Reuters: Global Markets: Energy XXI says proved reserves jump 50 percent, shares rise

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Energy XXI says proved reserves jump 50 percent, shares rise Jul 16th 2013, 22:41 Tue Jul 16, 2013 6:41pm EDT (Reuters) - Oil and gas producer Energy XXI (Bermuda) Ltd (EXXI.O) said its proved reserves jumped 50 percent with oil accounting for a majority of the mix, helped by horizontal drilling in the U.S. Gulf of Mexico. Energy XXI's shares rose about 14 percent in trading after the bell. The company operates or has an interest in six of the 11 largest oilfields in the Gulf of Mexico. Energy XXI said its proved reserves, or the amount of oil it can feasibly produce, rose to 179 million barrels of oil equivalent in its year ended June 2013 from 2012. The proved reserves are worth $6.1 billion. About 75 percent of these reserves are liquids, of which 95 percent is crude oil and condensate, the company said. "Since initiating the horizontal program a year ago, we have been successful in nine of our first 11 attempts," Chief Executive John Schiller said. Horizontal drilling techniques tap hydrocarbon reservoirs more effectively and usually yield better flow than vertical drilling. Bermuda-headquartered Energy XXI's core properties are located in coastal and offshore Louisiana. Energy XXI's shares closed at $24.39 on the Nasdaq on Tuesday. (Reporting By Garima Goel in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

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