‘Outperform’ Rating For Energy XXI
Bermuda’s Energy XXI was upgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “outperform” rating in a research note issued to investors today [Dec. 21].
Energy XXI is an independent oil and natural gas exploration and production company with operations focused in the United States Gulf Coast and the Gulf of Mexico.
As of June 30, 2010, the company’s estimated net proved reserves were 75.6 million barrels of oil equivalent [MBOE], of which 63% was oil and 70% was proved developed.
Its core properties at June 30, 2010, were Main Pass 61 Field, South Timbalier 21 Field, Viosca Knoll 1003 Field, South Pass 49 Field and Main Pass 73/74 Field.
Energy XXI’s average daily production for the fiscal year ended June 30, 2010 was 21.8 MBOE per day, of which 67.4% was oil. The company operates or has an interest in 287 producing wells in 51 producing fields.
Energy XXI was formed in Bermuda to acquire and exploit producing oil and gas reserves. Initial funding in October 2005 was through a $300 million private placement equity offering in the US and UK and a listing on the London Stock Exchange Alternative Investment Market [AIM].
