Filed by Energy XXI

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

 

Subject Company: EPL

Commission File No.: 001-16179

 

 

N A SD A Q : EXXI A IM: EXXI w ww.energ y xx i .c om H o w a r d W ei l Ene r g y Con f e r ence Marc h 24 - 26 , 2014 I n v estor P r esent a tion 3/1 9/1 4 Acquire , Exploit , Explore , Deliver

2 Importan t Informatio n fo r In v e sto r s an d Stockholde r s This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection w ith the propos e d merger w ith EPL (“ EPL” ), Energy XXI (“ Energy XXI” ) w ill file w ith the Securities and Ex chan g e Commission (“ SEC” ) a registration statement on Form S - 4, w hich w ill include a preliminary joint pro x y statement that w ill constitute a prospe c tus of Energy XXI. Energy XXI and EPL also plan to file other documents w ith the SEC regarding the propos e d merger. After the registration statement has been declared effective by the SEC, a definitive joint pro x y statemen t/ pro sp ec t us w ill be mailed to stockholders of Energy XXI and EPL. INVESTORS AND SECURITY HOLDERS OF ENERGY XXI AND EPL ARE URGED TO READ THE JOINT PROXY STATEME N T/PROSP ECTUS (INCLUDING ALL AME N DMENTS AND SUPPLEMENTS THERET O ) AND O THER D O CUMENTS RELATING TO THE PR O P O SED MER G ER THAT WILL BE FILED WITH THE SEC CAREFUL L Y AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN I MPORTAN T INFORMATION ABOU T TH E PR OPOSED MERGER. Investors and s t ockholders w ill be able to obtain free copies of the joint pro x y statement / pros p e ct us and other documents containing important information about Energy XXI and EPL, once such documents are filed w ith the SEC, throu g h the w ebsite maintained by the SEC at http:/ / w ww.se c.g ov. Copies of the documents filed w ith the SEC by Ene r gy XXI w ill be available f r ee of cha r ge on E nerg y XXI’s in terne t web site a t www.e n er g y xx i. c om under the tab “Investor Relations” and then under the tab “Filings” or by contacting Energy XXI Investor Relations Department at 713 - 351 - 3000. Copies of the documents filed w ith the SEC by EPL w ill be available f r ee of cha r ge on EPL’s inte r net w ebsite at w ww .eplw e b. c om under the tab “Investor Relations” and then under the tab “F inancial Info r mation” or by contacting EPL’s Investor Relations Depa r tment at 713 - 228 - 0711. Participants in the Solicitation Energy XXI, EPL, their respective directors and certain of their executive officers may be deemed to be participants in the so l icitation of proxies from the stockholders of EPL and Energy XXI in connection w ith the proposed transaction. Information about the directors and executive officers of Energy XXI is set forth in Energy XXI’s annual report for the y ear ended June 30, 2013, w hich w as filed w ith the SEC on August 21, 2013. Information about the directors and executive officers of EPL is set forth in EPL’s annual report for the y ear ended December 31, 2013, w hich w as filed w ith the SEC on February 28, 2014. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or other w ise, w ill be contained in the joint pro x y statement / pro sp ec t us and other relevant materials to be filed w ith the SEC w hen they become available. Free copies of these documents can be obtain e d us i ng the contact information above. Cautiona r y Statemen t Regardin g For w a rd - Lookin g Statements This communication contains “for w ard - looking statements” w ithin the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchan g e Act of 1934. These include statements regarding the effects of the propos e d merger, estimates, expectati o n s , projections, goals, forecasts, assumptions, risks and uncertainties and are t y pically identified by w ords or phrases such as “ma y ,” “ w ill,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “ believe,” “target,” “forecast,” and other w ords and terms of similar meaning. For example, statements regarding future finan c ial performance, future competitive positioning and business s y nergies, future acquisition cost savings, future accretion to earnings per share, future market demand, future benefits to stockholders, fut u re economic and industry condition s , the proposed merger (including its benefits, results, effects and timing), the attributes of EPL as an indirect, w holl y - o w ne d subsidiary of Energy XXI and w hether and w hen the tran s actions contemplated by the mer ger ag r eement w ill be consummated, are for w ard - looki n g statements w ithin the meaning of federal securities la w s. These for w ard - looki n g statements are subject to numerous risks and uncertainties, many of w hich are be y o n d the companies’ control, w hich could cause actual benefits, results, effects and timing to differ materially from the results predic t ed or implied by the statements. These risks and uncertainties include, but are not limited to: the failure of the stockholders of EPL or the stockholders of Energy XXI to approve the proposed merger; the risk that the conditions to the closing of the proposed merger are not satisfied; the risk that regulatory approvals required for the proposed merger are not obtain e d or are obtained subject to cond i tions that are not anticipated; potential adverse reactions or changes to business relationships resulting from the anno u n c em en t or completion of the proposed merger; uncertainties as to the timing of the proposed merger; competitive responses to the proposed merger; costs and difficulties related to the integration of EPL’s business and operations w ith Energy XXI’s business and operations; the inability to or delay in obtaining cost savings and s y nergies from the propos e d merger; unex p ec te d costs, charges or e x penses resulting from the proposed merger; the outcome of pending or potential litigation; the inability to retain key person n el; uncertain t y of the e x pect e d financial performance of Energy XXI follo w ing completion of the proposed merger; and any changes in general economic and/or industry specific conditions. Energy XXI and EPL caution that the foregoi n g list of factors is not exclusive. Additional information concerning these and other risk factors is contain e d in Energy XXI’s and EPL’s most recently filed Annual Reports on Form 10 - K, subsequ en t Quarterly Reports on Form 10 - Q, recent Current Reports on Form 8 - K, and other SEC filings, w hich are available at the SEC’s w ebsite, http://ww w . s ec .g ov. All subseq ue nt w r itten and oral for w ard - looki n g statements concerning Energy XXI, EPL, the proposed transaction or other matters and attributab l e to Energy XXI and EPL or any person acting on the i r behalf are expressly qualified in their entirety by the cauti o nary statements above. Each for w ard looking statement speaks only as of the date of the particular statement, and neither Energy XXI nor EPL underta k es any obligation to publicly upda t e any of these for w ard - looki n g statements to reflect events or circumstances that may arise after the date hereof. Disclaimer

