Energy XXI Declares Regular Quarterly Dividends on Common and Preferred Shares

HOUSTON, May 6, 2015 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) today announced its Board of Directors declared a quarterly dividend of $0.01 per share of common stock. The dividend is to be paid on June 12, 2015 to shareholders of record on May 29, 2015. As of May 5, 2015, the company had 94,434,156 shares of common stock outstanding. The Board of Directors will determine future dividends for Energy XXI common stock on a quarterly basis, with the amount dependent upon earnings, financial condition, capital requirements and other factors.

The Board of Directors also declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face value of $100 per share, and a $3.5156 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share.  Dividends on both issues will be paid in cash on June 12, 2015 to the holders of record on May 29, 2015. The company currently has 3,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 812,759 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

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. To learn more, visit the Energy XXI website at www.EnergyXXI.com.

CONTACT: ENQUIRIES OF THE COMPANY
         
         Energy XXI
         Greg Smith
         Vice President, Investor Relations
         713-351-3149
         gsmith@energyxxi.com
         
         Kim Pinyopusarerk
         Manager, Investor Relations
         713-351-3028
         kpinyo@energyxxi.com