W&T Offshore Divests Interest in West Delta 29 Block (USA)
- Business & Finance
W&T Offshore, Inc. today announces that it has sold all of its working interest in West Delta 29 block (OCS 00385) located on the shelf of the Gulf of Mexico to EPL Oil & Gas, Inc. for $21.8 million with an effective date of January 1, 2013, subject to post-Effective Date adjustments.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated,“The sale of this non-core, non-operated property, allows us to accelerate cash flow from the underlying asset. As we have discussed throughout the year, our intent is to continually high-grade our assets and focus on the projects we feel have the greatest potential to create shareholder value.”
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and onshore in both the Permian Basin of West Texas and in East Texas.
Press Release, September 27, 2013