For full year 2007, W&T Offshore successfully drilled 6 of 7 exploration wells, for a success rate of 86%, which included four out of five conventional shelf wells, and one on the deep shelf and one in the deepwater. Additionally, the Company successfully drilled two of two development wells, both of which were on the conventional shelf. For the 2007 drilling program of 9 total wells, W&T achieved a success rate of 89%.
"Our 2007 success rate of 89% for all wells drilled is in-line with our historic rates," said Tracy W. Krohn, Chairman and Chief Executive Officer. "At the beginning of 2007, we made a conscientious decision to cut back on our drilling program and focus on restructuring our debt and significantly enhancing our liquidity. After our successful bond offering this summer, we announced plans to ramp up drilling activities to take advantage of our free cash flow and declining drilling costs. By year end, we successfully drilled 8 of 9 wells and are currently drilling on four additional wells that should be finished drilling in the next couple of weeks," said Mr. Krohn. "One of the successful wells we drilled was our Green Canyon 82 Healey #4 deepwater well. We have completed the drilling portion of the well and are evaluating our findings currently. While it is too early to discuss specifics about the discovery, we anticipate making further announcements during our year-end conference call in February."
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