W&T Offshore Sells GOM Non-Operated Interest
W&T Offshore (WTI) announced Friday that it has sold all of its working interest in West Delta 29 block (OCS 00385) located on the shelf of the Gulf of Mexico to EPL Oil & Gas, Inc. for $21.8 million with an effective date of Jan. 1, 2013, subject to post-Effective Date adjustments. 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, "The sale of this non-core, non-operated property, allows us to accelerate cash flow from the underlying asset. As we have discussed throughout the year, our intent is to continually high-grade our assets and focus on the projects we feel have the greatest potential to create shareholder value."