Energy XXI (Bermuda) Limited Stock Repurchase Program (0437E)
07 May 2013 - 4:00PM
UK Regulatory
TIDMEXXI
RNS Number : 0437E
Energy XXI (Bermuda) Limited
07 May 2013
Energy XXI Board of Directors Approves
Stock Repurchase Program
HOUSTON - May 6, 2013 - Energy XXI (Nasdaq:EXXI) (LSE:EXXI)
today announced its Board of Directors has authorized the
repurchase up to $250 million in value of the company's common
stock from time to time, in one or more open-market
transactions.
The repurchase program authorizes Energy XXI to make repurchases
on a discretionary basis as determined by management, subject to
market conditions, applicable legal requirements, available
liquidity and other appropriate factors. The repurchase program
does not obligate Energy XXI to acquire any particular amount of
common stock and may be modified or suspended at any time and could
be terminated prior to completion. The repurchase program will be
funded from the company's cash on hand or available revolving
credit facility. Any repurchased shares of common stock will be
retained at the subsidiary level, subject to transfer to the parent
company where they may be retired.
In connection with the repurchase program, on May 1, 2013, the
Board of Directors also approved a Rule 10b5-1 plan that allows
Energy XXI to repurchase common stock at times when it otherwise
might be prevented from doing so under insider trading laws or
because of self-imposed trading blackout periods. A broker selected
by the company will have the authority under the pricing parameters
and other terms and limitations specified in the 10b5-1 plan to
repurchase shares on the company's behalf. The company will
periodically report the number of shares purchased under the
plan.
"The repurchase program reflects the confidence we have in the
company and its prospects," Chairman and Chief Executive Officer
John Schiller said. "We believe our own stock at these prices
represents the best acquisition prospect currently available to
us."
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.
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. Cantor Fitzgerald Europe is Energy XXI's
listing broker in the United Kingdom. To learn more, visit the
Energy XXI website at www.EnergyXXI.com.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Cantor Fitzgerald Europe
David Porter, Rick Thompson - Corporate Finance
Richard Redmayne - Corporate Broking
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFVEIIRIIV
Energy Xxi (DI) (LSE:EXXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Energy Xxi (DI) (LSE:EXXI)
Historical Stock Chart
From Jul 2023 to Jul 2024