Exxon Swings Shallow Water Gulf Assets To Energy XXI

Law360, New York (October 2, 2012, 4:20 PM EDT) -- Energy XXI Ltd. has agreed to buy shallow-water assets in the Gulf of Mexico held by Exxon Mobil Corp. and form a joint venture with Exxon Mobil to explore additional opportunities in the Gulf, the Bermuda-based oil and gas company said Monday.

Energy XXI said it would acquire 5,000 gross acres on Vermillion Block 164, located in shallow water southwest of the Louisiana coast in the Gulf. The acreage is currently producing roughly 1,100 net barrels of oil equivalent per day, the company said.

Vermillion Block...
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