-=Energy XXI Gulf Coast (EGC) to be acquired by privately held Cox Oil

• Energy XXI’s predecessor, Energy XXI Ltd., acquired Houston-based EPL Oil & Gas Inc. in a 2014 deal valued at $2.3 billion, including the assumption of debt. The company then filed for Chapter 11 bankruptcy protection in April 2016 and emerged as Energy XXI Gulf Coast in late December 2016. The Chapter 11 restructuring eliminated more than $3.6 billion in debt.

Energy XXI Gulf Coast to be acquired by affiliate of Cox Oil for approximately $322 mln, or $9.10/share in cash  
EGC's Board of Directors unanimously approved the proposed transaction with Cox after evaluating multiple transactions, including a proposal from Orinoco Natural Resources, LLC and its affiliates to assume EGC's non-core asset portfolio and related asset retirement obligations. EGC has ceased all negotiations with ONR and its affiliates regarding the non-binding term sheet announced on May 10, 2018. The transaction is anticipated to close in the third quarter of 2018.