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Energy XXI (Bermuda) Limited (Nasdaq:EXXI) today announced the pricing of its previously announced concurrent offerings of $171 million (90 million shares) of its common stock and $100 million (1 million shares) of 7.25% convertible perpetual preferred stock. The company has also granted the underwriters a 30-day option to purchase up to 13.5 million additional shares of its common stock and 100,000 additional shares of its convertible preferred stock to cover over-allotments, if any. A further announcement will be issued should the over-allotment option be exercised. Both offerings are expected to settle and close on Dec. 14, 2009, each subject to customary closing conditions.

Elray Resources, Inc. (OTC.BB:ELRA) recently reported that official records reveal that the major regional mining company, SADCO, extracted over 4.5 million ounces of gold from the region between 1905 and 1950, marking the area as prolific, with an average grade of 14.5 grams/ton of gold. Active projects in the area include Dynasty’s Zaruma, Dynasty and Jerusalem projects which between the three projects have over 2 million measured and indicated ounces of gold with over 3 million ounces inferred.

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