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CorEnergy responds to Energy XXI Chapter 11 petition

CorEnergy InfrastructureTrust Inc., in responding to EnergyXXI Ltd.'s filing of a voluntary petition to reorganize under Chapter11 of the U.S. Bankruptcy Code, said that Energy XXI GIGS Services LLC, the company'stenant under the Grand Isle Gathering System lease, has not filed for bankruptcy.

The company provided a conditional waiver to certain remediesavailable to Energy XXI, the guarantor of the Grand Isle lease, to help post-filingfinancing arrangements between the Energy XXI debtor group and its lenders. Otherwise,Energy XXI's bankruptcy protection filing, and its failure to make interest paymentsto its creditors within the applicable cure period, would have led to defaults underthe terms of the Grand Isle lease.

In an April 14 news release, CorEnergy CEO Dave Schulte saidthat the company plans to retain Energy XXI GIGS Services as a tenant as long asit remains in compliance with the lease, including the timely payment of rent.