Who bought Energy XXI?
DALLAS–(BUSINESS WIRE)–Cox Oil (“Cox”), a privately owned, independent oil and gas company, today announced the completion of the merger between affiliates of Cox (“Merger Sub”) and Energy XXI Gulf Coast, Inc.
What happened Energy XXI?
Energy XXI declared bankruptcy in April 2016 after a historic drop in oil and gas prices. The company’s board ousted Mr. Schiller as chief executive in February 2017. The SEC said Energy XXI also failed to tell shareholders about at least $1 million in perks and personal expenses incurred by Mr.
What does Cox oil’s acquisition of energy XXI mean for the Gulf?
Brooks added that Energy XXI has also been a “proponent of consolidation in the Gulf of Mexico for some time.” The acquisition of Energy XXI will boost Cox Oil’s production to more than 61,000 boe/d from the 35,000 boe/d it currently operates, the release said.
What happened to energyenergy XXI?
Energy XXI emerged from Chapter 11 bankruptcy in late 2016. Since then, the company retained Morgan Stanley & Co. LLC in March 2017 to assist with an evaluation and implementation of a strategic plan.
Who are energy XXI’s legal and financial advisers?
Sidley Austin LLP was Energy XXI’s legal adviser co-led by Mark Metts, M&A partner, and Katy Lukaszewski, M&A associate. Houlihan Lokey Inc. was financial adviser to Cox and Locke Lord LLP was its legal adviser. Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group.
Why did energy XXI terminate its partnership with Orinoco natural resources?
Energy XXI said it will terminate its previously announced partnership with Orinoco Natural Resources as a result of the Cox Oil transaction. Energy XXI said it will terminate its previously announced partnership with Orinoco Natural Resources as a result of the Cox Oil transaction. (Source: Shutterstock.com)