W&T Offshore Completes Shallow-Water US Gulf Purchase
The $32-million deal nets producer proved reserves of 3.2 million BOE.
W&T Offshore has completed the acquisition of working interests in eight shallow-water oil- and gas-producing assets in the central and eastern shelf region of the Gulf of Mexico from an undisclosed private seller for $32 million.
The acquisition has a closing date of 20 September 2023, and an effective date of 1 June 2023. W&T used its cash on the balance sheet to pay the net purchase price.
The deal includes estimated production as of 12 September 2023, of about 2,400 BOE/D (42% oil) with around two-thirds of the production operated.
The acquired assets, encompassing 30,646 gross acres (22,079 net acres), also add proved reserves of 3.2 million BOE (49% oil).