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W&T Offshore, Inc. Upsizes and Prices $300 Million of 8.5% Senior Notes

   W&T Offshore, Inc. Upsizes and Prices $300 Million of 8.5% Senior Notes

PR Newswire

HOUSTON, Oct. 17, 2012

HOUSTON, Oct. 17, 2012 /PRNewswire/ --W&T Offshore, Inc. ("W&T Offshore")
(NYSE: WTI)announced today that it priced $300 million aggregate principal
amount of 8.5% senior notes due 2019 (the "Notes"), which was upsized from the
previously announced $250 million offering size. The Notes will be sold in a
private offering that is exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act"). The Notes will be
issued under an indenture pursuant to which W&T Offshore initially issued $600
million principal amount of its 8.5% senior notes due 2019 on June 10, 2011
(the "Existing Notes"). The Notes will be issued at 106.0%of par value,
providing a yield to worst of 6.963%, and will mature on June 15, 2019. They
will be treated as a single series with, and will have the same terms as, the
Existing Notes, but will not be fungible with the Existing Notes for trading
purposes unless and until they are exchanged for registered notes. The
offering of the Notes is expected to close on October 24, 2012, subject to
customary closing conditions.

W&T Offshore intends to apply the net proceeds of this private offering to
repay all of the outstanding indebtedness under its revolving credit facility,
a portion of which was recently incurred to partially fund its recently
completed acquisition of exploration and production properties in the Gulf of
Mexico from Newfield Exploration Company and its subsidiary, Newfield
Exploration Gulf Coast LLC, and for general corporate purposes.

The Notes are being offered only to qualified institutional buyers in reliance
on Rule 144A under the Securities Act, and outside the United States, only to
non-U.S. investors pursuant to Regulation S. The Notes have not been
registered under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent an effective registration
statement or an applicable exemption from, or a transaction not subject to,
the registration requirements of the Securities Act and applicable state
securities laws. This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Notes, nor does it constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer focused
primarily in the Gulf of Mexico and Texas.We have grown through acquisitions,
exploration and development and currently hold working interests in over 70
producing offshore fields in federal and state waters, including the
deepwater.During 2011, we expanded onshore into West Texas and East Texas
where we are actively pursuing exploration and development activities.A
substantial majority of our daily production is derived from wells we operate
offshore.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933 and Section21E of the Securities
Exchange Act of 1934. These forward-looking statements reflect our current
views with respect to future events, based on what we believe are reasonable
assumptions. No assurance can be given, however, that these events will occur.
These statements are subject to risks and uncertainties that could cause
actual results to differ materially including, among other things, market
conditions, oil and gas price volatility, uncertainties inherent in oil and
gas production operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management activities,
governmental regulations, uncertainties and other factors discussed in W&T
Offshore's Annual Report on Form 10-K for the year ended December31, 2011 and
subsequent Form 10-Q reports found at www.sec.gov.

CONTACT: Mark Brewer                     Danny Gibbons
          Investor Relations                SVP & CFO
          investorrelations@wtoffshore.com investorrelations@wtoffshore.com
          713-297-8024                713-624-7326

SOURCE W&T Offshore, Inc.

Website: http://www.wtoffshore.com
 
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