HOUSTON, July 16, 2018 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”) (NASDAQ:EGC) provided the following comments regarding the issuance of a news release today by the Securities and Exchange Commission (“SEC”) in which the SEC announced a settlement with, a former officer and a former outside director of Energy XXI Ltd (“EXXI Ltd”), the predecessor to Energy XXI Gulf Coast, Inc.
“The activities by the individuals noted in the release that are the subject of the SEC’s actions occurred prior to EXXI Ltd’s filing for bankruptcy in April 2016. EXXI Ltd was dissolved on June 29, 2017.
“EGC is a new company with an entirely new executive management team and Board of Directors. EGC is not a party to the actions announced by the SEC today, and none of the conduct in question occurred after EGC’s emergence from chapter 11 reorganization on December 30, 2016. Since emergence, EGC has taken a number of actions to enhance corporate governance, including in the areas of vendor procurement, conflicts of interest, pledging EGC securities and gift, travel and entertainment expenses.
“EGC does not expect the actions taken by the SEC today to have any impact on its pending transaction with Cox Oil LLC and its affiliates.”
About Energy XXI Gulf Coast, Inc.
Energy XXI Gulf Coast (EGC) is an exploration and production company headquartered in Houston, Texas that is engaged in the development, exploitation and acquisition of oil and natural gas properties in conventional assets in the U.S. Gulf Coast region, both offshore in the Gulf of Mexico and onshore in Louisiana and Texas. To learn more, visit EGC’s website at www.energyxxi.com.