UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 2, 2014
EPL Oil & Gas, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-16179 |
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72-1409562 |
(State or other jurisdiction
of incorporation or organization) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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919 Milam Street, Suite 1600
Houston, Texas |
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77002 |
(Address of principal executive offices) |
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(Zip Code) |
(713) 228-0711
(Registrants telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On June 2, 2014, EPL Oil & Gas, Inc. (EPL) and Energy XXI
(Bermuda) Limited (EXXI) issued a joint press release announcing the final results of the merger consideration elections made by EPLs stockholders.
The merger consideration elections were made under the Agreement and Plan of Merger, dated as of March 12, 2014 by and among EPL, EXXI, Energy XXI Gulf
Coast, Inc., a Delaware corporation and indirect wholly-owned subsidiary of EXXI, and Clyde Merger Sub, Inc. (Merger Sub), a Delaware corporation and wholly-owned subsidiary of EXXI Gulf Coast (as amended, the Merger Agreement),
pursuant to which Merger Sub would merge with and into EPL, with the result that EPL would become an indirect wholly-owned subsidiary of EXXI (the Merger).
A copy of EPLs and EXXIs joint press release is attached hereto as Exhibits 99.1 and is incorporated herein by reference.
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
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Exhibit No. |
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Description |
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99.1 |
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Joint Press Release of EPL Oil & Gas, Inc. and Energy (XXI) Bermuda Limited, dated June 2, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: June 2, 2014
EPL
Oil & Gas, Inc.
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By: |
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/s/ David P. Cedro |
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David P. Cedro |
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Senior Vice President, Chief Accounting Officer and |
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Corporate Secretary |
Exhibit Index
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Exhibit No. |
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Description |
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99.1 |
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Joint Press Release of EPL Oil & Gas, Inc. and Energy (XXI) Bermuda Limited, dated June 2, 2014 |
Exhibit 99.1
Energy XXI and EPL Announce Final Results of
Merger Consideration Elections
HOUSTON,
TEXAS, June 2, 2014 Energy XXI (Bermuda) Limited (Energy XXI) (NASDAQ: EXXI) (AIM: EXXI) and EPL Oil & Gas, Inc. (EPL) (NYSE: EPL) jointly announced today the final results of the merger
consideration elections made by EPL stockholders prior to the election deadline, which expired on Friday, May 30, 2014, at 5:00 p.m., Eastern time.
The merger consideration elections were made under the Agreement and Plan of Merger, dated as of March 12, 2014 (as amended, the Merger
Agreement), by and among Energy XXI, EPL, Energy XXI Gulf Coast, Inc., an indirect wholly owned subsidiary of Energy XXI (Gulf Coast), and Clyde Merger Sub, Inc., a wholly owned subsidiary of Gulf Coast (Merger Sub),
pursuant to which Merger Sub would merge with and into EPL, with the result that EPL would become an indirect wholly owned subsidiary of EXXI (the Merger).
In addition to the share totals shown below, 836,311 additional shares of EPL common stock are not yet outstanding, but are issuable in connection with the
net exercise of outstanding stock options. In accordance with the Merger Agreement, each net exercise share will be converted into $39.00 in cash, without proration. Including these net exercise shares, a total of 39,928,038 shares of EPL common
stock will receive merger consideration in the Merger.
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Election |
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EPL Shares |
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Cash Election, excluding stock option net exercise shares |
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30,578,387 |
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Mixed Election, including no election |
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2,643,862 |
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Stock Election |
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1,143,812 |
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No Election (Note 1) |
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4,725,666 |
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Note 1: Under the Merger Agreement, EPL stockholders who did not make an election prior to the
May 30th deadline are treated as having made a Mixed Election.
Based on these preliminary
results, each share of EPL common stock would be converted into the following Merger Consideration:
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Election |
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Cash |
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Energy XXI Stock |
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Cash Election, excluding stock option net exercise shares |
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$ |
25.92 |
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0.5595 |
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Mixed Election, including no election |
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$ |
25.35 |
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0.5840 |
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Stock Election |
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$ |
0.00 |
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1.6690 |
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Each EPL stockholder had the choice to elect to receive, for each share of EPL common stock held by that stockholder, $39.00
in cash (Cash Election), 1.669 shares of Energy XXI common stock (Stock Election) or a combination of $25.35 in cash and 0.584 of a share of Energy XXI common stock (Mixed Election and collectively the
Merger Consideration), subject to proration with respect to the Stock Election and the Cash Election so that approximately 65% of the aggregate Merger Consideration will be paid in cash and approximately 35% will be paid in Energy XXI
common stock.
The Merger is expected to be completed on or about June 3, 2014, subject to certain customary closing
conditions.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements concerning the proposed transaction, its financial and business impact, managements beliefs and
objectives with respect thereto, and managements current expectations for future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of
historical facts. The words anticipates, may, can, plans, believes, estimates, expects, projects, intends, likely,
will, should, to be, and any similar expressions or other words of similar meaning are intended to identify those assertions as forward-looking statements. It is uncertain whether the events anticipated will
transpire, or if they do occur, what impact they will have on the results of operations and financial condition of Energy XXI, EPL or of the combined company. These forward-looking statements involve significant risks and uncertainties that could
cause actual results to differ materially from those anticipated, including but not limited to the ability of the parties to satisfy the conditions precedent and consummate the proposed transaction, the timing of consummation of the proposed
transaction, the ability of Energy XXI to integrate the acquired operations, the ability to implement the anticipated business plans following closing and achieve anticipated benefits and savings, and the ability to realize opportunities for growth.
Other important economic, political, regulatory, legal, technological, competitive and other uncertainties are identified in the documents filed with the SEC by Energy XXI and EPL from time to time, including their respective Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements included in this press release are made only as of the date hereof. Neither Energy XXI nor EPL undertakes any obligation to update the
forward-looking statements included in this press release to reflect subsequent events or circumstances.
About Energy XXI
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its
value-added organic drilling program. The companys properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Cantor Fitzgerald Europe is Energy XXIs listing broker in the United Kingdom. To learn more, visit
the Energy XXI website at www.EnergyXXI.com.
About EPL
Founded in 1998, EPL is an independent oil and natural gas exploration and production company headquartered in Houston, Texas with an office in
New Orleans, Louisiana. The companys operations are concentrated in the U.S. Gulf of Mexico shelf, focusing on the state and federal waters offshore Louisiana. For more information, please visit www.eplweb.com.
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ENQUIRIES OF EXXI |
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Energy XXI |
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Cantor Fitzgerald Europe |
Stewart Lawrence |
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Nominated Adviser: David Porter, Rick Thompson |
Vice President, Investor Relations and |
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Corporate Broking: Richard Redmayne |
Communications |
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Tel: +44 (0) 20 7894 7000 |
713-351-3006 |
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slawrence@energyxxi.com |
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Pelham Bell Pottinger |
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James Henderson |
Greg Smith |
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jhenderson@pelhambellpottinger.co.uk |
Director, Investor Relations |
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Mark Antelme |
713-351-3149 |
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mantelme@pelhambellpottinger.co.uk |
gsmith@energyxxi.com |
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+44 (0) 20 7861 3232 |
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ENQUIRIES OF EPL |
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EPL |
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Ward |
T.J. Thom |
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Deborah Buks |
Executive Vice President, Chief Financial Officer |
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713-869-0707 |
tthom@eplweb.com |
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dbuks@wardcc.com |
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Brunswick Group |
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Molly LeCronier |
Mark Palmer |
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713-869-0707 |
214-254-3790 |
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mlecronier@wardcc.com |
mpalmer@brunswickgroup.com |
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