• Expert s a t Exploitin g Bi g Oi l Fields • EXX I Positione d fo r Productio n Growth – Long - lif e PD P oi l reserves – PU D inventor y provide s visibl e growth • Predictabl e an d Repeatabl e Oi l Program – W es t Delt a 73 – W es t Delt a 30 – Mai n Pas s 61 – O il y , operate d an d 100 % WI • Exploratio n Provide s Organi c Upside • EP L Acquisitio n Represent s Ste p Change 3 EXX I Dedicate d t o Profitabl e Growth

Production 4 • 45.2 MBOE/d (2Q FY2013) • O ne of the Largest Oil Producers on GoM S helf • ~67% of Production is Oil FY2013 Reserves • 179 MMBOE Proved Reserves • PV10 : $6. 1 Billion • 232 MMBOE 2P Reserves • PV10 : $8. 4 Billion • 75% of Proved Reserves are Oil • 94% of Proved Reserves and Production are Operated • 61% of Proved Reserves are Proved Developed Financial Ticker Mark e t Cap (3/2 0 /1 4 ) Insider Ownership FY2014 C apital Budget Fu ll y Diluted Shares E XX I $1.8B ~6.25% ~$705MM 78.8MM Position • G oM Shelf and S. Louisiana Oil Focus • A creage (n e t ) • 3D S eismic Data (s q . miles) 413,955 ~7,450 Compan y Overvie w Acquire . Exploit . Explore . Delive r .

Acquisition price per BOE* (2006 - 2012) A p ril 2007 Acquired POGO’s GoM assets for $415MM A ug u s t 2007 NASD A Q listi n g (ticker : E X XI) No v e m b e r 2009 Acquire d Mi t Energy assets for $276MM Janua r y 2010 Announce d major disco v e ry at Da v y Jones Ultra - Dee p w el l i n the Go M Shelf Octobe r 2005 Successfu ll y competed $300M M IP O o n the London AIM Jun e 2005 Compan y formation A p ril 2006 Acquired Marlin E n ergy Offshore, LLC for $448MM Jun e 2006 Acquired S o uth Louis i a n a properties fo r $311MM December 2010 Acquire d E xx onMobil GoM S helf properties for $1.01BN September 2012 Secured GoM E x ploration Joint Venture w ith E xx onMobil Janua r y 2013 Acquire d B ay o u Carlin Onshore S. Louis i a n a fo r $80MM March 2013 Signed GoM joint v enture w ith Apache 5 Marlin C a st ex Pogo Mitsui XOM Energ y XX I A c qui s ition $20.47 $12.36 $20.77 $24.13 $16.71 *Sou r ce: JS He r old Buyin g Bi g Oi l Fields and Buyin g Right $18.27 Avg . pric e pe r BOE 60% Avg . percen t oil September 2012 Implemented horizontal drill i n g progra m i n the W e st Delta 73 Field A p ril 2011 Da v y Jones Offset – T uscal o osa D isco v e ry Janua r y 2014 Lomon d Nort h – Tu scal o o s a D isco v e ry March 2014 EPL Acquis i t i on announc e d Grea t Companie s Star t wit h Grea t Assets

14 6 MMBO E Proved Reserve s Acquired ~80% Uplift on Proved Reserves Purchased 1 15 MMBOE Added Organically Marlin 25 MMBOE Other 26 MMBOE ExxonMobil 53 MMBOE MIT 21 MMBOE Pogo 20 MMBOE 261 8 74 26 1 MMBO E Proved Reserve s T o - Date F Y 20 0 9 F Y 20 1 0 ■ 1P Re se r v es ■ 3P Res er v e s 6 F Y 20 1 1 F Y 20 1 2 F Y 20 1 3 ■ Productio n Sinc e Inception ■ As se t S a l es 53 76 117 120 179 82 104 196 206 310 Histor y o f Makin g Bi g Oi l Field s Bigger

Image goes here EPL OIL & GAS ACQUISITION 7

• EXX I to acquir e EP L fo r $3 9 pe r shar e representin g a $ 2 .3 billio n transactio n value – EP L shareho l der s receiv e .58 4 EXX I share s plu s $25.3 5 i n cash – Stoc k consideratio n result s i n EP L ownershi p o f ~25 % o f combine d company • Electio n mechanis m fo r EP L shareholder s to selec t consideratio n o n pr o rat a basis • 34 % to EP L ’ s closin g shar e pric e o n 3/ 1 1/2014 • 37 % to EP L ’ s 30 - da y averag e closin g pric e endin g 3/ 1 1/14 • EXX I intend s to utiliz e existin g credi t facilit y an d cas h o n hand – $45 0 millio n availabi l i ty unde r pr o fo rm a revolvin g credi t facilities • Issuanc e o f ne w high - yiel d deb t o f $30 0 million • • • Subjec t to EP L an d EXX I shareholde r approva l s Regulator y clearanc e ( H S R waitin g period) Expecte d closin g i n 2 Q 2014 • • 8 EP L wil l retai n on e Boar d o f Directors seat on c ombine d company Ke y EP L personne l to b e retaine d to execut e integratio n o f assets T ransactio n Overview Consideration Governance & Management Timing Financing Premium

