The W&T Offshore Board of Directors has approved the Company's 2008 budget of $800 million. The 2008 Budget represents a 77% increase over the Company's revised 2007 budget of $453 million. The Budget includes capital to drill 50 wells, including 44 exploration and 6 development wells. Of those wells, 40 are on the conventional shelf and 10 are in the deep shelf or deepwater. We anticipate fully funding our Budget with internally generated cash flow.
"As I've mentioned before, it takes around two years to review and evaluate a transaction of the size of Kerr-McGee and our 2008 Budget is consistent with that statement. In 2008, over half of the wells budgeted to be drilled are on the former Kerr-McGee properties," continued Mr. Krohn. "The Company is clearly committed to drilling in 2008 and we look forward to an exciting year with the drill bit."
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