When a stock falls 55% YTD, there aren't many people putting it on their radars. That said, I think Energy XXI's most recent production update may have signaled a clear-cut bottom for its stock, and as a result of that update, there's a good chance its share price could go considerably higher.

In August 2013, I wrote about opportunities shaping up for junior E&Ps in the shallow-water Gulf of Mexico Shelf (see "Junior Time in the Gulf of Mexico Shelf").