9 x Creates Premier Public Indepe n d ent on the GoM S helf • T o operate 10 of the largest oil fields on the GoM shelf • A lmost an oil pure pla y , 70% by production, 91% by revenue • E xpanded scale reduces risk through operational diversity x Large r , High - Graded Portfolio Offers V isible Growth • A pplication of operational e f ficiencies, deve l opment techniques and exploration concepts across a broader base of properties leverages the combined company ’ s proven expertise x T ransacti o n is Immediately Accretive • C ombined cost savings of up to $80 million in first two years • H ighly accretive on both EPS and CFPS basis • E nhances strong cash flow generation profile x Consisten t Executi o n o f EXXI ’ s Long - T erm St rateg y : Acquire, Exploit, Explore, Deliver • E stablished track record of successf ully integrating large acquisitions • S olid history of growing rese r ves and value on acquired properties T ransactio n Rationale

1 EPL r ese r ves and p r oduction as of 12/31 / 2013 p r o fo rma for Ne x en acquisition. 10 Long - Live d Oi l V a lu e Play Growth - Drive n Portfolio Complementary Asset Base Prove d Reser ves b y Catego r y Prove d Reser ves b y Area S P 7 8 MP EI 9 % Area 258/25 9 6% PUD PDP 5% Othe r SMI 30% 42% 12 % 239 S T 4% Area 11 % S S 208 PDNP 24% 28% EB WD 15% 27/29 14% Core Acreage Key Fields EXXI Overlap East Bay South Timbalier x West Delta 27/29 x Main Pass x Ship Shoal 208 South Pass 78 & 49 x x Eugene Island 258/259 South Marsh Island 239 Overview Prove d Reserve s (MMBoe ) 1 78.1 4 Q 201 3 Productio n (MBOE/d ) 1 20.8 EPL Asset Overview

West Delta 73 Sout h Pa s s 89 GUL F OF MEXICO Energ y XX I Assets EP L Assets Vermilion Laphroaig - Pontiff Sout h Timbalie r 54 Sout h Timbalie r 21 Gran d Isle 16/ 1 8 West Delta 30 Mai n Pass Co mp lex Sout h Pa s s 49 Additiona l Intere s t Sout h Mars h Islan d 239 Eugen e Islan d 25 8/25 9 Shi p Shoa l 208 M a i n P a ss 29 6 / 3 1 1 East Bay South P a s s 78 West Delta 29 Sout h Timbalier 26/ 4 1 Highlander Da v y Jones Lineham Creek Blac kbea rd Co mp lex Th e combine d compan y wil l operat e 10 o f th e larges t Go M Shel f oi l fields. Ne w Orleans Bato n Rouge Lafa y e tte 11 EP L Asset s Integrat e Seamlessly Rank F i e ld O pe r ator Cu m P r od. ( MM B O) 1 Ba y Marchand Che v ron 802 2 W est Delta 30 Energy X X I 740 3 E ast Bay EPL 659 4 Eugen e Islan d 330 Field w ood 437 5 G ran d Isl e 43 Field w ood 374 6 Grand Isle 16 Energy X X I 304 7 S outh Pass 61 Field w ood 269 8 W est Delta 73 Energy X X I 268 9 M ain Pass 41 Che v ron 265 10 Sout h Timbal i e r 21 Energ y X X I 257 11 Shi p Shoa l 208 EPL 221 12 South Pass 89 Energy X X I 194 13 South M arsh Island 130 Talos 187 14 Sout h Timbal i e r 135 Che v ron 168 15 W es t Delt a 79 Field w ood 164 36 Main Pass 61/73 Energy X X I 100 42 South Pass 49 Energy X X I 8 2 43 South Pass 78 Energy X X I 8 0

48% 11% 41% 42% 28% 30% 4 6% 1 6% 3 8% PDP PDNP PUD Proved Reserve s 1 Proved Probable 2P Reserve s 1 76% 24% 74% 26% 75% 25% 165 MMBOE 78 MMBOE 243 MMBOE 218 MMBOE 106 MMBOE 325 MMBOE Production 1 EXXI Pr o Forma EPL 44.7 MBOE/d 20.8 MBOE/d 65.5 MBOE/d 1 EXXI r ese r ves and p r oduction as of 6/30/2013 less p r oduction f rom 7/1/2013 - 12/31/2013 p r o fo r ma for divestitu r e of Eugene Island 330 and South Marsh Island 128 and acquisition of West Delta 32 ( Black Elk) and South T imbalier 54 ( Walte r) . EPL r ese r ves and p r oduction as of 12/31/2013 pr o form a fo r Nexen acquisition. Oil Gas 33% 67% 24% 76% 31% 69% 12 Expande d Portfoli o Increase s Scale

740 437 802 187 659 374 265 3000 194 221 257 268 304 269 168 164 0 Energy XXI Operator 1 Operator 2 Operator 3 Cumulative Oil Production (MMBO) Note: Opera t ors include Talos, Chevron and Field w ood Energy Energ y XXI Operato r 1 O perato r 2 O perato r 3 # o f Fields 7 4 3 1 Cum . Production (MMBOE) 2,643 1,244 1,235 187 13 Leading Operator of T op 15 Shelf Oil Fields 2500 2000 1500 1000 500

Production 3,660 *Origina l h y drocarbon s i n plac e fo r to p 1 0 field s o f combine d EXXI/EP L properties 14 Proved 233 Probable 74 Possible 67 Next 5% from T o p T en Fields 402 Remaining Left in Ground 3,599 8,000+ Gros s MMBOE* T o p T e n Fields 5 % Recover y Increase Double s EXX I Reserves Recoverin g Mor e Fro m Bi g Oi l Fields

