HOUSTON, March 20 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI)
announced today that the Company has implemented a stock repurchase program
authorized by its Board of Directors whereby the Company may repurchase up to
$25.0 million of its shares of common stock from time to time. At March 12,
2009, the Company had outstanding 77,405,107 shares of its common stock.
Under the program, shares may be purchased from time to time at prevailing
prices in the open market, in block transactions, in privately negotiated
transactions, or accelerated share repurchase programs through December 31,
2009, in accordance with Rule 10b-18 of the Securities and Exchange
Commission. The timing and actual number of shares purchased will depend on a
variety of factors, such as price, corporate and regulatory requirements,
alternative investment opportunities, and other market and economic
conditions. Repurchases will be funded with cash on hand. Depending on market
conditions and other factors, these purchases may be commenced or suspended at
any time, or from time-to-time, without prior notice.
About W&T Offshore
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 148 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 www.wtoffshore.com.
Manuel Mondragon, Vice President of Finance
Ken Dennard / firstname.lastname@example.org
Lisa Elliott / email@example.com
DRG&E / 713-529-6600
SOURCE W&T Offshore, Inc.
CONTACT: Manuel Mondragon, Vice President of Finance of W&T Offshore
+1-713-297-8024, firstname.lastname@example.org; or Ken Dennardksdennard@drg-e.com, or Lisa Elliott, email@example.com, both of DRG&E
+1-713-529-6600, for W&T Offshore
/Web Site: http://www.wtoffshore.com