News Release

<< Back

W&T Offshore Reports Fourth Quarter and Full Year 2006 Financial and Operational Results

HOUSTON, March 8 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) today announces record production and provides financial and operational results for the fourth quarter and full year 2006. Some of the highlights include:

    * Revenues, production, and reserves were all new record highs in 2006

    * Cash provided by operating activities increased to a record $572 million

    * Fourth quarter 2006 production increased 37% sequentially from the third quarter 2006 as a result of the Kerr-McGee transaction

    * Replaced 346% of production through acquisitions and the drill bit, ending the year with 735 Bcfe proved reserves

    * W&T successfully drilled 19 of 26 exploration wells for a 73% success rate

    * W&T achieved 79% success overall in its exploration and development drilling program in 2006, including 100% success on eight development wells

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "2006 included several records or firsts. We completed our largest transaction to date, our $1.1 billion Kerr-McGee transaction in August. We completed our first follow-on equity offering in July. Revenues, production, cash flow, and reserves were all new record highs. While our revenue was at record highs, unfortunately so were our expenses. During 2006, DD&A increased over 80%, which had an impact on earnings per share. I am pleased to note we added 109 Bcfe through the drillbit and extensions, which replaced our production of 99 Bcfe. While the Kerr-McGee acquisition has put some pressure on our earnings per share, I remain very pleased with the potential for value creation arising out of that acquisition."

Net Income: Net income for the three months ended December 31, 2006 was $38.1 million, or $0.50 per diluted share, on revenue of $264.4 million. Net income for the fourth quarter of 2006 includes an unrealized loss of $1.1 million (after taxes) related to W&T's commodity derivative contracts. For the fourth quarter of 2005 net income was $50.9 million, or $0.77 per diluted share, on revenues of $152.9 million. Net income declined in the fourth quarter 2006 principally due to overall higher drilling costs, increased charges for DD&A, service costs, interest expense and insurance premiums. Net income for the year ended December 31, 2006 was $199.1 million, or $2.84 per diluted share, on revenues of $800.5 million, compared to net income of $189.0 million or $2.87 per diluted share, on revenues of $585.1 million for 2005. Included in full year 2006 results are realized and unrealized commodity gains of $10.8 million and $13.4 million, respectively.

Lease Operating Expenses ("LOE"): LOE for the fourth quarter of 2006 increased to $43.2 million, or $1.20 per thousand cubic feet equivalent ("Mcfe") from $19.5 million, or $1.43 per Mcfe in the fourth quarter of 2005. LOE for the year ended December 31, 2006 was $109.7 million, or $1.11 per Mcfe, compared to $71.8 million, or $1.01 per Mcfe in 2005. The increases in quarterly and year-to-date LOE are primarily attributable to higher costs associated with the properties acquired in the Kerr-McGee transaction completed in August 2006, increases in insurance premiums as a result of last year's hurricanes, and an overall increase in service and supply costs at existing properties. The unit costs are being negatively affected in 2005 by the deferred production as a result of the hurricanes and positively affected in 2006 by the Kerr-McGee transaction.

Depreciation, depletion, amortization and accretion ("DD&A"): DD&A increased to $135.7 million, or $3.79 per Mcfe, in the fourth quarter of 2006 from $45.0 million, or $3.30 per Mcfe, in the same period of 2005. At the same time, property subject to DD&A increased to $2.7 billion from $1.2 billion in the prior period. DD&A for the year ended 2006 was $337.6 million or $3.40 per Mcfe, compared to DD&A of $183.8 million, or $2.59 per Mcfe, for the same period in 2005. Per unit DD&A increased in part due to increases in total depletable costs due to the Kerr-McGee merger transaction, increased capital spending, higher drilling and service costs, and higher estimated future development costs.

