HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) today announced the startup of production from its Daniel Boone discovery well, a deepwater development in the Gulf of Mexico within Green Canyon Block 646.
Daniel Boone lies in water depths of approximately 4,230 feet about 120 miles from the Louisiana coast. The discovery well has current gross daily production of approximately 6,000 barrels of oil and 5,700 thousand cubic feet of natural gas per day, or 6,950 barrels of oil equivalent per day. The well is connected via a 22-mile subsea tieback to a third-party operated platform in Green Canyon Block 338. Sales commenced September 28, 2009. W&T has been steadily increasing production to the current rate and production will continue to be adjusted to achieve maximum recovery from the reservoir. W&T holds a 60% working interest and operates the Daniel Boone field. Mariner Energy, Inc. (NYSE: ME) holds the remaining 40% working interest.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "High flow rates and high cash flow at our Daniel Boone project are examples of why W&T has always enjoyed having a presence in the Gulf of Mexico."
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 147 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.
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 our Annual Report on 10-K for the year ended December 31, 2008 (www.sec.gov).
Manuel Mondragon, Vice President of Finance
Janet Yang, Finance Manager
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SOURCE W&T Offshore, Inc.