WTI reserves slightly less than BP hopes to sell for $8 billion
W&T Offshore Reports a 44% Increase for Year-End 2011 Proved Reserves over YE 2010 with a Reserve Replacement Ratio of 312% and a 63% increase in PV-10* of proved reserves for 2011 over 2010
Company Also Announces a 37% Increase in its Capital Budget for 2012,Provides 2012 Production Growth Guidance and 2012 Reserve Goals, and Provides Operational Update and CAPEX Details
HOUSTON, Jan. 31, 2012 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) reported that year-end 2011 proved reserves increased 44% to 116.9 million barrels of oil equivalent ("MMBoe"), which represents a reserve replacement ratio of 312% and an increase in PV-10 of proved reserves of 63%. It also announced that its Board of Directors approved the Company's 2012 Capital Budget of $425 million, which is a 37% increase over 2011 and is anticipated to be funded with internally generated cash flow. The Company provided production guidance for 2012 to be in the range of 16.9 to 18.8 million barrels of oil equivalent ("MMBoe") or 101.1 to 112.9 billion cubic feet equivalent ("Bcfe"). In regards to 2012 reserve growth, the Company's goal is to increase reserves by at least 18% in 2012. In addition, the Company provided an operational update and details about its capital expenditure programs.