The assets are currently producing approximately 20,000 net boe per day (boe/d), about 53% of which is oil, and the offshore leases included in the purchase total 130,853 net acres.
The properties are estimated to contain net proved and probable reserves of 66 million barrels of oil equivalent (boe), 61% of which is oil.
Proved reserves are estimated at 30.1 million barrels of oil and 116.1 billion cubic feet of natural gas, or a total of 49.5 million boe, 68%of which are proved developed.
The properties include nine fields on the Gulf of Mexico shelf, generally located between Energy XXI’s existing core South Timbalier and Main Pass operations in water depths of 470ft or less, and the six largest fields account for 89% of the net production.
The purchase is subject to preferential rights-to-purchase held by other working interest owners in the properties, as well as customary closing conditions and adjustments.
