W&T Offshore Announces Sale Of Non-Operated Non-Core Gulf Of Mexico Shelf Asset

abarrelfullabarrelfull wrote on 28 Sep 2013 06:44
Tags: gofm n-america upstream usa w&t

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W&T Offshore, Inc. (NYSE: WTI) today announces that it has sold all of its working interest in West Delta 29 block (OCS 00385) located on the shelf of the Gulf of Mexico to EPL Oil & Gas, Inc. for $21.8 million with an effective date of January 1, 2013, subject to post-Effective Date adjustments. The sale of this non-core asset does not alter our previously issued production or expense guidance.

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "The sale of this non-core, non-operated property, allows us to accelerate cash flow from the underlying asset. As we have discussed throughout the year, our intent is to continually high-grade our assets and focus on the projects we feel have the greatest potential to create shareholder value."

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