Nov. 21, 2010, 8:25 p.m. EST

Energy XXI to buy Exxon properties for $1 billion

By Myra P. Saefong

TOKYO (MarketWatch) -- Energy XXI said it's in a deal to acquire certain shallow-water Gulf of Mexico oil and natural gas interests from ExxonMobil Corp. affiliates for $1.01 billion. The aquisition would make Energy XXI the third-largest oil producer on the Gulf of Mexico shelf, with interests in seven of the top 11 oil fields on the shelf, the company said in a press release. The assets currently produce about 20,000 net barrels of oil equivalent per day and are estimated to contain net proved and probable reserves of 66 million barrels of oil equivalent.

http://www.marketwatch.com/story/energy ... 2010-11-21