WTI - W&T Offshore buys Gulf of Mexico assets in $32M deal
2023-09-21 07:04:07 ET
W&T Offshore ( NYSE: WTI ) said Thursday it has acquired working interests in eight shallow water oil and gas producing assets in the Gulf of Mexico from an undisclosed private seller for $32M in cash.
W&T ( WTI ) said the deal provides additional producing properties located within its existing area of operations in water depths of 25-265 ft, with proved reserves of 3.2M boe (49% oil).
The assets include 30,646 gross acres which currently produce 2,400 boe/day (42% oil).
"These assets have strong production rates, are generating positive free cash flow, and have a solid base of proved developed reserves and identified upside potential with strong 2P reserves," President and CEO Tracy Krohn said.
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W&T Offshore buys Gulf of Mexico assets in $32M deal