Cash Flow from Operations and Adjusted EBITDA: Net cash provided by operating activities increased 120% to $220.1 million during the fourth quarter from $100.2 million during the prior year's fourth quarter. Fourth quarter 2006 Adjusted EBITDA was $207.7 million, compared to $121.6 million during the prior year's fourth quarter. Net cash provided by operating activities for 2006 increased 28.7% to $571.6 million from $444.0 million in 2005. Adjusted EBITDA was $641.8 million for the year ended December 31, 2006, compared to $472.3 million for the prior year period. Cash flow was significantly higher in 2006 due to continued successful exploration efforts and due to the addition of the Kerr-McGee properties. For more complete information regarding EBITDA and Adjusted EBITDA please see "Additional Non- GAAP Information" later in this press release.

Production and Prices: Total production in the fourth quarter of 2006 was 23.0 billion cubic feet ("Bcf") of natural gas that was sold at an average price of $6.64 per Mcf and 2.1 million barrels ("MMBbls") of oil that was sold at an average price of $52.13 per barrel ("Bbl"). On a natural gas equivalent ("Bcfe") basis, the Company sold 35.8 Bcfe at an average price of $7.38 per Mcfe. For the fourth quarter of 2005 the Company sold production of 9.4 Bcf of natural gas at an average price of $12.06 per Mcf and 0.7 MMBbls of oil at an average price of $55.87 per Bbl. On a Bcfe basis, the Company sold 13.6 Bcfe at an average price of $11.20 per Mcfe. The increase in volumes is primarily attributable to the additional production associated with the newly acquired Kerr-McGee properties, and new production from successful exploration drilling, while the 2005 production is lower due to production shut-in as a result of the hurricanes.

For the year ended December 31, 2006, total production was 60.4 Bcf of natural gas at an average price of $7.08 per Mcf and 6.5 MMBbls of oil at an average price of $57.70 per Bbl. On a Mcfe basis, the Company sold 99.2 Bcfe at an average price of $8.07 per Mcfe. For the year 2005, the Company sold 46.5 Bcf of natural gas at an average price of $8.27 per Mcf and 4.1 MMBbls of oil at an average price of $48.85 per Bbl. On a Mcfe basis, the Company sold 71.1 Bcfe at an average price of $8.23 per Mcfe for the same period in 2005.

Capital Expenditures and Operations Update: During the fourth quarter of 2006, the Company participated in the drilling of four exploration wells (gross) in the Gulf of Mexico, one of which was successful. For the year ended December 31, 2006, capital expenditures of $1.7 billion included $1.1 billion for the acquisition of properties from Kerr-McGee, $301.6 million for development activities, $252.0 million for exploration, $35.4 million for seismic and other leasehold costs and $4.8 million for other capital items.

Drilling Highlights: In the fourth quarter of 2006, the Company participated in the drilling of four exploration wells. Two of the wells were in deepwater and two were on the conventional shelf.

    Successful Wells:
    Field Name/Well               Category             Working Interest %
    Galveston 303 #7        Exploration / Shelf               83%

    Non-commercial Wells:
    Field Name/Well               Category             Working Interest %
    Ship Shoal 368          Exploration / Shelf              100%
    Alaminos Canyon 529   Exploration / Deepwater             50%
    Green Canyon 732      Exploration / Deepwater             75%

Insurance Update: As of December 31, 2006, insurance receivables were $75 million. On Tuesday, March 6, 2007, the Company completed written settlement agreements with its insurance underwriters to settle all claims related to Hurricanes Katrina and Rita and Green Canyon 82 for $105 million. After adjustments for applicable deductibles and $21 million already collected in 2006 and $4.8 million collected in February 2007, the Company will receive net proceeds of $73.3 million, currently expected for the middle of March 2007. This amount exceeds total hurricane related receivables through December 31, 2006, by $2.9 million with the excess being used to offset hurricane remediation efforts that continue into 2007.

The Company estimates spending between $15 million to $20 million for hurricane remediation in 2007. The timing of future repairs will be affected by equipment availability, design and remediation planning and permitting. This estimate will be updated as the remediation progresses. Future Lease Operating Expense (LOE) guidance will include normal recurring LOE and LOE related to hurricane remediation.

