Energy XXI issues 286 shares in 5.625% convertible preferreds exchange

By Toni Weeks

San Diego, Aug. 2 - Energy XXI (Bermuda) Ltd. announced that it has issued 286 new common shares in exchange for 29 shares of 5.625% convertible perpetual preferred stock.

The company issued a number of shares equal to the sum of the number of preferreds multiplied by 9.8578, rounded to the nearest whole number.

Following the exchange, 814,068 shares of the convertibles remain outstanding.

Energy XXI is a Hamilton, Bermuda-based oil and natural gas exploration and production company.

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