W&T Offshore entered into an agreement with Apache Corporation to acquire Apache's interest in Ship Shoal 349 field, located off the coast of Louisiana, and covering two federal offshore lease blocks, Ship Shoal Blocks 349 and 359 for $116 million in cash, subject to customary purchase price adjustments.
The transaction is expected to close on or before April 30, 2008, subject to customary closing conditions. The effective date of the sale is January 1, 2008. The acquisition will be financed from available cash on hand.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated "We are excited about acquiring Apache's interest in the Ship Shoal 349 field. The Ship Shoal 349 field, better known as Mahogany, was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100% working interest in the field."
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