We report on a search for neutrinoless double-beta decay of $^{136}$Xe with EXO-200. No signal is observed for an exposure of 32.5 kg-yr, with a background of ~1.5 x 10^{-3} /(kg yr keV) in the $pm 1sigma$ region of interest. This sets a lower limit
on the half-life of the neutrinoless double-beta decay $T_{1/2}^{0 ubetabeta}$($^{136}$Xe) > 1.6 x 10$^{25}$ yr (90% CL), corresponding to effective Majorana masses of less than 140-380 meV, depending on the matrix element calculation.
We report the observation of two-neutrino double-beta decay in Xe-136 with T_1/2 = 2.11 +- 0.04 (stat.) +- 0.21 (sys.) x 10^21 yr. This second order process, predicted by the Standard Model, has been observed for several nuclei but not for Xe-136. Th
e observed decay rate provides new input to matrix element calculations and to the search for the more interesting neutrino-less double-beta decay, the most sensitive probe for the existence of Majorana particles and the measurement of the neutrino mass scale.
