W&T Offshore Acquires Six Gulf of Mexico Fields for $72 Million, Boosting Reserves and Production Potential.

W&T Offshore has acquired six Gulf of Mexico fields for $72m. The acquisition involved W&T emerging as the winning bidder for specific synergistic assets previously offered by entities such as MLCJR, Cox Oil Offshore, Cox Operating, Energy XXI GOM, EPL Oil & Gas, and M21K. The total purchase price for the assets was $72 million, excluding specific closing costs, and was financed through the Company’s available cash reserves. The acquired properties, all with a 100% working interest, are located in water depths spanning approximately 15 to 400ft. The transaction adds significant proved reserves of 18.7 million MMBOE (62% liquids), and there is substantial upside potential with proved plus probable reserves of 60.6 MMBOe (78% liquids). The acquisition is expected to result in a significant increase in total production from these fields.