HOUSTON, Oct. 27 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) today announced that its bank group has reaffirmed the borrowing base under its revolving credit facility that matures July 23, 2012 and that the undrawn $500 million revolving credit facility remains available for borrowing. Toronto Dominion Bank led the group of 16 lenders, with no one institution holding more than 10% of the commitment.
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 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 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, uncertainties 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. -0- 10/27/2008 /CONTACT: Manuel Mondragon, Vice President of Finance of W&T Offshore, Inc., +1-713-297-8024, 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) CO: W&T Offshore, Inc.; Toronto Dominion Bank ST: Texas IN: OIL SU: FNC SB-AX -- LAM122 -- 6383 10/27/2008 16:41 EDT http://www.prnewswire.com