EX-25.1 82 v079912_ex25-1.htm
 


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
_____________________________

FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
_____________________________

  CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)

WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

A National Banking Association
94-1347393
(Jurisdiction of incorporation or
(I.R.S. Employer
organization if not a U.S. national bank)
Identification No.)
   
101 North Phillips Avenue
 
Sioux Falls, South Dakota
57104
(Address of principal executive offices)
(Zip code)

Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
(612) 667-4608
(Name, address and telephone number of agent for service)
_____________________________

ENERGY XXI GULF COAST , INC.
(Exact name of obligor as specified in its charter)

Delaware
20-4278552
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)

1021 Main (One City Centre)
Suite 2626
Houston, Texas
77002
(Address of principal executive offices)
(Zip code)

_____________________________
10% SENIOR NOTES DUE 2013

(Title of the indenture securities)







TABLE OF ADDITIONAL REGISTRANT GUARANTORS

EXACT NAME OF ADDITIONAL REGISTRANT AS SPECIFIED IN ITS CHARTER
 
STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION
 
IRS EMPLOYEE IDENTIFICATION NO.
.
       
         
         
         
         

The address, including zip code, and telephone number, including area code, of each Additional Registrant Guarantor’s principal executive offices is:

c/o Energy XXI Gulf Coast, Inc.
1021 Main (One City Centre) Suite 2626
Houston, Texas 77002
Attn: West Griffin
Chief Financial Officer
Phone: 713-351-3003
Fax: 713-351-3303
    

 
Item 1.
General Information. Furnish the following information as to the trustee:
 
 
(a)
Name and address of each examining or supervising authority to which it is subject.

   
Comptroller of the Currency
   
Treasury Department
   
Washington, D.C.

   
Federal Deposit Insurance Corporation
   
Washington, D.C.

   
Federal Reserve Bank of San Francisco
   
San Francisco, California 94120

 
(b)
Whether it is authorized to exercise corporate trust powers.

   
The trustee is authorized to exercise corporate trust powers.

Item 2.
Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.

None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.

Item 15.
Foreign Trustee. Not applicable.
 
Item 16.
List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.
 

Exhibit 1.
A copy of the Articles of Association of the trustee now in effect.*
   
Exhibit 2.
A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**
   
Exhibit 3.
See Exhibit 2
   
Exhibit 4.
Copy of By-laws of the trustee as now in effect.***
   
Exhibit 5.
Not applicable.
   
Exhibit 6.
The consent of the trustee required by Section 321(b) of the Act.
   
Exhibit 7.
A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. ****
   
Exhibit 8.
Not applicable.
   
Exhibit 9.
Not applicable.
 


* Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of Hornbeck Offshore Services LLC file number 333-130784-06.

** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux Corporation file number 022-28721.

*** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of Penn National Gaming Inc. file number 333-125274.

**** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 99.2 to the Form T-3A dated November 22, 2006 of Satelites Mexicanos S.A. de C.V. file number 022-28822.


 
SIGNATURE


Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Dallas and State of Texas on the 27th day of June, 2007.


  WELLS FARGO BANK, NATIONAL ASSOCIATION
 
 

Patrick T. Giordano
  Vice President


 
EXHIBIT 6
 

 
June 27, 2007
 

Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request thereof.


  WELLS FARGO BANK, NATIONAL ASSOCIATION
 
 

Patrick T. Giordano
  Vice President
 


 
Exhibit 7
Consolidated Report of Condition of

Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business March 31, 2007, filed in accordance with 12 U.S.C. §161 for National Banks.


       
Dollar Amounts
 
       
In Millions
 
ASSETS
         
Cash and balances due from depository institutions:
         
 Noninterest-bearing balances and currency and coin
       
$
12,467
 
 Interest-bearing balances
         
1,280
 
Securities:
             
 Held-to-maturity securities
         
0
 
 Available-for-sale securities
         
40,238
 
Federal funds sold and securities purchased under agreements to resell:
             
 Federal funds sold in domestic offices
         
6,195
 
 Securities purchased under agreements to resell
         
1,187
 
Loans and lease financing receivables:
             
 Loans and leases held for sale
         
33,093
 
 Loans and leases, net of unearned income
   
251,321
       
 LESS: Allowance for loan and lease losses
   
2,151
       
 Loans and leases, net of unearned income and allowance
         
249,170
 
Trading Assets
         
3,665
 
Premises and fixed assets (including capitalized leases)
         
4,173
 
Other real estate owned
         
657
 
Investments in unconsolidated subsidiaries and associated companies
         
392
 
Intangible assets
             
 Goodwill
         
8,994
 
 Other intangible assets
         
18,668
 
Other assets
         
16,668
 
               
Total assets
       
$
396,847
 
               
LIABILITIES
             
Deposits:
             
 In domestic offices
       
$
269,773
 
 Noninterest-bearing
   
75,101
       
 Interest-bearing
   
194,672
       
 In foreign offices, Edge and Agreement subsidiaries, and IBFs
         
43,580
 
 Noninterest-bearing
   
6
       
 Interest-bearing
   
43,574
       
Federal funds purchased and securities sold under agreements to repurchase:
             
Federal funds purchased in domestic offices
         
3,911
 
Securities sold under agreements to repurchase
         
6,114
 
 




   
Dollar Amounts
 
   
In Millions
 
Trading liabilities
   
2,328
 
Other borrowed money
       
(includes mortgage indebtedness and obligations under capitalized leases)
   
6,914
 
Subordinated notes and debentures
   
10,148
 
Other liabilities
   
14,055
 
         
Total liabilities
 
$
356,823
 
         
Minority interest in consolidated subsidiaries
   
58
 
         
EQUITY CAPITAL
       
Perpetual preferred stock and related surplus
   
0
 
Common stock
   
520
 
Surplus (exclude all surplus related to preferred stock)
   
24,751
 
Retained earnings
   
14,239
 
Accumulated other comprehensive income
   
456
 
Other equity capital components
   
0
 
         
Total equity capital
   
39,966
 
         
Total liabilities, minority interest, and equity capital
 
$
396,847
 
 

I, Howard I. Atkins, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.


Howard I. Atkins
EVP & CFO

We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.


Michael Loughlin
John Stumpf    Directors
Carrie Tolstedt