W&T Offshore Announces Increase in Borrowing Base Under Revolving Credit
HOUSTON, April 29, 2013
HOUSTON, April 29, 2013 /PRNewswire/ --W&T Offshore, Inc. (NYSE: WTI)
announced today that it has received an increase in the borrowing base under
its revolving credit facility from $725 million to $800 million.
Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated,
"The increase in our borrowing base reflects some of the value derived from
our 2012 development drilling program, and further improves our liquidity
providing us with significant capital to take on new opportunities or execute
acquisitions as we find projects that meet our criteria."
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with
operations offshore in the Gulf of Mexico and onshore in both the Permian
Basin of West Texas and in East Texas. We have grown through acquisitions,
exploration and development and currently hold working interests in
approximately 72 offshore fields in federal and state waters (69 producing and
three fields capable of producing). W&T currently has under lease over 1.4
million gross acres including over 710,000 gross acres on the Gulf of Mexico
Shelf, over 480,000 gross acres in the deepwater and over 220,000 gross acres
onshore in Texas. 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.
SVP & CFO
SOURCE W&T Offshore, Inc.
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