65 56 50 45 21 633 $48.4 $41.9 $39.1 $35.9 $27.1 444 335 298 226 Prove d Reserv e s (MMBOE ) 1 Prove d Reserv e s (MMBOE ) 1 Source: Company filings. 1 EXXI r ese r ves and p r oduction as of 6/30/2013 less p r oduction f rom 7/1/2013 - 12/31/2013 p r o fo r ma for divestitu r e of Eugene Island 330 and South Marsh Island 128 and acquisition of West Delta 32 ( Black Elk) and South T imbalier 54 ( Walte r) . EPL r ese r ves and p r oduction as of 12/31/2013 pr o form a fo r Nexen acquisition. 2 Adjusted EBITDA margin defined as calendar Q4 2013 Adjusted EBITDA divided by quarterly producti o n Production(MBOE/d) 1 Production(MBOE/d) 1 GoM S helf Net Acres GoM S helf Net Acres Adjusted EBITDA Margin ($/BOE ) 2 Adjusted EBITDA Margin ($/BOE ) 2 15 Peers include SG Y , WTI 243 165 144 118 78 Becoming the Premier GoM S helf Independent EPL EX XI - Pro EXXI Pee r 1 Pee r 2 EX XI - Pro Pee r 2 EX XI EPL Pee r 1 Forma Forma EX XI - Pro EXXI Pee r 1 Pee r 2 EPL EX XI - Pro Pee r 2 Pee r 1 EX XI EPL Forma Forma

$ - $50 $1 0 0 $1 5 0 $2 0 0 $2 5 0 $3 0 0 $3 5 0 $4 0 0 Direct LOE T o tal Insurance Expense Net G&A Savings Savings Savings 247.9 130.5 $378.4 $ i n Millions ($20) 5% savings ($15) 19% savings ($15) 16% savings $78.3 $91.8 40.0 38.3 65.2 26.6 Energy XXI EPL ( A ct u als , 1 2 m onths e nd e d Dec . 31 , 2013) T a rg e t e d A nnu a l S a v ings Significan t Near - T er m Cos t Savings

17 T o tal Proved Reser v e s (MM B OE ) 3 165 243 1 Pro forma borro w ing base of $1,675 reduced by $75 mill i on per additional HY debt of $300 mill i on 2 Includes effect of $225 mill i on in letters of credit outsta n di n g 3 EXXI r ese r ves and p r oduction as of 6/302013 less p r oduction f rom 7/2013 - 12/2013 p r o fo rma for divestitu r e of Eugene Island 330 and South Marsh Island 128 and acquisition of West Delta 32 and South Timbalier 54. Pr o Form a Capitalization Histori ca l 12/ 31/20 1 3 Acquisition Pr o Forma 12 / 31 / 20 1 3 $MM , excep t pe r shar e data Cas h an d cas h equivalents Revolving credit facility Other long - term debt Ne t debt $35 8 $128 $15 2 $827 $1,84 7 2,644 $1,64 1 $3,343 Shareholders ’ equity T o tal Capitalization $1,36 6 $1,905 $3,008 $5,259 Borro w i n g base 1 Liquidi t y 2 $1,088 $1,600 $1067 $676 Net Debt/ T otal Proved $9.89 $13.72 Net Debt/Capitalization 55% 64%

W est Delta 73 Horizontal Program W est Delta 30 Development Program Main Pass Development Program Exploration 18 Energ y XX I Operationa l Program

2 Horizontal Wells, 2 De v e lopment Well, 4 Rec o m p leti on s , 1 Ex plo rati on 6 De v elopmen t W ells , 1 Injecto r Well , 1 Recomplete Platform Mob/D e mob 4 H orizontal Wells, 1 Injector Rig Mo v e 4 H o riz ont a l W ells , 1 I n ject or 5 H o riz ont a l W ells 19 Rampin g U p Productio n Wit h 4 Rigs Field FY14 1st Quarter FY14 2nd Quart e r FY14 3rd Quarter FY14 4th Quart e r FY15 1st Quarter FY15 2nd Quart e r FY15 M P 61 , 72 E n sc o 82 6 De v elopmen t W ells , 1 Injecto r Well , 1 Recomplete WD 7 3 Na bo r s P - 17 4 H o riz ont a l W ells , 1 I n ject or Platform Mob/D e mob 5 H o riz ont a l W ells WD 7 3 Mods 15 0 Rig Mo v e 4 H orizontal Wells, 1 Injector WD 3 0 E n sc o 99 2 Horizontal Wells, 2 De v e lopment Well, 4 Rec o m p leti on s , 1 Ex plo rati on

Ne w Orleans Main Pa s s Heron #3 Ceci l Pro v ine 25% WI D elineating West Delta 73 Scully 10 0 % WI Nabors P - 17 Rigging Up West Delta 73 Columbo 10 0 % WI Nabors Mods 150 Rigging Up South Marsh Island 234 Dav y Jone s Offset Maroo n boxe s indicat e operate d rigs 20 15. 8 % WI R o w a n EX L 3 C ompleting Curren t Ri g Activity Highlander Area 18% WI Lomond North Coast a l 22 Completing Main Pa s s 61 10 0 % WI Punch Ensc o 82 Drilling West Delta 30 10 0 % WI P - 42 Ensc o 99 Recompl e ting

A verag e Shal e Horizontal ( Eagl e Ford , Permian) A v g . I P Rate : 57 7 BOPD A vg. Lateral: Est. EUR: Est. D&C: 5,400 feet 300 - 600 MBOE $5 - $9 MM A verag e EXX I Horizontal ( W es t Delt a 73) A v g . I P Rate : 1,75 0 BOP D A vg. Lateral: EUR: D&C: 1,000 feet 1,340 MBO $ 1 1 MM Shal e horiz onta l informati o n sourc e s: W es t Delta E x plor a tion Mai n Pass 30 Te x as Railroad Commissio n , USGS, SPE 21 Horizontal s Outperfor m i n Bi g Oil y Go M F ields Horizontal Drilling

