HOUSTON, Sept. 5, 2017 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today announced that the Bureau of Ocean Energy Management ("BOEM") has rescinded its four orders issued in 2016 that instructed W&T to provide additional supplemental bonding of $260.8 million. The Company is in compliance with its financial assurance obligations to the BOEM and has no outstanding BOEM orders related to financial assurance obligations.
Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated, "With W&T satisfying the BOEM's demands regarding our sole liability properties, as expected, the BOEM has formally rescinded the orders it issued in 2016 for us to provide additional financial assurance. We are pleased to have this matter resolved and concluded."
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in approximately 50 producing fields in federal and state waters and has under lease approximately 730,000 gross acres, including approximately 480,000 gross acres on the Gulf of Mexico Shelf and approximately 250,000 gross acres in the deepwater. A majority of the Company's daily production is derived from wells it operates. For more information on W&T Offshore, please visit the Company's website at www.wtoffshore.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 W&T Offshore's Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Q reports found at www.sec.gov or at our website at www.wtoffshore.com under the Investor Relations section. Investors are urged to consider closely the disclosures and risk factors in these reports.
Dennard Lascar Associates
SVP & CFO
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SOURCE W&T Offshore, Inc.