Reserves: In 2006, W&T replaced 346% of its production. As of December 31, 2006, proved reserves were 735.2 Bcfe compared to proved reserves of 491.5 Bcfe as of December 31, 2005. Year-end 2006 proved reserves consist of 401.2 Bcf of natural gas (55% of proved reserves) and 55.7 million barrels, or 334.0 Bcfe of oil and liquids (45% of proved reserves). The present value of the proved reserves discounted at 10%, including estimated asset retirement obligations, and without deducting any future income taxes, is $2.3 billion based on year-end prices of $5.635 per MMBtu ($5.40 per Mcf) of natural gas and $52.79 per Bbl of oil. The Company's estimate of proved reserves are based on a reserve report prepared by Netherland, Sewell & Associates, Inc., the Company's independent petroleum consultant.

    The Company's proved reserves are summarized in the table below.

                                        As of December 31, 2006
                              Oil and                     % of
                              Liquids    Gas    Total     Total     PV-10(3)
                              (MMBbls)  (Bcf)   (Bcfe)   Proved  (in millions)

    Classification of
     Reserves (1)
    Proved developed producing  11.5    156.4    225.3     31%       $741.3
    Proved developed
     non-producing (2)          19.8    134.6    253.6     34%        974.9
        Total proved developed  31.3    290.9    478.9     65%      1,716.2
    Proved undeveloped          24.3    110.3    256.3     35%        620.2
        Total proved            55.7    401.2    735.2    100%     $2,336.4

    (1)  Totals may not add due to rounding.
    (2)  Includes 20.2 Bcfe of reserves with a PV-10 of $115.1 million that
         were shut-in at December 31, 2006 because of Hurricanes Katrina and
         Rita.  The Company expects all of these reserves to be reclassified
         to producing in 2007.  Also includes 5.7 Bcfe of reserves with a
         PV-10 of $7.5 million that were shut-in at December 31, 2006 because
         of damage to the High Island Pipeline System which occurred in
         December, 2006.  The damage to the High Island Pipeline System was
         repaired in January, 2007.
    (3)  The PV-10, as calculated by the independent petroleum consultant, has
         been adjusted by the Company to include estimated asset retirement
         obligations.


    2006 Reserve Reconciliation:

                                                                 Total Oil and
                                Oil and Liquids    Natural Gas     Natural Gas
                                     (MBbls)          (MMcf)       (MMcfe) (1)
    Proved reserves as of
     December 31, 2005               45,937           215,920        491,544
      Revisions of previous
       estimates                     (1,242)           (5,692)       (13,149)
      Extensions, discoveries
       and other additions            7,255            65,759        109,289
      Purchase of minerals in place  10,165           185,697        246,686
      Production                     (6,456)          (60,447)       (99,181)
    Proved reserves as of
     December 31, 2006               55,659           401,237        735,189

    (1) One billion cubic feet equivalent (Bcfe), one million cubic feet
        equivalent (MMcfe) and one thousand cubic feet equivalent (Mcfe) are
        determined using the ratio of six Mcf of natural gas to one Bbl of
        crude oil, condensate or natural gas liquids (totals may not add due
        to rounding).

Outlook: The following information does not include the potential impact of any future acquisitions or divestitures that may be completed after the date of this news release. The guidance for 2007 represents the Company's best estimate of likely future results, and is affected by the factors described below in "Forward-Looking Statements."

Guidance for the first quarter and full year 2007 is shown in the table below. We are reducing the low end of first quarter guidance due to several project startup delays resulting from weather conditions, equipment availability, the unanticipated damage to the High Island Pipeline System (HIPS) that occurred December 2006. Guidance for full year 2007 is not being changed.