L HORIZ ONTA Weimer L HORIZONTA L HORIZONTA Bi g Sk y 2 Gla c i e r Maroon Bea rc l a w Bi g Sk y 3 Hulk (H - 35 Sand) H y den (G - 20 Sand) Gunn El Diente W es t Delta 30 E x plor a tion Mai n Pass 22 W D 7 3 – S uccessfu l Horizonta l Results Horizontal Drilling

0 2 0 00 4 0 00 6 0 00 Mar 12 Jun 12 Sep 12 D ec 12 Mar 13 Jun 13 Sep 13 D ec 13 Net BOE/d W es t Delt a 7 3 His torical Production 8 0 00 Mar 11 Jun 11 Sep 11 D ec 11 Quarte r Ending Reserves Growth ; Crude ; Gas Horizont a ls Hurrican e Isaac 13.9 17.7 1.6 13.7 23.5 54.0 7.4 3.4 70 60 50 40 30 20 10 0 2 0 10 6/3 0 / 2 012 6/3 0 / 2 013 Acquisition Prove d Prob a ble Produ c tion GROS S MMBOE W es t Delta 30 E x plor a tion Mai n Pass 23 W D 7 3 – Horizonta l Growt h Drive s Production Program Stats Acquisition - to - Date Results F Y14 Program 15 Wells Completed 3 Rec o mpletions 4 Horizonta l Well s Remainin g t o Spud CAPE X Spent : $16 2 MM CAPE X Remaining : $4 7 MM Horizontal Drilling

0 2 5 00 2 0 00 1 5 00 1 0 00 5 0 0 Performance 3 0 00 4 0 00 3 5 00 Initia l Productio n (boe/d) Threshold Recen t Horizontals A verag e I P Rate 1,30 0 BOE/d * W es t Delta 30 E x plor a tion Mai n Pass *Seekin g t o isolat e w a te r incursion 24 Continue d Succes s fro m Recen t Horizontals Horizontal Drilling

14 12 10 8 6 4 2 0 West Delta 74 West Delta 74 West Delta 92 West Delta 73 West Delta 73 West Delta 73 West Delta 73 West Delta 73 West Delta 73 West Delta 73 West Delta 73 16 D - 1 ST 1 (Big Sky 2 ) D - 7 ST2 (We i me r) D - 42 ST2 ( H y d en) D - 16 ST2 ( M aroo n ) D - 46 ST (B e a r c l a w) D - 45 ST3 D - 9 (Big Sky 3 ) D - 1 1 ( Hulk ) D - 16 ( G u n n) ( Glac ie r) D - 47 ST (El Avera g e Diente) Project Cost ($MM) AF E A c tual Recen t Horizontal s A verag e W ithi n 1 % o f AFE W es t Delta 30 E x plor a tion Mai n Pass 25 Improvin g Predictabilit y o f Horizonta l Costs Horizontal Drilling

W D 3 0 sal t dom e i s 16 ,000’ high. Oil field is 16+ miles w ide. 16,00 0 ft. • W est Delta 30 field is more than 50 square miles • Productiv e depths : 3,000 ’ to 18,000’ • Reservoirs are highly porous • P lio - Pleistocene & U. Miocene age: <10 million years old E x plor a tion Mai n Pass 26 W es t Delt a 3 0 i s a Hug e Oi l Field Horizontal Drilling West Delta 30

0 2 0 00 4 0 00 6 0 00 D ec 11 Ma r 12 Ju n 1 2 S ep 12 Quarte r Ending D ec 12 Ma r 13 Ju n 13 S ep 13 D ec 13 Net BOE/d 15.6 16.0 29.1 1.7 2.3 4.2 22.6 3.6 60 50 40 30 20 10 0 2 0 10 Acquisition 6/3 0 / 2 012 6/3 0 / 2 013 GROS S MMBOE Proved Prob a ble Produ c tion Reserve s Gro w th Reserve s Gro w th Ma r 11 ( A cq ui r ed) Ju n 11 S ep 11 ; Crude ; Gas W es t Delt a 3 0 His torical Production Growt h i n production throug h non - rig recompleti o n s E x plor a tion Mai n Pass 27 W D 3 0 – F irs t Dril l W ell s Underway Program Stats Acquisition - to - Date Results F Y14 Program 9 Rec o mpletions 1 De v e lopmen t We l l i n P rogr e ss 3 Developmen t Well s Remainin g t o Spud CAPE X Spent : $3 3 MM CAPE X Remaining : $3 0 MM Horizontal Drilling West Delta 30

WD30 P - 43 ST1 Log Structure Map Fi r s t Complete d P r ojec t a t W es t Delt a 30 Dual recompletion completed March 2014 P43 ST1 BF - 1 B & TOR April 2014 535 BOE/d Continuing to clean up 700 BOE/d E x plor a tion Mai n Pass 28 Target: First Production: Test Rate (March 2014): Planned IP: W D 3 0 – P 4 3 ST 1 Recompletion Horizontal Drilling West Delta 30

W e ll In f o r m a t ion Anticipated Spud Date: March 2014 Target: First Production: 3,563’ MD / 2,750’ TVD 270R,W April 2014 600 BOEPD P - 16 T y pe Log 270R, W Structure Map Planned TD: Planned IP: Black Widow E x plor a tion Mai n Pass 29 WD 30 – Black Widow (Shallow Prospect) Horizontal Drilling West Delta 30

First Production: W e ll In f o r m a t ion Anticipated Spud Date: April 2014 Target: 3,407’ MD / 2,650’ TVD 270R,F May 2014 650 BOEPD Structure Map Planned TD: Planned IP: WD30 P - 9 T y pe Log Banshee E x plor a tion Mai n Pass 30 WD3 0 – B anshe e (Shallo w Prospect) Horizontal Drilling West Delta 30

