WTI - W&T announces bolt-on acquisition - $17.5m for 2.0mb of reserves

W&T Offshore (WTI), a pure-play US e&p focused on the Gulf of Mexico, announced a bolt-on acquisition Tuesday. The assets, acquired from a private operator in the Gulf, include 2.0mb of 2P reserves, produce ~900boe/d (80% oil) and come at a cost of $17.5m. The assets increase the company's stake in blocks initially purchased earlier in the year, and CEO Tracy Krohn said, "As was noted when we announced the original acquisition earlier this year, the assets are very complementary to our existing assets with a solid base of proved reserves and strong free cash flow and upside potential." The company has traded in-line with peers year to date, up ~40% from January 1st, and is a favorite amongst Wall Street analysts covering the name.

For further details see:

W&T announces bolt-on acquisition - $17.5m for 2.0mb of reserves