Energy XXI Buys Mitsui Gulf Energy Assets For $283M

Law360, New York (November 24, 2009, 3:19 PM EST) -- Energy XXI (Bermuda) Ltd. has agreed to buy the Gulf of Mexico oil and natural gas assets owned by MitEnergy Upstream LLC, a subsidiary of Japan-based Mitsui & Co., in a deal valued at $283 million.

The deal, announced Monday, is the latest acquisition for Energy XXI, which began in 2005 with a $300 million U.S. and U.K. equity offering and has since acquired more than $1 billion in energy properties.

The Mitsui transaction involves interests in the same group of properties that Energy XXI acquired...
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