W&T Offshore, Inc. cancelled the acquisition of oil production assets in the Central Shelf Region of the Gulf of Mexico from a group of sellers.
October 19, 2023
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W&T Offshore, Inc. (NYSE:WTI) entered into a purchase and sale agreement to acquire oil production assets in the Central Shelf Region of the Gulf of Mexico from a group of sellers for $88.5 million on September 26, 2023. The purchase price is subject to customary purchase price adjustments. The closing of the transaction is subject to certain conditions including Bankruptcy Court shall have entered the sale order and closing deliverables and other documents including Transition Services Agreement. The six fields are the six fields acquired include Eugene Island 064, Main Pass 061, Mobile 904, Mobile 916, South Pass 049 and West Delta 073. The purchase agreement also contains certain termination rights for the parties, including if the closing of the transaction does not occur by October 13, 2023. Brian Schartz and R.J. Malenfant of Kirkland & Ellis LLP acted as legal adbisors to W&T Offshore. Justin T. Stolte and Keith Simon of Latham & Watkins LLP acted as legal advisors to MLCJR LLC. The Jefferies Restructuring team acted as financial advisor to W&T Offshore in the transaction.
W&T Offshore, Inc. (NYSE:WTI) cancelled the acquisition of oil production assets in the Central Shelf Region of the Gulf of Mexico from a group of sellers on October 20, 2023. In conjunction with the termination of the purchase and sale agreement, the $8.9 million deposit was returned to W&T Offshore.
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. It has a working interest in over 53 offshore producing fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama onshore. The Company's wholly owned subsidiaries consists of Aquasition Energy, LLC, Aquasition, LLC, Aquasition II, LLC, Aquasition III, LLC, Aquasition IV, LLC, Aquasition V, LLC, Green Hell, LLC, Seaquester, LLC, Seaquestration, LLC, and W & T Energy VI, LLC.