HOUSTON, Dec. 24 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) announced that on December 21, 2007, it entered into an agreement with Apache Corporation (NYSE, Nasdaq: APA) to acquire Apache's interest in Ship Shoal 349 field, located off the coast of Louisiana, and covering two federal offshore lease blocks, Ship Shoal Blocks 349 and 359 for $116 million in cash, subject to customary purchase price adjustments. The transaction is expected to close on or before April 30, 2008, subject to customary closing conditions. The effective date of the sale is January 1, 2008. The acquisition will be financed from available cash on hand.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated "We are excited about acquiring Apache's interest in the Ship Shoal 349 field. The Ship Shoal 349 field, better known as Mahogany, was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100% working interest in the field."
About W&T Offshore
Founded in 1983, W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 200 fields in federal and state waters and a majority of its daily production is derived from wells it operates. For more information on W&T Offshore, please visit its Web site at http://www.wtoffshore.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2006 (http://www.sec.gov).
Manuel Mondragon, Vice President of Finance
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SOURCE W&T Offshore, Inc.