Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "While I am pleased that we are twelve for fourteen so far this year for an 86% success rate, we are disappointed that we had two non-commercial wells. However, we remain encouraged and excited about our 2008 drilling program in the Gulf of Mexico. Currently we have 9 rigs running and remain active. We recently brought on production at Ship Shoal 224 E-18, Ship Shoal 300 A-2ST and Ship Shoal 314 A-2ST and anticipate more throughout the year. Additionally, we have completed a well stimulation program on three wells at our Mahogany project."
W&T Offshore reports that so far during the second quarter, the company has drilled or participated in the drilling of eight commercially successful wells, as follows:
Lease Name/Well Category Working Interest % Eugene Island 175 H-5 Exploration/Shelf 25% Eugene Island 175 I-2ST Exploration/Shelf 25% High Island 111 A-11 Exploration/Shelf 62% High Island A-376 #7 Exploration/Shelf 30% Main Pass well Exploration/Shelf 75% Ship Shoal 224 E-18 Exploration/Deep Shelf 47% Ship Shoal 314 A-2ST Exploration/Shelf 75% Ship Shoal 224 E-19 Development/Shelf 67%
The Company also drilled or participated in the drilling of two non-commercial wells, as follows:
Lease Name/Well Category Working Interest % High Island 38 #2 Exploration/Deep Shelf 53% Ship Shoal 317 #1 Exploration/Shelf 75%
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