W&T Offshore Announces Increase In Borrowing Base Under Revolving Credit
Facility To $725 Million
HOUSTON, Nov. 7, 2012
HOUSTON, Nov. 7, 2012 /PRNewswire/ --W&T Offshore, Inc. (NYSE: WTI) announced
today that it has received an increase in its borrowing base from $575 million
to $725 million under its existing revolving credit facility. During a
semi-annual redetermination, the Company's lending bank group was expanded
from 17 to 20 banks. Availability under the revolving credit facility will be
subject to redetermination at the next semi-annual review in the spring of
2013, calculated by the lenders based on their evaluation of the Company's
proved reserves using their own internal criteria.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "Our expanded
borrowing base along with an increase in the number of lenders reflects the
quality and growth of our proved reserves and continued support from the
banking community. We continue to improve our liquidity to position the
company to act quickly upon growth opportunities that fit our strategic
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 approximately 67 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. For more information on W&T Offshore, please visit
our website at www.wtoffshore.com.
CONTACT: Mark Brewer Danny Gibbons
Investor Relations SVP & CFO
SOURCE W&T Offshore, Inc.
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