Gulf Coast Oil Company Announces Completion of Acquisition
DALLAS, Tx. – (BUSINESS WIRE) – Oct 19, 2018 – 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. (“EGC”) (NASDAQ: EGC), following the receipt of all required regulatory approvals and the satisfaction of all conditions to the merger agreement.
Under the terms of the transaction, effective October 18, 2018, Cox acquired all outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million. This represents a 21% premium to EGC’s closing share price on June 15, 2018. Additionally, the Merger Sub merged with and into EGC, and the separate existence ceased with EGC continuing as the surviving corporation.
“This is an exciting day for Cox Oil, a testament to the dedication of our outstanding team striving to deliver maximum value to our existing portfolio and another positive step towards our long-term strategy and goals,” said Brad E. Cox, chairman of Cox Oil.
Cox is a privately-held entity that owns and operates assets in the Gulf of Mexico. Its assets are located in both the OCS in the Gulf of Mexico and the shallow waters off the coast of Louisiana. They currently operate more than 600 producing wells from approximately 500 structures, over 66 fields with a daily production of approximately 85,000 BOE. These operated assets stretch from offshore Florida to Texas. Cox is based in Dallas, Texas with operation staff in New Orleans, Louisiana and Houston, Texas.