HOUSTON, April 3, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- W&T Offshore, Inc. (NYSE: WTI) today announces that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission. The Registration Statement on Form S-3 will give W&T flexibility in issuing common stock, preferred stock, debt securities and other securities as it may deem appropriate from time to time. The universal shelf on Form S-3 is effective on filing and will be supplemented by a prospectus with respect to the issuance of a security under the shelf.
W&T expects to use all or portions of the securities available under this shelf filing for general corporate purposes, including, among other things, the reduction or refinancing of debt or other corporate obligations, additions to working capital, capital expenditures and potential future acquisitions. Any specific allocation of the net proceeds of an offering of securities to a specific purpose will be determined at the time of the offering and will be described in the respective prospectus supplement.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws.
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, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 100 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 the current views of W&T's management with respect to future events, based on what it believes 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 position and conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, prospects unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2005 (http://www.sec.gov )
Contacts: Manuel Mondragon, Assistant VP of Finance firstname.lastname@example.org 713-297-8024 Ken Dennard / email@example.com Lisa Elliott / firstname.lastname@example.org DRG&E / 713-529-6600
SOURCE W&T Offshore, Inc.
Manuel Mondragon, Assistant VP of Finance of W&T Offshore, Inc., +1-713-297-8024, or email@example.com ; or Ken Dennard, firstname.lastname@example.org , or Lisa Elliott, email@example.com , both of DRG&E, +1-713-529-6600, for W&T Offshore, Inc.