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W&T Offshore, Inc. has closed its previously announced acquisition of oil and gas producing properties in Federal shallow waters in the central region of the Gulf of Mexico from privately-held ANKOR E&P Holdings Corporation and KOA Energy LP.
The properties include Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields.
After normal and customary post-effective date adjustments to reflect an effective date of July 1, 2021, cash consideration of approximately $30.2 million was paid to the sellers using cash on hand.
Key highlights of the transaction are as follows:
- Adds internally-estimated proved reserves of 5.5 million barrels of oil equivalent (Boe) (69% oil) and proved and probable, or 2P, reserves of 7.6 million Boe (75% oil) as of July 1, 2021 assuming strip pricing as of December 7, 2021;
- Estimated production of approximately 3.4 MBoe per day (74% oil); and
- Adds over 50 gross producing wells (average working interest of 80%) across three shallow water fields
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "I am pleased we were able to close this transaction ahead of schedule. As I noted when we announced the acquisition at the beginning of the year, the assets are very complementary to our existing asset base. They provide a solid base of proved reserves with strong free cash flow and upside potential, without significant amounts of capital costs. Now that we've closed the transaction, we'll begin working on realizing the synergies we've identified and maximizing the value of these assets. We will continue to seek other accretive transactions that can further enhance shareholder value."
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