W&T Sells South Timbalier Stake to Energy Partners

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."

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Chloride Sales Manager
Expertise: Business Development|Customer Service|Sales
Location: The Woodlands, TX
 
Construction Contracts Analyst
Expertise: Contracts Administration|Legal
Location: Alpharetta, GA
 
Senior Construction Contracts Manager
Expertise: Construction Manager|Legal
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours