W&T Offshore, Inc. 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.

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.