W&T Offshore +12% Cash Position Totals $447 Million

Destiny A. Lopez  |

W&T Offshore (WTI), an independent oil and natural gas producer, is up 12%, following a number of promising announcements. Recently, the company borrowed approximately $340 million under the Company's Bank Credit Facility, to be used for general corporate purposes. Along with the borrowed sum, W&T Offshore’s current cash position totals approximately $447 million.

"W&T Offshore has a strong liquidity position and continues to deliver solid operational results," said Tracy W. Krohn, Chairman and CEO of W&T Offshore. "We continue to reduce costs and note that our exploration success for nearly three years has been one hundred percent. We expect to place our recent discovery, the Ewing Bank 954 A-8, on line in March 2016."

Along with its subsidiaries, W&T Offshore engages in the acquisition, exploration, and development of oil and natural gas properties primarily in the Gulf of Mexico and onshore in the Permian Basin of West Texas. Currently, the company holds working interests in 63 offshore fields in federal and state waters.

The company closed 2015 with a discovery at the Ewing Banks 954 A-8 exploratory well located in the deepwater Gulf of Mexico, representing the second discovery in a two-well drilling program from the EW 910 platform. "Based on our seismic analysis, we had high expectations for the reserve potential of the EW 954 A-8 exploration well, and we are delighted that the well appears to have exceeded our pre-drill estimates,” said Krohn. “We are especially pleased with the high quality pay sands found in the A-8 well, which should allow for higher reserve recovery. This discovery also helps de-risk several additional opportunities we have identified as part of our future plans to drill and develop the area. With this discovery we have extended our track record of 100% exploration success with the drill bit to almost three years."

Furthermore, the company is scheduled to release its Q4 2015 financial and operational results after the market closes on Tuesday, March 8. W&T Offshore will host a conference call the following day at 9:30 a.m. EST.

W&T Offshore currently demonstrates a solid financial position and continues to deliver promising results in their exploration endeavors. The investment community looks forward to the company’s upcoming Q4 financial and operational results.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.

Companies

Symbol Name Price Change % Volume
WTI W&T Offshore Inc. 4.32 -0.01 -0.23 1,834,752 Trade

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