W&T Offshore has sanctioned development of its Green Canyon Block 646 prospect ("Daniel Boone"). The discovery well was drilled in 2004 to a total measured depth of 12,365 feet. Daniel Boone is located approximately 119 miles off the coast of Louisiana in 4,230 feet of water. The discovery well encountered approximately 275 feet of high quality oil and natural gas-bearing sands. W&T intends to produce the well via a subsea production system tied back to the Front Runner spar, which is operated by Murphy Oil. W&T owns a 60% working interest in Daniel Boone and is the operator.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "We believe the timing is excellent to commence the development of Daniel Boone and expect first production in second half 2009. It has taken a considerable amount of time to finalize the details of the project and locate the optimal facility to deliver the production. Development costs for Daniel Boone are included in our previously announced 2008 capital budget."
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