W&T Offshore, Inc. acquired Oil and gas producing assets in the central and eastern shelf region of the Gulf of Mexico for $12.5 million.
September 20, 2023
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W&T Offshore, Inc. (NYSE:WTI) agreed to acquire Oil and gas producing assets in the central and eastern shelf region of the Gulf of Mexico from an undisclosed private seller for $32 million on June 1, 2023. W&T used its cash on the balance sheet to pay the net purchase price. Accretive gross price multiple of approximately 1.0x last twelve months cash flows as of effective date and production multiple of approximately $13,500 per barrel of oil equivalent per day (based on production as of September 12, 2023).
W&T Offshore, Inc. (NYSE:WTI) completed the acquisition Oil and gas producing assets in the central and eastern shelf region of the Gulf of Mexico for $12.5 million on September 20, 2023. The consideration paid to sellers was $28.9 million which includes obligations of $16.352 million.
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.
W&T OFFSHORE, INC. 
