before in 2001 and it fell through.
Lots of pumping. Every PR pumps nascar this and nascar that.
Then comes the dumping.