W&T Offshore has completed the acquisition of working interests in eight shallow-water oil and gas producing assets in the GoM from an undisclosed private seller.
HOUSTON —W&T Offshore Inc. 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 (GoM) from an undisclosed private seller.
The acquisition has a closing date of Sept. 20 and an effective date of June 1. The assets were acquired for a gross consideration of $32 million, subject to normal and customary post-effective date purchase price adjustments.
W&T says the transaction provides additional producing properties located within its existing area of operations in water depths ranging from 25 ft to 265 ft as well as a high average working interest of about 72%. The transaction also includes estimated production (as of Sept. 12) of about 2,400 boe/d (42% oil), and about two-thirds of the production is operated.
Estimated proved reserves as of June 1 for the eight properties totaled 3.2 MMboe (49% oil) of which 100% are proved developed. In addition, the 2P reserves for the acquired properties are estimated to be 5.1 MMboe (48% oil).
