DALLAS, Jan. 12, 2010 (GLOBE NEWSWIRE) -- InvestorSoup.com announces an investment report featuring Energy XXI Ltd. (Nasdaq:EXXI). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision.
It is available at: http://www.investorsoup.com/lp/EXXI
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Energy XXI (Bermuda) Limited (EXXI) is an independent oil and natural gas exploration and production company. The Company is engaged in the acquisition, exploration, development and operation of oil and natural gas properties onshore in Louisiana and Texas, and offshore in the Gulf of Mexico. Its wholly owned subsidiary is Energy XXI Gulf Coast Inc.
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In the report, the analyst notes:
"The Company reported a 2010 fiscal first-quarter net loss of $12.3 million, or $0.08 per share, on revenues of $84.9 million and production of 15,500 barrels of oil equivalent per day (BOE/d). The loss includes $9.2 million of non-cash deferred tax expense primarily resulting from changes in other comprehensive income related to the value of the hedge portfolio.
"EXXI yesterday announced a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water. The well has been drilled to 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. The wireline log results indicated a total of 135 net feet of hydrocarbon-bearing sands in four zones in the Wilcox section of the Eocene/Paleocene. All of the zones were full to base, with two of the zones containing a combined 90 net feet. . Drilling will resume to deepen the well to a proposed depth of 29,000 feet to test additional objectives. EXXI, through a joint venture Area of Mutual Interest with McMoRan, has the option to continue participating in further exploration within the ultra-deep shelf play below the salt weld."
To read the entire report visit: http://www.investorsoup.com/lp/EXXI
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