    2007 Production and Cost Guidance:

                                Prior First   Revised First
                                  Quarter        Quarter        Full-Year
    Estimated Production           2007           2007            2007
    Crude oil (MMBbls)         2.06 - 2.17     1.86 - 2.17      9.6 - 10.5
    Natural gas (Bcf)         21.66 - 22.80   20.75 - 22.80    92.2 - 101.2
    Total (Bcfe)              34.00 - 35.80   32.10 - 35.80   149.7 - 164.3


    Operating Expenses ($ in          First Quarter      Full-Year
     millions, except as noted)           2007             2007
    Lease operating expenses          $39.8 - $47.6   $166.9 - $199.4
    Lease operating expenses
     - Hurricane-related               $3.5 - $7.0     $15.0 - $20.0
    Gathering, transportation
     & production taxes                $6.2 - $7.4     $24.9 - $29.7
    General and administrative        $12.3 - $14.5    $50.0 - $55.0
    Income tax rate, % deferred        35.0%, 80%        35.0%, 80%

Conference Call Information: W&T will hold a conference call to discuss financial and operational results on Thursday, March 8, 2007 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate, dial (303) 262-2131 a few minutes before the call begins. The call will also be broadcast live over the Internet from the Company's website at www.wtoffshore.com. A replay of the conference call will be available approximately two hours after the end of the call until Thursday, March 15, 2007, and may be accessed by calling (303) 590-3000 and using the pass code 11085913.

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 200 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

Forward-Looking Statements

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, 2005 (www.sec.gov).



                               W&T OFFSHORE, INC.
                       Consolidated Statements of Income
                    (In thousands, except per share amounts)
                                  (Unaudited)


                                   Three Months Ended        Year Ended
                                       December 31,         December 31,
                                      2006      2005       2006      2005
    Revenues:
      Oil and natural gas          $264,388  $152,820    $800,348  $584,564
      Other                              (4)       40         118       572
        Total revenues              264,384   152,860     800,466   585,136
    Expenses:
      Lease operating                43,161    19,505     109,652    71,758
      Gathering, transportation
       costs and production taxes     6,003     2,516      17,697    12,702
      Depreciation, depletion, and
       amortization                 131,079    42,804     325,131   174,771
      Asset retirement obligation
       accretion                      4,656     2,233      12,496     9,062
      General and administrative     11,742     9,231      42,119    28,418
      Commodity derivative gain      (2,451)      -       (24,244)      -
        Total operating expenses    194,190    76,289     482,851   296,711

      Income from operations         70,194    76,571     317,615   288,425

    Interest expense:
      Incurred                       19,904       279      30,418     1,145
      Capitalized                    (9,100)      -       (13,238)      -
    Other income                        414     1,412       5,919     2,746
      Income before income taxes     59,804    77,704     306,354   290,026

    Income taxes                     21,697    26,847     107,250   101,003

    Net income                      $38,107   $50,857    $199,104  $189,023

    Earnings per common share:
      Basic                           $0.50     $0.77       $2.84     $2.91
      Diluted                         $0.50     $0.77       $2.84     $2.87

    Weighted average shares
     outstanding:
      Basic                          75,748    65,971      70,177    64,982
      Diluted                        75,812    65,980      70,217    65,971

    Consolidated Cash Flow
     Information
    Net cash provided by operating
     activities                    $220,121  $100,149    $571,589  $444,043
    Capital expenditures           $202,741   $94,144  $1,658,541  $323,743

    Other Financial Information
    Adjusted EBITDA                $207,677  $121,608    $641,766  $472,258



                              W&T OFFSHORE, INC.
                                Operating Data
                                  (Unaudited)


                                             Three Months
                                                Ended         Year Ended
                                             December 31,     December 31,
                                             2006    2005    2006    2005
    Net sales:
        Natural gas (MMcf)                  22,957   9,399  60,447  46,548
        Oil (MBbls)                          2,149     706   6,456   4,085
        Total natural gas and oil (MMcfe)
         (1)                                35,848  13,639  99,181  71,060

    Average daily equivalent sales
     (MMcfe/d)                               389.7   148.2   271.7   194.7

    Average realized sales prices: (2)
        Natural gas ($/Mcf)                  $6.64  $12.06   $7.08   $8.27
        Oil ($/Bbl)                          52.13   55.87   57.70   48.85
        Natural gas equivalent ($/Mcfe)       7.38   11.20    8.07    8.23

    Average per Mcfe data ($/Mcfe):
        Lease operating expenses             $1.20   $1.43   $1.11   $1.01
        Gathering, transportation cost and
         production taxes                     0.17    0.18    0.18    0.18
        Depreciation, depletion,
         amortization and accretion           3.79    3.30    3.40    2.59
        General and administrative            0.33    0.68    0.42    0.40
        Net cash provided by operating
         activities                           6.14    7.34    5.76    6.25
        Adjusted EBITDA                       5.79    8.92    6.47    6.65




    (1) One billion cubic feet equivalent (Bcfe), one million cubic feet
        equivalent (MMcfe) and one thousand cubic feet equivalent (Mcfe) are
        determined using the ratio of six Mcf of natural gas to one Bbl of
        crude oil, condensate or natural gas liquids (totals may not add due
        to rounding).

