Energy XXI and EPL Oil & Gas signed a definitive merger agreement whereby Energy XXI will acquire all EPL’s outstanding shares for total consideration of USD 2.3 billion, including the assumption of debt. Following the merger, Energy XXI’s production on the Gulf of Mexico shelf will total about 65,000 BOE/D, 70% of which is oil. As of 31 December 2013, EPL’s properties were estimated to contain net proved and probable reserves of 106.3 million BOE, 71% of which is oil.
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