Energy XXI Declares Quarterly Preferred Stock Dividend

Energy XXI (Bermuda) Limited (Nasdaq:EXXID) (LSE:EXXI) today announced that its Board of Directors declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock. The dividend will be paid in cash on Monday, March 15, 2010 to the holders of record on Monday, March 1, 2010. The company currently has 1.1 million shares of its 7.25% Convertible Perpetual Preferred Stock outstanding.

About the Company

Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Collins Stewart Europe Limited and Macquarie Capital (Europe) Limited are Energy XXI listing brokers in the United Kingdom. To learn more, visit the Energy XXI website at www.energyXXI.com.

The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587

CONTACT:  Energy XXI (Bermuda) Limited

          Stewart Lawrence, Vice President, Investor Relations
           and Communications
          [phone]
          [e-mail]
          Collins Stewart Europe Limited
          Nominated Adviser and Joint UK Broker
          Piers Coombs
            [e-mail]
          Stewart Wallace
          [phone]
          Pelham Bell Pottinger
          James Henderson
            [phone]
            [e-mail]
          Mark Antelme
            [phone]
            [e-mail]