W&T Offshore Announces Increase in Borrowing Base Under Revolving Credit Facility
HOUSTON, April 29, 2013 /PRNewswire/ — W&T Offshore, Inc. (NYSE: WTI) announced today that it has received an increase in the borrowing base under its revolving credit facility from $725 million to $800 million.
Tracy W. Krohn, W&T Offshore’s Chairman and Chief Executive Officer, stated, “The increase in our borrowing base reflects some of the value derived from our 2012 development drilling program, and further improves our liquidity providing us with significant capital to take on new opportunities or execute acquisitions as we find projects that meet our criteria.”
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 onshore in both the Permian Basin of West Texas and in East Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 72 offshore fields in federal and state waters (69 producing and three fields capable of producing). W&T currently has under lease over 1.4 million gross acres including over 710,000 gross acres on the Gulf of Mexico Shelf, over 480,000 gross acres in the deepwater and over 220,000 gross acres onshore in Texas. A substantial majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website at www.wtoffshore.com.
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SOURCE W&T Offshore, Inc.