HOUSTON, June 1, 2017 /PRNewswire/ -- W&T
Offshore, Inc. (NYSE: WTI) today reported that it has received a
final trial court judgment from the U.S. District Court for the
Southern District of Texas
directing the company to pay Apache Corp. $43.2 million, plus $4.4
million in prejudgment interest, attorney's fees and costs
assessed in the judgment.
The judgment stems from a previously disclosed lawsuit that
Apache filed in December 2014
regarding a dispute about Apache's use of drilling rigs instead of
a previously contracted intervention vessel for the plugging and
abandonment of three deepwater wells in the Mississippi Canyon area
of the Gulf of Mexico. W&T
contends that the costs to use the drilling rigs were
unnecessary and unreasonable but that Apache chose to use the rigs
without W&T's consent because they otherwise would have been
idle at Apache's expense. W&T believes the use of the rigs was
in bad faith, as found by the jury, and in breach of the applicable
joint operating agreement, particularly since another vessel had
been contracted by Apache for the abandonment a year in advance.
W&T had previously paid $24.9
million as an undisputed amount for the plug and abandonment
work.
Tracy W. Krohn, W&T
Offshore's Chairman and Chief Executive Officer, stated, "W&T
is disappointed in the judgment signed by the district court and
believes that it is contrary to the applicable law given the jury's
finding in October 2016 that Apache
acted in bad faith. W&T is considering its options, including
post judgment motions and appeal."
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas
producer with operations offshore in the Gulf of Mexico and has grown through
acquisitions, exploration and development. The Company
currently has working interests in approximately 52 fields in
federal and state waters (50 producing and two fields capable of
producing) and has under lease approximately 750,000 gross acres,
including approximately 490,000 gross acres on the Gulf of Mexico
Shelf and approximately 260,000 gross acres in the
deepwater. A majority of the Company's daily production is
derived from wells it operates. For more information on
W&T Offshore, please visit the Company's website at
www.wtoffshore.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements reflect our current views
with respect to future events, based on what we believe are
reasonable assumptions. No assurance can be given, however, that
these events will occur. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
including, among other things, market conditions, oil and gas price
volatility, uncertainties inherent in oil and gas production
operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management
activities, governmental regulations, uncertainties and other
factors discussed in W&T Offshore's Annual Report on Form 10-K
for the year ended December 31, 2016
and subsequent Form 10-Q reports found at www.sec.gov or at our
website at www.wtoffshore.com under the Investor Relations section.
Investors are urged to consider closely the disclosures and risk
factors in these reports.
CONTACT:
|
Lisa
Elliott
|
Danny
Gibbons
|
|
Dennard Lascar
Associates
|
SVP &
CFO
|
|
lelliott@dennardlascar.com
|
investorrelations@wtoffshore.com
|
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713-529-6600
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713-624-7326
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SOURCE W&T Offshore, Inc.