W&T Offshore, Inc. acquired Eight Shallow Water Oil and Gas Producing Assets in Shelf Region of Gulf of Mexico for $27.4 million.
September 20, 2023
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W&T Offshore, Inc. (NYSE:WTI) acquired Eight Shallow Water Oil and Gas Producing Assets in Shelf Region of Gulf of Mexico for $27.4 million on September 20, 2023. The transaction was funded using cash on hand. The Assets include 30,646 gross acres (22,079 net acres) and are currently producing approximately 2,400 barrels of oil equivalent per day, of which 42% is oil. Estimated proved reserves as of June 1, 2023, for the eight properties totaled 3.2 million barrels of oil equivalent (49% oil) of which 100% are proved developed. In addition, the 2P reserves for the acquired properties are estimated to be 5.1 million barrels of oil equivalent (48% oil). All reserve numbers are based on an internally prepared reserve report utilizing September 12, 2023, NYMEX strip pricing. Transaction effective date is June 1, 2023. Transaction is subject to normal and customary post-effective date purchase price adjustments. W&T used its cash on the balance sheet to pay the net purchase price. Rahul D. Vashi of Gibson, Dunn & Crutcher LLP acted as legal advisor to W&T Offshore, Inc.
W&T Offshore, Inc. (NYSE:WTI) completed the acquisition of Eight Shallow Water Oil and Gas Producing Assets in Shelf Region of Gulf of Mexico on September 20, 2023.
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. It has a working interest in over 53 offshore producing fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. The Company's wholly owned subsidiaries consists of Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W & T Energy VI, LLC.
W&T OFFSHORE, INC. 
