W&T Sells South Timbalier Stake to Energy Partners
by W&T Offshore Inc.
|Tuesday, May 15, 2012
W&T Offshore on Tuesday announced that it has sold its 40 percent, non-operated, working interest in South Timbalier 41 field located on the shelf of the Gulf of Mexico for $32.375 million, with an effective date of April 1, 2012 to Energy Partners, Ltd. 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, "Through the divestiture of this non-core, non-operated property, we continue to enhance our already strong liquidity. We believe that the sales price makes this an attractive transaction for W&T and further positions us to focus on new opportunities that have greater potential to create shareholder value."
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