Approximatel y 5 0 Reservoir s Mappe d & Studie d t o Date Mapped 35% Unmapped 65% Thi s account s fo r 35 % o f the tota l reservoir s i n th e field 35 % o f th e tota l oi l production (58 0 MMBO ) i n th e field Mapped 40% Unmapped 60% Approximatel y 200 additiona l reservoirs remai n to b e mapped E x plor a tion Mai n Pass 31 Substantia l Upsid e Identifie d i n W D 30 Horizontal Drilling West Delta 30

LP - 1G LP - 2 BA - 4AA MP 6 1 Don Tom a s J - 6 Sand BA - 4B/5 J - 6 LP - 1 G LP - 2 Po d A Po d B Carinos M P 7 3 On y x MP 73 C - 1 2 Monte Carlo - 2 Do n Lino Don Carlos E x plor a tion 32 Main Pass – F inding New Miocene Reserves Horizontal Drilling West Delta 30 Main Pass

Mai n Pas s Historica l Production 1 4 0 00 Net BOE/d 30.2 37.7 39.9 7.2 2 0 07 Acquisition 6/3 0 / 2 012 6/3 0 / 2 013 GROS S MMBOE Proved Prob a ble Produ c tion 1 0 0 00 8 0 00 6 0 00 4 0 00 2 0 00 0 S ep 0 9 D ec 09 Ma r 1 0 Ju n 1 0 S ep 1 0 D ec 10 Ma r 1 1 Ju n 1 1 S ep 1 1 D ec 11 Ma r 1 2 Ju n 1 2 S ep 1 2 D ec 12 Ma r 1 3 Ju n 1 3 S ep 1 3 D ec 13 Quarte r Ending Reserve s Gro w th 1 2 0 00 Gas Cr u d e 23.2 8.8 10.0 27.1 80 60 40 20 0 E x plor a tion 33 MP – Development with Exploitation Upside Program Stats Acquisition - to - Date Results F Y14 Program 18 Wells Completed 13 Recom p l e ti on s 2 De v e lopmen t We l l t o S p ud CAPE X Spent : $25 1 MM CAPE X Remaining : $3 1 MM Horizontal Drilling Main Pass West Delta 30

Punch Don Lino Don Carlos St. Luis St. Luis Bauza La Gloria MP6 1 Field Po d A Po d B MP7 3 Field C - 9 Recomplete Twin Sisters Ashton 2 Ashton 2 E x plor a tion 34 Define d Futur e Developmen t a t Mai n Pass Horizontal Drilling Main Pass West Delta 30 Angelinos Don Lino N Romeo Julietta Cohiba Gurkha Cibao Indios Olivia Onyx Attic La Gloria Aliados

Narro w Narrow Azimut h Azimuth 3 D 3D Coverag e Coverage Narrow Azimuth 3D Coverage W W i id e de Azimut h Azimuth 3 D 3D Coverag e Coverage W ide Azimuth 3D Coverage Go M – Intrusiv e Sal t Bodies T ex a s Louisiana Miss. Ala. Flo r id a Me x ico Gulf of M exico • Increasin g activit y du e t o ne w W A Z seismic • N e w an d ongoin g improve d acquisition techniques • Advance d seismi c processing • Bette r definitio n o f limits/boundaries 35 Seismi c Definin g Ne w Sal t Dom e Play Horizontal Drilling Exploration Main Pass West Delta 30

T uscalo o sa Region Y e gua Sands Lomond North England Davy Jones Blackbeard Area Lineham Creek Lafitte Development and Prospect Summary • ~ 15 identified exploration and development projects • N et resource potential for the initial program of 1.9 Billion BOE • Lomond North discovery currently completing • D avy Jones #2 currently completing • Lineham C reek discovery — Drilled to 24,600’ — Development plans underway (Chevron) Traditional Tuscalo o s a Pl a y s Traditional Tuscalo o s a Pl a y s Sourc e : Free po rt - McM o R a n 36 Inboar d Lowe r T ertiary/Cretaceou s Play Horizontal Drilling Exploration Main Pass West Delta 30

Proposed Lomond NE Lomond North Discovery 3.0 TCF Gross Resource Potential 6 0 miles Sourc e : Free po rt - McM o R a n 37 Lomon d Nort h Discover y – Cretaceous T u scaloosa Horizontal Drilling Exploration Main Pass West Delta 30

Image goes here DELIVERIN G V A LUE 38

FY1 4 Capita l Budge t $70 5 MM* 39 G&A, Land $73 Facilit ies $90 Ultra Deep $67 Core Exploration $89 Development $344 Seismic $42 • 73% of capital program is directed towards development • 86% of drill capital is oil - directed • F acilities include new platform at W est Delta *Ex c lude s P& A an d a c quisitions Developmen t Focuse d Capita l Program

$1,060 $848 $1,849 $1,413 $3,337 $3,263 $4,297 $6,150 $3,630 $3,227 $0 $ 1 , 0 00 $ 5 , 0 00 $ 4 , 0 00 $ 4 , 0 00 $ 3 , 0 00 $ 3 , 0 00 $ 2 , 0 00 $ 2 , 0 00 $ 6 , 0 00 $ 7 , 0 00 2 0 09 2 0 10 2 0 11 2 0 12 2 0 13 EXX I V alu e Growth P r o v e d P V10 Enterpris e Value $MM $286 $74 $1,089 $653 $2,252 $2,178 $3,396 $4,780 $2,729 $1,882 $0 $ 1 , 0 00 $ 5 , 0 00 $ 6 , 0 00 2 0 09 2 0 10 2 0 11 2 0 12 2 0 13 EXXI N A V Growth N AV Marke t Cap $MM Substantially Under - V alued Stock 40 Th e Mode l Continue s t o Delive r Results

