HOUSTON, Aug. 7, 2012 (GLOBE NEWSWIRE) -- Energy XXI (EXXI) (LSE:EXXI) today announced its Board of Directors 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 Sept. 14, 2012 to the holders of record on Aug. 31, 2012. The company currently has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 814,019 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

The Board of Directors also declared a quarterly dividend of $0.07 per share of common stock, to be paid on Sept. 14, 2012 to shareholders of record on Aug. 31, 2012. The company currently has 79,286,970 shares of common shares 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.

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. Seymour Pierce is Energy XXI's listing broker in the United Kingdom. To learn more, visit the Energy XXI website at www.EnergyXXI.com .

The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587

CONTACT: 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

         Seymour Pierce
         Jonathan Wright - Corporate Finance
         Richard Redmayne - Corporate Broking
         Tel: +44 (0) 20 7107 8000

         Pelham Bell Pottinger
         James Henderson
         jhenderson@pelhambellpottinger.co.uk
         Mark Antelme
         mantelme@pelhambellpottinger.co.uk
         +44 (0) 20 7861 3232