W&T Offshore has approved the Company's 2011 Capital Budget of $310 million, excluding the pending acquisition of the Gulf of Mexico producing shelf property under letter of intent with Shell Offshore Inc. and other potential acquisitions. The Budget contains capital to drill 14 wells, including 10 exploration and four development wells. Of those 14 wells, five are on the conventional shelf, one is in the deepwater, two target the deep shelf of the Gulf of Mexico, and six wells are located onshore. We anticipate fully funding our Budget with internally generated cash flow.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "Our capital budget for 2011 offers a balance of onshore, offshore, high potential exploration and low-risk exploitation/development activity, with an emphasis on oil projects. While this budget does not include acquisitions, including the pending acquisition of a property from Shell, we have adequate liquidity to enhance our 2011 program with asset purchases and joint ventures. Our intent in 2011 is to continue to purse acquisitions as we did in 2010 and before. As we enter 2011 we are actively evaluating several opportunities and expect to complement our drilling and exploitation projects with attractive acquisitions."
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