HOUSTON, April 24 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) today provided an update on its recent drilling success.
During the first quarter, W&T Offshore successfully drilled four exploration wells, all of which were commercially successful:
Lease Name/Well Category Working Interest % Ship Shoal 315 A-3ST Exploration/Shelf 100% Ship Shoal 300 A-2ST Exploration/Shelf 100% Ship Shoal 314 A-4ST Exploration/Shelf 100% South Timbalier 217 A-3 Exploration/Shelf 50% After the close of the quarter, W&T Offshore drilled two commercially successful exploration wells: Lease Name/Well Category Working Interest % High Island A-376 Exploration/Shelf 30% Ship Shoal 224-E18 Exploration/Deep Shelf 47%
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "We are four for four in the first quarter, all of which were commercially successful, and two for two since the close of the first quarter which were commercially successful. Our exploration drilling program has a success record of 100% so far this year. In fact, we are twelve of thirteen in exploration wells and two for two in development wells, for an overall success rate of 93% for the last 16 months. We expect to see a ramp up in drilling activity over the next two weeks. This level of rig activity puts us in the right position to achieve our goals for the year 2008," continued Mr. Krohn. "Currently, we have seven operated rigs running and two non-operated rigs running."
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 155 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 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 and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2007 (http://www.sec.gov).
Contacts: Manuel Mondragon, Vice President 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. 04/24/2008 CONTACT: Manuel Mondragon, Vice President of Finance of W&T Offshore Inc., +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. Web site: http://www.wtoffshore.com (WTI)