W&T Offshore Supplemental Bonding Waiver Reconfirmed
HOUSTON, May 16, 2014
HOUSTON, May 16, 2014 /PRNewswire/ --W&T Offshore, Inc. (NYSE: WTI) announced
that it was informed today by the United States Department of Interior Bureau
of Ocean Energy Management ("BOEM") that under applicable federal regulations
W&T Offshore, Inc. (the "Company") qualifies for a waiver of certain
supplemental bonding requirements for potential offshore decommissioning
liabilities (including plugging and abandonment).
In November 2013, the Company received a letter from the BOEM advising that
the Company no longer qualified for a waiver of certain supplemental bonding
requirements for potential offshore decommissioning liabilities. In response,
in January 2014, the Company filed a Petition for Stay Pending Appeal and
Request for Interim Relief with the U.S. Department of Interior's Board of
Land Appeals ("IBLA"). On May 8, 2014, an order was issued by the IBLA in
which it set aside the November 2013 BOEM order and remanded the case to
BOEM. The action taken by the BOEM was in response to the IBLA's remand of
the case to BOEM for further consideration. At this time, W & T Energy VI,
LLC, a subsidiary of the Company, continues to provide supplemental bonding
with respect to certain of its Gulf of Mexico federal interests. The Company
is pleased with the ultimate outcome as rendered by the BOEM today and is
appreciative of the efforts of the representatives of the BOEM over the past
several months in attempting to resolve this issue.
W&T Offshore, Inc. is an independent oil and natural gas producer with
operations offshore in the Gulf of Mexico and onshore in the Permian Basin of
West Texas. We have grown through acquisitions, exploration and development
and currently hold working interests in approximately 67 offshore fields in
federal and state waters (62 producing and five fields capable of producing).
W&T currently has under lease approximately 1.2 million gross acres, including
approximately 0.6 million gross acres on the Gulf of Mexico Shelf,
approximately 0.5 million gross acres in the deepwater and approximately
50,000 gross acres onshore in West 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.
CONTACT: Lisa Elliott Danny Gibbons
Dennard Lascar Associates SVP & CFO
SOURCE W&T Offshore, Inc.
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