The company and selling shareholders intend to grant the underwriters a 30-day option to purchase a maximum of 1.65 million additional shares of its common stock. W&T intends to use the net proceeds from the primary portion of the offering to finance a portion of the cash consideration related to the Kerr-McGee transaction and to pay related fees and expenses. It will not receive any proceeds from the secondary shares sold by senior management.
Lehman Brothers, Jefferies & Company and Morgan Stanley are serving as joint book-running managers for the offering. The shares are being offered pursuant to an effective shelf registration statement that W&T Offshore previously filed with the U.S. Securities and Exchange Commission.
Founded in 1983, W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation, and exploration and now holds working interests in more than 100 fields in federal and state waters. A majority of its daily production is derived from wells it operates.
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