Cox Oil Announces Completion of Energy XXI Acquisition
Cox Oil (“Cox”), a privately owned, independent oil and gas company, today announced the completion of the merger between
affiliates of Cox (“Merger Sub”) and Energy XXI Gulf Coast, Inc. (“EGC”) (NASDAQ: EGC), following the receipt of all required
regulatory approvals and the satisfaction of all conditions to the merger agreement.
Under the terms of the transaction, effective October 18, 2018, Cox acquired all outstanding shares of EGC common stock for
$9.10 per fully diluted share in cash, for a total consideration of approximately $322 million. This represents a 21% premium to
EGC’s closing share price on June 15, 2018. Additionally, the Merger Sub merged with and into EGC, and the separate existence
ceased with EGC continuing as the surviving corporation.
“This is an exciting day for Cox Oil, a testament to the dedication of our outstanding team striving to deliver maximum value to
our existing portfolio and another positive step towards our long-term strategy and goals,” said Brad E. Cox, Chairman of Cox
Oil.
About Cox Oil
Cox is a privately-held entity that owns and operates assets in the Gulf of Mexico and was founded by fourth generation oilman,
Brad E. Cox. Cox has grown through enhanced development of production and reserves in existing assets along with strategic
acquisitions. Cox’s assets are located in both the OCS in the Gulf of Mexico and the shallow waters off the coast of Louisiana.
They currently operate more than 600 producing wells from approximately 500 structures over 66 fields with daily production of
approximately 85,000 BOE. These operated assets stretch from offshore Florida to Texas. Cox is based in Dallas, Texas with
operation staff in New Orleans, Louisiana and Houston, Texas. To learn more, visit Cox’s website at
coxoperating.com.
Media Contact for Cox Oil
Danielle DiCesare
danielle@danielledicesare.com
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