HOUSTON, June 23, 2008 (PRIME NEWSWIRE) -- Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) (LSE:EXXS) today announced it is set to join the broad-market Russell 3000(r) Index and the Russell Global(r) Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27, according to additions posted on www.russell.com. Membership in the Russell 3000(r), which remains in place for one year, also means Energy XXI's automatic inclusion in the small-cap Russell 2000(r) Index as well as the appropriate growth and value style indexes.
"Inclusion of Energy XXI in the Russell 3000(r) Index, the Russell Global(r) Index and related indexes is a reflection of the rapid growth achieved since our October 2005 initial public offering," Energy XXI Chairman and CEO John Schiller said. "This milestone comes at an exciting time for our company, immediately following a warrant tender offer that will significantly strengthen our capital structure, and as we get close to having results from four very high-profile exploration wells that are currently drilling. We welcome the increased awareness of Energy XXI's accomplishments among money managers, analysts and other investment community professionals."
Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched last year.
Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4.4 trillion in assets currently are benchmarked to them.
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. Collins Stewart Europe Limited and Tristone Capital Limited are Energy XXI listing brokers in the United Kingdom. In the United States, BMO Capital Markets, Collins Stewart, Dahlman Rose & Co., Jefferies & Company, Natixis Bleichroeder and Sterne Agee & Leach, Inc. are market makers. To learn more, visit the Energy XXI website at www.energyxxi.com.
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Forward-Looking Statements
All 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 that could cause actual results 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.