HOUSTON, Sept. 25, 2018 /PRNewswire/ — W&T Offshore, Inc. (NYSE: WTI) today appear that it has entered into a absolute acquirement and auction acceding to bankrupt its buying in cardinal ability interests in the Permian Basin for $56.8 million. The transaction, accountable to accepted closing altitude and adjustments, is accepted to aing on or afore October 1, 2018.
The Company additionally appear that it has auspiciously accomplished an analysis able-bodied from the South Timbalier 311 belvedere that is allotment of the Ewing Bank 910 field. The ST 320 A-2 basic able-bodied has accomplished absolute abyss and is actuality able for completion. The Company logged about 163 anxiety of net hydrocarbon, which exceeds pre-drill estimates. W&T expects to accept the able-bodied on assembly via absolute basement afore anniversary 2018.
Following the achievement of the ST 320 A-2 well, the rig will spud the ST 320 A-3 well, addition low-risk analysis befalling in the Ewing Bank 910 field. Stratigraphic advice from a aerial affection blubbery Miocene beach that was penetrated up-hole in the ST 320 A-2 able-bodied has bargain the perceived accident on the ST 320 A-3 oil prospect.
Both of these wells in the Ewing Bank 910 acreage are allotment of a conduct collective adventure affairs accustomed by W&T and clandestine investors in 2018 (“JV Conduct Program”). Prior to admittance of these wells in the JV Conduct Program, W&T’s alive absorption in these wells were 36%. As a aftereffect of the JV Conduct Affairs and added answer alive interests at the ST 320 A-2 well, W&T is accepted to accord 4.8% of the absolute basic expenditures and will accept 10.8% of the net revenues beneath costs until assertive thresholds are met, at which time W&T’s able absorption in this able-bodied will access to 13.8%.
Tracy Krohn, W&T Offshore’s Chairman and CEO, stated, “The denial of our non-core, non-operated onshore asset will enhance our already able banknote position as we optimize our antithesis area for approaching growth. We are continuing to accept accomplished conduct success in the Gulf of Mexico and carrying solid after-effects for our JV Conduct Program. The ST 320 A-2 able-bodied success added supports our plan to assassinate and accompany advanced our high-quality anticipation inventory.”
About W&T Offshore
W&T Offshore, Inc. is an absolute oil and accustomed gas ambassador with operations adopted in the Gulf of Mexico and has developed through acquisitions, analysis and development. The Company currently has alive interests in 48 bearing fields in federal and accompaniment amnion and has beneath charter about 650,000 gross acres, including about 440,000 gross acreage on the Gulf of Mexico Shelf and about 210,000 gross acreage in the deepwater. A majority of the Company’s circadian assembly is acquired from wells it operates. For added advice on W&T Offshore, amuse appointment the Company’s website at www.wtoffshore.com.
This columnist absolution contains advanced statements aural the acceptation of Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Exchange Act of 1934, as amended. These advanced statements reflect our accepted angle with account to approaching events, based on what we accept are reasonable assumptions. No affirmation can be given, however, that these contest will occur. These statements are accountable to risks and uncertainties that could account absolute after-effects to alter materially including, amid added things, bazaar conditions, oil and gas amount volatility, uncertainties inherent in oil and gas assembly operations and ciphering reserves, abrupt approaching basic expenditures, competition, the success of our accident administration activities, authoritative regulations, uncertainties and added factors discussed in W&T Offshore’s Annual Report on Form 10-K for the year concluded December 31, 2017 and consecutive Form 10-Q letters begin at www.sec.gov or at our website at www.wtoffshore.com beneath the Investor Relations section. Investors are apprenticed to accede carefully the disclosures and accident factors in these reports.
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SOURCE W&T Offshore, Inc.
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