    (2) Average realized prices exclude the effects of our derivative
        contracts that do not qualify for hedge accounting.  Had we included
        the effect of these derivatives, our average realized sales prices for
        natural gas and oil would have been $7.23 per Mcf and $57.97 per
        barrel, respectively, for 2006.  On a natural gas equivalent basis,
        our average realized sales price would have been $8.18 per Mcfe for
        2006. We did not have any derivative contracts in place during the
        other periods presented.



                               W&T OFFSHORE, INC.
                           Consolidated Balance Sheets
                                 (In thousands)
                                   (Unaudited)


                                                          December 31,
                                                    2006              2005
                   Assets
    Current assets:
       Cash and cash equivalents                   $39,235          $187,698
       Receivables                                 239,899            83,623
       Prepaid expenses and other assets            49,559            12,503
          Total current assets                     328,693           283,824

    Property and equipment - at cost             3,308,101         1,486,865
    Less accumulated depreciation,
     depletion and amortization                  1,042,315           717,583
          Net property and equipment             2,265,786           769,282

    Other assets                                    15,206            11,414
             Total assets                       $2,609,685        $1,064,520

        Liabilities and Shareholders' Equity
    Current liabilities:
       Current maturities of long-term
        debt                                      $271,380                $-
       Accounts payable                            247,324           143,049
       Asset retirement obligations                 41,718            39,653
       Accrued liabilities and other                83,654            48,990
          Total current liabilities                644,076           231,692

    Long-term debt, less current
     maturities                                    413,617            40,000
    Asset retirement obligations, less
     current portion                               272,350           112,621
    Deferred income taxes                          232,835           134,395
    Other liabilities                                3,890             2,429

    Shareholders' equity:
       Common stock                                      1                 1
       Additional paid-in capital                  361,855            52,332
       Retained earnings                           681,634           491,050
       Accumulated other comprehensive
        loss                                          (573)                -
          Total shareholders' equity             1,042,917           543,383
             Total liabilities and
              shareholders' equity              $2,609,685        $1,064,520



                                W&T OFFSHORE, INC.
                      Consolidated Statements of Cash Flows
                                  (In thousands)
                                   (Unaudited)


                                     Three Months Ended        Year Ended
                                         December 31,          December 31,
                                       2006      2005        2006       2005
    Operating activities:
       Net income                     $38,107   $50,857    $199,104  $189,023
       Adjustments to reconcile net
        income to net cash provided
          by operating activities:
             Depreciation,
              depletion,
              amortization and
              accretion               135,735    45,037     337,627   183,833
             Amortization of debt
              issuance costs              320        80       1,417       342
             Accretion of discount
              on long-term debt         4,624         -       6,765         -
             Share-based
              compensation                367        29       2,544       419
             Unrealized commodity
              derivative (gain) loss    1,748         -     (13,476)        -
             Deferred income taxes     40,668     9,785     106,645    42,302
             Other                        511        11         511        11
             Changes in operating
              assets and liabilities   (1,959)   (5,650)    (69,548)   28,113
                Net cash provided by
                 operating activities 220,121   100,149     571,589   444,043

    Investing activities:
       Acquisition of Kerr-McGee
        properties                          -         -  (1,061,769)        -
       Investment in oil and gas
        property and equipment       (201,652)  (93,743)   (588,978) (322,984)
       Proceeds from sales of oil
        and gas properties and
        equipment                           -       770           -     2,547
       (Purchases) sales of
        furniture, fixtures and
        other, net                      1,880      (401)     (4,825)     (759)
       Other                              (51)    1,732        (331)     (277)
                Net cash used in
                 investing
                 activities          (199,823)  (91,642) (1,655,903) (321,473)

