W&T Offshore Buys Permian Properties

摘要

W&T Offshore, which has previously focused almost entirely on the Gulf of Mexico, has fleshed out its plans to build an onshore business with a $366 million purchase of properties in the oil-prone Permian Basin of West Texas. Acquired from private sellers, the properties will give W&T about 21,500 net acres with estimated proven reserves of 27 million barrels of oil equivalent - 91% of which is oil and natural gas liquids. The properties are currently producing around 2,800 boe/d.