HOUSTON, Oct. 17 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI)
today announced it is currently producing approximately 96 million cubic feet
of gas equivalent (MMcfe) net per day, which represents 51% of the Company's
pre-Hurricane Rita and 39% pre-Hurricane Katrina production. The Company also
reports that it has been successful with its exploration and development
drilling program that includes eight successful wells out of nine wells
drilled since the end of the second quarter, six of which were drilled since
Hurricane Katrina.
The Company's production is back online in part due to the repairs and
availability of third party infrastructure, and processing plant repairs, some
of which occurred earlier than anticipated. W&T expects additional production
to return online over the next several weeks, as further field repairs are
completed and third party processing plants and pipelines are brought back
online. The Company still estimates that approximately 55 MMcfe per day of
its net production is shut-in because of Hurricane Katrina. W&T's
pre-Hurricane Katrina and Rita volumes were approximately 245 MMcfe net per
day. Based on estimates for deferred production due to the hurricanes, W&T
expects third quarter net production to range between 16.3 and 18.0 billion
cubic feet of gas equivalent (Bcfe), or between 179 and 197 MMcfe per day.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "The
outstanding coordinated efforts between W&T personnel and our various service
providers demonstrates what empowered employees can achieve when given a
difficult task. Among other activities resulting in increased production, the
team coordinated the rerouting of products around a temporarily shut-down
processing facility south of Lafayette, Louisiana, to an alternative facility,
thereby facilitating the resumption of approximately 40 MMcfe of net daily
production. We are focused on developing additional solutions that will
further enhance our ability to produce volumes shut-in by the recent storms."
W&T also continues to have success with its exploration and development
program. Since the end of the second quarter, the Company successfully
drilled four exploration wells and four development wells, with one
unsuccessful development well. This includes five successful wells since
Hurricane Katrina.
Field Name/Well Category Working Interest %
Ewing Bank 989 Exploration 100.0%
Main Pass 185 Exploration 33.3%
High Island A443 A-5ST Exploration 92.0%
Drilled since Katrina
High Island A443 A-2ST Exploration 84.0%
Ship Shoal 177 A-4ST Development 75.0%
Ship Shoal 359 A-12 Development 59.0%
Eugene Island 349 B-13ST Development 29.0%
Eugene Island 107 A-3 Development 25.0%
One development well was unsuccessful, as follows:
Field Name/Well Category Working Interest %
Drilled since Katrina
High Island A572 C-23ST Development 4.0%
"For 2005, we have successfully drilled 14 out of 17 exploration wells and
five out of six development wells," continued Mr. Krohn. "Our previously
announced drilling program of a total of 30 exploration and 7 development
wells remains on track for 2005."
About W&T Offshore
Founded in 1983, W&T Offshore is an independent oil and natural gas
company focused primarily in the Gulf of Mexico, including exploration in the
deep water, where it has developed significant technical expertise. W&T has
grown through acquisition, exploitation and exploration and now holds working
interests in over 100 fields in federal and state waters and a majority of its
daily production is derived from wells it operates. For more information on
W&T Offshore, please visit its Web site at http://www.wtoffshore.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements reflect our current
views with respect to future events, based on what we believe are reasonable
assumptions. No assurance can be given, however, that these events will
occur. These statements are subject to risks and uncertainties that could
cause actual results to differ materially including, among other things,
market conditions, oil and gas price volatility, uncertainties inherent in oil
and gas production operations and estimating reserves, unexpected future
capital expenditures, competition, the success of our risk management
activities, governmental regulations and other factors discussed in our Annual
Report on 10-K for the year ended December 31, 2004 (http://www.sec.gov).
Contacts:
Manuel Mondragon, Assistant VP of Finance
investorrelations@wtoffshore.com
713-297-8024
Ken Dennard / ksdennard@drg-e.com
Lisa Elliott / lelliott@drg-e.com
DRG&E / 713-529-6600
SOURCE W&T Offshore, Inc.
 back to top
Related links:
http://www.wtoffshore.com
CONTACT:
Manuel Mondragon, Assistant VP of Finance of
W&T Offshore, Inc., +1-713-297-8024,
investorrelations@wtoffshore.com; or Ken Dennard,
ksdennard@drg-e.com, or Lisa Elliott, lelliott@drg-e.com, both of
DRG&E, +1-713-529-6600
|
