A privately-held Cox Oil affiliate that owns and operates assets in the Gulf of Mexico is buying Houston-based Energy XXI Gulf Coast for a total of $322 million. This is a 21 percent premium to target’s closing share price on June 15, according to a press release. “We have sought to protect and maximize shareholder value and have searched for the best way to address EGC’s asset retirement obligations, liquidity challenges and need for financing to invest for future growth,” Douglas E. Brooks, target’s chief executive officer and president, said in a release. Brad E. Cox, Chairman of Cox, said, “We are pleased to have reached this agreement with EGC, which expands our presence in the Gulf of Mexico. The combined entities represent the continuation of our past practices to generate economies of scale through the consolidation of assets without wavering on our commitment to safe and responsible production in the Gulf of Mexico. In addition, Cox strives to preserve and protect the natural resources of the United States while balancing the need to reduce the abandonment liabilities. We look forward to working with EGC’s assets and team during the transition and into the future.”