• C onsistently growing oil production • Oi l i s 91 % o f revenue • Strong inventory of drill wells • H orizontal program showing consistent results • Increased drilling e f ficiencies • Substantial growth potential in Ultra - Deep and Subsalt plays • EPL adds to all of the above 41 Energ y XX I i s Growing

N A SD A Q : EXXI A IM: EXXI w ww.energ y xx i .c om Contact Ste w a r t La w r ence, IRO Energy XXI 1021 Main Street, Suite 2626 Houston, Texas 77002 713.351.3006 sla w rence@energ y xxi.com Gre g Smith , Directo r o f IR Energy XXI 1021 Main Street, Suite 2626 Houston, Texas 77002 713.351.3149 gsmith@energ y xxi.com

Image goes here APPENDIX 43 Additiona l information

= Main P ass V e rmilion W e s t Del t a 30 W e s t Del t a 73 † Horizonta l o r high - an g l e well • High - p otent i a l explorat i on well Bolde d name s denot e currentl y drillin g wells ݲ Wel l complete d i n FY2014 * Wel l drilled , bu t no t completed ✓ Dr y hole 44 F Y 201 4 Drillin g Inventory ▪ Bi g Sk y 3 † ݲ ▪ Columbo † ▪ Jav a ݲ ▪ Merli n ; ▪ Stricker* ▪ Hul k † ݲ ▪ Cannon † ▪ Mont e Carl o 2 ݲ ▪ Blac k Widow ▪ Gunn † ݲ ▪ Mulder ▪ Do n Lin o ݲ ▪ Banshee ▪ ▪ E l Diente † ݲ Scull y † ▪ ▪ ▪ Do n Carlo s ݲ Punch V indicator ▪ Crusade r †

2 Bef o re tax, reserves as of 6 - 3 0 - 13 , using prices of $1 07.29 / B O and $3. 84/ MCF ($9 6.94 / B O and $3. 67 / MMBTU of gas bef o r e differ en t i a ls and BTU), bas e d on first of the month a vera g e fo r prec ed i n g twelv e months. Proved 178.5 MMBOE P V - 10 $6, 1 1 7 MM 2 Possible 78.0 MMBOE P V - 10 $2,54 5 M M 2 Probable 53.7 MMBOE P V - 10 $2,22 7 M M 2 1 Bef o re tax, reserves as of 6 - 3 0 - 13 , using prices of $1 08.33 / B O and $3. 62/ MCF ($9 1.60 / B O and $3. 44 / MMBTU of gas bef o r e differ en t i a ls and BTU), bas e d on first of the month a vera g e fo r prec ed i n g twelv e months. Proved 178.5 MMBOE P V - 10 $6,15 0 M M 1 Possible 78.1 MMBOE P V - 10 $2,56 0 M M 1 Probable 53.6 MMBOE P V - 10 $2,23 8 M M 1 T o tal Reserves @ 6/30/13 SEC Pricing 310.2 MMBOE, P V - 10 $10,947 M M 1 2P: 232.1 MMBOE, P V - 10 $8,387 M M 1 45 T o tal Reserves @ 12/31/13 SEC Pricing 310.2 MMBOE, P V - 10 $10,889 M M 2 2P: 232.2 MMBOE, P V - 10 $8,344 M M 2 EXX I Reserve s P V - 1 0 Comparison

46 Operatin g Dat a pe r BOE Quarter Ended 6/3 0/1 2 9 /3 0/1 2 12/ 31/1 2 3/3 1/1 3 6 /3 0/1 3 9/3 0/1 3 12/ 31/1 3 Re v enue ($MM) MBO/d MBOE/d NG L % (o f oi l v olumes) Tota l Realiz e d $ / BOE 341.9 270.2 320.5 303.8 314.3 324.6 296.8 32.2 26.1 29.4 28.6 28.9 29.7 30.2 47.6 37.3 44.6 43.5 46.8 46.6 45.1 7.7% 7.9% 5.7% 9.5% 8.8% 8.6% 8.5% 78.90 78.72 78.15 77.58 73.78 75.78 71.54 In s u r a nc e E x p e nse W o rk o v er /Main t enance Dire c t LOE 1.57 2.62 2.15 1.91 1.75 1.98 1.91 4.86 2.95 4.93 4.89 3.67 3.41 4.75 13.68 18.46 13.87 15.24 13.94 14.63 15.95 Gathe r ing & Transport a tion DD&A G&A Productio n Tax es / O t h e r Hedgin g Impact EBITDA 1.01 2.33 1.49 1.13 1.33 1.25 1.44 24.61 24.70 25.81 22.66 22.73 23.40 24.95 4.55 6.96 4.71 4.11 2.89 5.53 4.27 1.76 4.20 2.38 2.14 1.25 2.38 3.46 1.77 2.91 2.42 0.87 1.19 0.24 0.49 51.45 40.77 48.47 47.50 48.56 46.19 39.14

