Energy XXI issues common stock in exchange for convertible preferreds

By Ashley Montgomery

Kansas City, Kan., Sept. 25 - Energy XXI (Bermuda) Ltd. said it issued 801 shares of common stock in exchange for 81 shares of its 5.625% convertible perpetual preferred stock.

The company issued a number of common shares equal to the sum, rounded to the nearest whole number, of the number of preferreds multiplied by 9.878.

The exchange was made under an agreement reached with one holder of the preferreds. Following the exchange, 813,720 preferreds remain outstanding.

The company has applied to list the new shares of common stock on AIM.

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

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