Energy XXI (EXXI) Up on Renewed Takeover Chatter

January 2, 2013 2:19 PM EST
Energy XXI (NASDAQ: EXXI) is seeing intra-day volatility on renewed takeover speculation in light of Freeport-McMoRan's (NYSE: FCX) takeover of partner McMoRan Exploration Co. (NYSE: MMR) in December.

Since 2008, Energy XXI has partnered with McMoRan Exploration Company to explore the ultra-deep trend. Including the Davy Jones discovery well, Davy Jones Offset, Blackbeard East, Lafitte and Blackbeard West wells, the McMoRan-operated group (in which we have various interests) has identified approximately 15 ultra-deep prospects in shallow water near existing infrastructure. In addition Energy XXI will participate in three onshore ultra-deep prospects located in South Louisiana.

Shares of EXXI are up 1.3% after trading as high as up 4% earlier in the session.

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