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Subject:  Re: Energy XXI (EXXI) Date:  5/2/2012  11:54 PM
Author:  JustMee01 Number:  10086 of 25375

A little update:

EXXI reported after the close today. Their call is tomorrow morning. Estimates, which had been raised from $1.08 to $1.13 were missed. EXXI reported $1.04 per share on a fully diluted basis. However, $0.07 per share were one time charges associated with the retirement on some of their preferred shares. Exclusion of that charge, results in a $1.11 per share figure, still shy of the consensus.

Production averaged 45,300 BOEd, up from the Q2 exit rate of 42,000 BOEd. The exit rate for Q3 was 52,350 BOEd. The press release stated they expect another 10,000 BOEd in new production coming on-line in Q4. Of course, there could be depletion of current production to partially offset those gains. There does appear to be the potential to hit a 60,000 BOEd exit rate for FY 2012, though.

As far as DJ is concerned, they're fishing out the perf guns to get back down to the lowest F sand in the Wilcox. They anticipate a flow test in Q4. (We'll see, working in this hole has been a challenge.)

Mixed bag....

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