W&T Offshore Declares Dividend
W&T Offshore declared a regular cash quarterly dividend of $0.03 per share, payable to the holders of the Corporation's common shares. The dividend will be payable on January 11, 2008 to shareholders of record on December 21, 2007. In addition, the Board of Directors on the same date declared a special cash dividend of $30 million (approximately $0.3935 per share based on shares outstanding on declaration date), payable to the holders of the Corporation's common shares. The special dividend will be payable on January 11, 2008 to shareholders of record on December 21, 2007, on the basis of the total number of shares held by each shareholder rounded off to the nearest cent.
"We believe that as a result of several management decisions made early in 2007, we generated a significant amount of free cash flow in 2007 and are pleased to take this opportunity to reward our investors for their continual support of the stock during the year," said Tracy W. Krohn, Chairman and Chief Executive Officer. "We also believe that after this special cash dividend, we will have more than enough cash on hand and internally generated cash flow to support our on-going capital needs. We hope that circumstances will permit us to repeat a special dividend to shareholders in the future."
Operates 3 Offshore Rigs
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