EPL Oil & Gas Inc. Buys $21.8 Million In Gulf Of Mexico Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
22MM
Description

Bought WI in non-core assets on the Outer Continental Shelf in the gulf.

Houston-based W&T Offshore Inc. has sold all of its working interest in assets on the Gulf of Mexico shelf to EPL Oil & Gas Inc. for $21.8 million, the companies announced Sept. 27.

The non-core assets encompass West Delta 29 block (Outer Continental Shelf 00385) in the gulf. The effective date of the sale is Jan. 1, 2013.

“The sale of this non-core, non-operated property allows us to accelerate cash flow from the underlying asset,” Tracy W. Krohn, chairman and chief executive officer of W&T Offshore, stated in a press release.

“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,” he stated.

W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and onshore in Permian Basin in West Texas, and in East Texas. The company holds working interests in 71 offshore fields in federal and state waters (65 producing and six fields capable of producing).

W&T Offshore more than 1.4 million acres under lease, including over 710,000 acres on the Gulf of Mexico shelf, more than 480,000 acres in deep water and over 220,000 acres onshore in Texas. Most of its daily production is derived from offshore wells.

Houston-based EPL Oil & Gas is an independent oil and natural gas production company with operations in the Gulf of Mexico shelf – state and federal waters offshore Louisiana.