HOUSTON, March 4, 2014 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today provided an update on the company's first operated Wolfcamp B well at its Yellow Rose field in the Permian Basin of West Texas. The Chablis 9H has reached a 24 hour peak initial production rate of 549 barrels of oil equivalent per day (Boepd). When normalized to a 7,500 foot lateral length, this equates to a rate of 697 Boepd. The oil cut for the Chablis 9H is approximately 73% of the production stream.
The company is currently planning to spud a second operated Wolfcamp B well in mid-March and the non-operated Wolfcamp B joint venture well which was previously announced and spud in early February continues to progress on schedule. Given the recent successes in the nearby acreage, we expect to test additional horizontal benches this year with the Spraberry and Wolfcamp D as the most likely targets at this time.
Tracy Krohn, W&T's Chairman and CEO commented, "The Chablis 9H horizontal well represents what we expect will be the first of many successful Wolfcamp B wells throughout our Yellow Rose field. The substantial success of various operators on nearby acreage in a multitude of benches lends support to our long-held belief that there will be tremendous exploration and development opportunities in our Yellow Rose field located in the north Midland Basin."
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 onshore in both the Permian Basin of West Texas and in East Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 67 offshore fields in federal and state waters (62 producing and five fields capable of producing). W&T currently has under lease approximately 1.3 million gross acres, including approximately 0.6 million gross acres on the Gulf of Mexico Shelf, approximately 0.5 million gross acres in the deepwater and approximately 0.2 million gross acres onshore in Texas. A substantial 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.
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 W&T Offshore's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent Form 10-Q reports found at www.sec.gov or at our website at www.wtoffshore.com under the Investor Relations section.
SOURCE W&T Offshore, Inc.