    Financing activities:
       Borrowings of long-term debt   304,000    40,000   1,123,732    42,550
       Repayments of borrowings of
        long-term debt               (294,500)        -    (485,500)  (37,550)
       Proceeds from equity
        offering, net of costs             (1)        -     306,979         -
       Dividends to shareholders       (2,278)   (1,319)     (8,225)   (3,958)
       Debt issuance costs               (355)        -      (1,135)     (889)
                Net cash provided by
                 financing
                 activities             6,866    38,681     935,851       153
                (Decrease) increase
                 in cash and cash
                 equivalents           27,164    47,188    (148,463)  122,723
    Cash and cash equivalents,
     beginning of period               12,071   140,510     187,698    64,975
    Cash and cash equivalents, end
     of period                        $39,235  $187,698     $39,235  $187,698



                               W&T OFFSHORE, INC.

                         Additional Non-GAAP Information

Certain financial information included in our financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are "Adjusted Net Income", "EBITDA", and "Adjusted EBITDA". Our management uses these non-GAAP measures in its analysis of our performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

              Reconciliation of Net Income to Adjusted Net Income

    "Adjusted Net Income" does not include the unrealized derivative gain and
associated tax effects.  Adjusted Net Income is presented because the timing
and amount of these items cannot be reasonably estimated and affect the
comparability of operating results from period to period, and period to prior
periods.

                                       Three Months Ended       Year Ended
                                          December 31,         December 31,
                                         2006     2005        2006      2005
                                      (In thousands, except per share amounts)
                                                    (Unaudited)
    Net income                          $38,107  $50,857    $199,104  $189,023
    Unrealized commodity derivative
     loss (gain)                          1,748      -       (13,476)      -
    Income tax adjustment for above
     item                                  (611)     -         4,717       -
    Earnings stated without effect of
     the above items                    $39,243  $50,857    $190,345  $189,023

    Earnings per share-diluted without
     the effect of the above items        $0.52    $0.77       $2.71     $2.87



                      Reconciliation of Net Income to EBITDA

EBITDA is defined as net income plus income tax expense, net interest (income) expense, depreciation, depletion, amortization and accretion and non- cash expenses associated with unrealized changes in the fair market value of open derivative contracts. Although not prescribed under GAAP, we believe the presentation of EBITDA is relevant and useful because it helps our investors understand our operating performance and makes it easier to compare our results with those of other companies that have different financing, capital or tax structures. EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. EBITDA, as we calculate it, may not be comparable to EBITDA measures reported by other companies. In addition, EBITDA does not represent funds available for discretionary use. "Adjusted EBITDA" excludes certain non-cash items that management believes affect the comparability of operating results, including the unrealized gain or loss related to open derivative contracts.

The following table presents a reconciliation of our consolidated net income to consolidated EBITDA.

                                       Three Months Ended      Year Ended
                                          December 31,        December 31,
                                         2006      2005      2006      2005
                                                   (In thousands)
                                                    (Unaudited)
    Net income                         $38,107   $50,857   $199,104  $189,023
    Income tax expense                  21,697    26,847    107,250   101,003
    Net interest (income) expense       10,390    (1,133)    11,261    (1,601)
    Depreciation, depletion,
     amortization and accretion        135,735    45,037    337,627   183,833
    EBITDA                             205,929   121,608    655,242   472,258
    Adjustments:
    Non-cash change in unrealized
     commodity derivatives (before
     tax)                                 1,748       -     (13,476)      -

    Adjusted EBITDA                    $207,677  $121,608  $641,766  $472,258

Contacts:
Manuel Mondragon, Vice President of Finance
investorrelations@wtoffshore.com
713-297-8024

Ken Dennard / ksdennard@drg-e.com
Lisa Elliott / lelliott@drg-e.com
DRG&E / 713-529-6600

SOURCE W&T Offshore, Inc.