HOUSTON, March 24, 2016 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) announced today that its borrowing base under its revolving bank credit facility has been reduced to $150 million from $350 million, effective March 23, 2016. In February 2016, the Company drew $340 million on its revolving bank credit facility and now has borrowings of $191 million in excess of the redetermined borrowing base. Excess borrowings are required to be repaid in three equal monthly installments. W&T currently has a cash balance of $431 million.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 54 offshore fields in federal and state waters (50 producing and four fields capable of producing). W&T currently has under lease approximately 900,000 gross acres offshore, including approximately 550,000 gross acres on the Gulf of Mexico Shelf and approximately 350,000 gross acres in the deepwater. A majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website at www.wtoffshore.com.
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SOURCE W&T Offshore, Inc.