6/30/11 6/30/12 6/30/13 12/31/13 28,40 7 117,08 7 - - 357,828 Cas h an d cas h equivalent s (incl . cas h at parent) Short - ter m Debt 4,054 4,284 19,554 12,843 Long - term debt (principal amounts): Revolvin g credi t facility 9.25 % Senio r Not e s 7.75 % Senio r Not e s 107,784 750,000 250,000 0 750,000 250,000 339,000 750,000 250,000 0 750,000 250,000 Othe r long - ter m debt Tota l Long - ter m Debt 1,549 14,060 11,491 3,926 1,109 , 33 3 1,014,06 0 1 ,350,49 1 2,056,233 Ne t Debt 1,084,980 901 , 257 1,370,045 1,711,248 Preferre d Stoc k (fac e value) 7.25 % perpetua l convertibl e preferred 5.625 % perpetua l convertibl e preferred Tota l Preferre d Sto ck 80 0 80 0 80 0 800 262,500 203,529 203,297 203,190 263,30 0 204,32 9 204,09 7 203,990 Tota l Prove d Reserve s (MMBOE) N e t D e bt/Tot a l Pro v ed Ne t Debt/ Tota l Capitaliza t io n (Book) Fi xe d C o sts/BO E p r odu ced Lates t Q Productio n (MBOE/D) 116.6 $9.31 53.4% $7.31 42.1 119.6 $7.53 39.1% $6.06 47.6 179 $7.68 48.6% $6.66 48.8 179 $9.59 55.6% $9.58 45.1 All figures in 000s except per unit values $9.31 $7.53 $7.68 $9.59 $ 1 2.00 $ 1 0.00 $ 8 .00 $ 6 .00 $ 4 .00 $ 2 .00 $ 0 .00 6/ 3 0/1 1 6 / 30/1 2 6/ 3 0/13 Net Debt/Proved Developed 1 2 /31/13 Ne t Debt/Tota l Proved $13.30 $11.03 $12.51 $15.63 $ - $ 5 . 00 $ 1 0.00 $ 1 5.00 $ 2 0.00 6/ 3 0/1 1 6 / 30/1 2 6/ 3 0/13 Fixed Costs/BOE produced 47 1 2 /31/13 $7.31 $6.06 $6.50 $9.58 $ 1 2.00 $ 1 0.00 $ 8 .00 $ 6 .00 $ 4 .00 $ 2 .00 $ 0 .00 6/ 3 0/11 6 / 30/12 6/ 3 0/13 1 2 /31/13 Soli d Balanc e Sheet 7.5 % Senio r Notes 0 0 0 500,000 3.0 % Convertibl e Senio r Notes 0 0 0 400,000

48 Peri od Fi sca l Q u arter In str u me nt T y pe Dail y V o l u mes A v e r a ge Price Ind e x *Updated positions effective 1/1/2014 - 12/31/201 5 , updated 3/18/2014 Curren t Hedg e Position* CRUD E OIL 1/2014 - 6/2014 Q3 - Q 4 2014 Collars 2,00 0 bbl/day $90.0 0 floor , $108.3 8 cap BRENT 1/2014 - 6/2014 Q3 - Q 4 2014 T hree - W a y Collars 5,00 0 bbl/day $68.5 5 s ub - floor , $88.5 5 floor , $128.7 4 cap BRENT 1/2014 - 6/2014 Q3 - Q 4 2014 T hree - W a y Collars 6,80 0 bbl/day $70.0 0 sub - floor , $90.0 0 floor , $137.1 4 cap W T I 2/2014 - 3/2014 Q 3 2014 S w aps 13,50 0 bbl/day $99.2 4 strike W T I 2/2014 - 4/2014 Q3 - Q 4 2014 Pu t Spread 10,00 0 bbl/day $70.0 0 sub - floor / $90.0 0 floor W T I 2/2014 - 4/2014 Q3 – Q42014 Pu t Spread 4,60 0 bbl/day $67.2 6 sub - floor / $87.2 6 floor BRENT 7/2014 - 6/2015 Q1 - Q 4 2015 T hree - W a y Collars 8,20 0 bbl/day $69.5 4 s ub - floor , $89.5 4 floor,$122.3 1 cap BRENT 7/2014 - 12/2014 Q1 - Q 2 2015 T hree - W a y Collars 10,00 0 bbl/day $70.0 0 sub - floor , $90.0 0 floor,$137.1 4 cap W T I 7/2014 - 12/2014 Q1 - Q 2 2015 Collars 2,00 0 bbl/day $90.0 0 floor , $108.3 8 cap BRENT 7/2015 - 12/2015 Q1 - Q 2 2016 T hree - W a y Collars 10,00 0 bbl/day $71.0 0 s ub - floor , $91.0 0 floor , $113.7 5 cap BRENT N A TU R A L G A S 1/2014 - 6/2014 2/2014 2/2014 - 3/2014 2/2014 - 3/2014 7/2014 - 12/2014 Q3 - Q 4 2014 T hree - W a y Collars 55,00 0 MMBtu/day $3.4 1 sub - floor , $4.0 6 floor , $4.6 6 cap NYMEX Q 3 2014 Put 10,00 0 MMB T u/day $4.9 2 strike NYMEX Q 3 2014 N Y ME X v s. Gas Da ily Basi s S w ap 67,00 0 MMBtu/day - NYMEX Q 3 2014 S w ap 23,00 0 MMBtu/day $5.1 4 strike NYMEX Q1 - Q 2 2015 T hree - W a y Collars 50,00 0 MMBtu/day $3.3 5 sub - floor , $4.0 0 floor , $4.6 1 cap NYMEX

Crud e Oil Apr - De c 201 4 A verage 201 5 A verage *Updated 3/18/2014 Mbo/d 4 2 0 6 8 10 12 20 18 16 14 Apr - 14 May - D e c 1 4 C al 20 1 5 Bren t Pu t Spreads WTI Put S p r e ads WT I 3 - Way Bren t Collars B r e nt 3 - W ay 49 Curren t Crud e Hedg e Profile* Subfloor Floor Ceiling Subfloor Floor Ceiling WT I 3W Y Collars 70. 0 0 90. 0 0 13 7 . 1 4 WT I Pu t Spre a d s 70. 0 0 90. 0 0 Bren t C ollars 90. 0 0 10 8 . 3 8 Brent 3WY Collars 67. 9 7 87. 9 7 13 1 . 5 3 71. 0 0 91. 0 0 11 3 . 7 5 Brent Put Spre a d s 66. 4 3 86. 4 3