W&T Offshore Commences Production From Its Daniel Boone Field
28 October 2009 - 9:00PM
PR Newswire (US)
HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- W&T Offshore, Inc.
(NYSE:WTI) today announced the startup of production from its
Daniel Boone discovery well, a deepwater development in the Gulf of
Mexico within Green Canyon Block 646. Daniel Boone lies in water
depths of approximately 4,230 feet about 120 miles from the
Louisiana coast. The discovery well has current gross daily
production of approximately 6,000 barrels of oil and 5,700 thousand
cubic feet of natural gas per day, or 6,950 barrels of oil
equivalent per day. The well is connected via a 22-mile subsea
tieback to a third-party operated platform in Green Canyon Block
338. Sales commenced September 28, 2009. W&T has been steadily
increasing production to the current rate and production will
continue to be adjusted to achieve maximum recovery from the
reservoir. W&T holds a 60% working interest and operates the
Daniel Boone field. Mariner Energy, Inc. (NYSE:ME) holds the
remaining 40% working interest. Tracy W. Krohn, Chairman and Chief
Executive Officer, commented, "High flow rates and high cash flow
at our Daniel Boone project are examples of why W&T has always
enjoyed having a presence in the Gulf of Mexico." About W&T
Offshore W&T Offshore is an independent oil and natural gas
company focused primarily in the Gulf of Mexico, including
exploration in the deepwater and deep shelf regions, where it has
developed significant technical expertise. W&T has grown
through acquisition, exploitation and exploration and now holds
working interests in over 147 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, uncertainties and other
factors discussed in our Annual Report on 10-K for the year ended
December 31, 2008 (http://www.sec.gov/). Contacts: Manuel
Mondragon, Vice President of Finance Janet Yang, Finance Manager
713-297-8024 Ken Dennard / Lisa Elliott / DRG&E / 713-529-6600
DATASOURCE: W&T Offshore, Inc. CONTACT: Manuel Mondragon, Vice
President of Finance, or Janet Yang, Finance Manager, both of
W&T Offshore, Inc., +1-713-297-8024, ; or Ken Dennard, , or
Lisa Elliott, , both of DRG&E, +1-713-529-6600, for W&T
Offshore, Inc. Web Site: http://www.wtoffshore.com/
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