W&T Offshore Apparent High Bidder on Two Gulf of Mexico Blocks in Lease Sale 256 and Announces Participation in Upcoming Inve...
November 24 2020 - 6:45AM
W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”)
today announced that the Company was the apparent high bidder on
two blocks in the Gulf of Mexico Lease Sale 256 held by the Bureau
of Ocean Energy Management ("BOEM") on November 18, 2020. W&T
will also be participating in two upcoming investor conferences.
Lease Sale 256W&T was the
apparent high bidder in the most recent Gulf of Mexico lease sale
on two shallow water blocks, Eugene Island South Addition block 389
and Ewing Banks block 979. These two blocks cover a total of
approximately 8,800 acres. If awarded, the Company will pay
approximately $518,000 for the awarded leases combined, which
reflects a 100% working interest in the acreage. The two shallow
water blocks have a five-year lease term and 12.5% royalty. Despite
submitting the apparent high bid on these leases, the BOEM reserves
the right not to award the blocks based on their minimum bidding
criteria. W&T expects to receive the final award results over
the next 90 days.
Investor ConferencesChairman
and Chief Executive Officer Tracy W. Krohn will present at the Bank
of America 2020 Leveraged Finance Virtual Conference on Monday,
November 30, 2020 at 9:45 a.m. Eastern Time and will also host
virtual one-on-one meetings. The presentation will be webcast live
and archived on W&T’s website, www.wtoffshore.com, on the
“Overview” page in the Investors section of the site. An updated
investor slide deck prepared in conjunction with the Conference
will be posted on the website under “Presentations” on November 30,
2020 prior to the presentation.
The Company’s senior management will also be
hosting virtual one-on-one meetings with investors at the Capital
One Securities 15th Annual Energy Conference on Wednesday, December
9, 2020. W&T will not be making a formal presentation. An
investor deck prepared in conjunction with the Conference will be
posted in the Investor Relations section of the Company's website
on Wednesday morning, December 9, 2020 under
“Presentations.”
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 50
producing fields in federal and state waters and has under lease
approximately 772,000 gross acres, including approximately 557,000
gross acres on the Gulf of Mexico Shelf and approximately 215,000
gross acres in the Gulf of Mexico deepwater. A majority of the
Company’s daily production is derived from wells it operates. For
more information on W&T, please visit the Company’s website at
www.wtoffshore.com.
CONTACT: |
Al Petrie |
Janet Yang |
|
Investor
Relations Coordinator |
EVP &
CFO |
|
apetrie@wtoffshore.com |
investorrelations@wtoffshore.com |
|
713-297-8024 |
713-624-7326 |
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