W&T Offshore, Inc. announced that the Company's revised exploration and development capital budget for 2008 is expected to be approximately $611 million, based on drilling up to 35 wells for the year.
The reduction in the estimated well count, that the Company previously announced, is a result of equipment delays, revisions to non-operated drilling programs and further technical evaluation, including seismic information. The revised budget for 2008 as detailed below includes capital expenditures to drill up to 18 exploration and 3 development wells in the second half of 2008.
The capital expenditures in the development category includes dollars allocated for the completion work at Green Canyon 646 "Daniel Boone", Green Canyon 82 "Healey" front end engineering, the development of successful exploration wells drilled and proved undeveloped drill wells.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "Although, we have reduced the total well count for 2008, most of the wells that are not being drilled under the original 2008 plan are being pushed into 2009. The vast majority of prospects that were deferred are on acreage that is 'held by production', so we have some flexibility with regards to timing."
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