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Blog Exposure - W&T Offshore to Acquire Cobalt International Energy's Interest in Heidelberg Field, Gulf of Mexico

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LONDON, UK / ACCESSWIRE / March 14, 2018 / Active-Investors.com has just released a free research report on W&T Offshore, Inc. (NYSE: WTI) ("WTI"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WTI as the Company's latest news hit the wire. On March 12, 2018, the Company revealed that it had made the winning bid on the interests in three blocks in the Heidelberg field in the Gulf of Mexico. The interests in these three blocks were previously owned by Cobalt International Energy, Inc. and its subsidiaries and came up for bidding as part of Cobalt's Chapter 11 bankruptcy proceedings. WTI's winning bid for the interests in the three blocks was $31.1 million cash. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, W&T Offshore most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Commenting on being the winning bidder for Cobalt's interest, Tracy Krohn, Chairman and CEO of WTI, said:

"We are pleased that W&T was the successful bidder on this quality asset that meets all of our acquisition criteria. It is being acquired at an attractive valuation and will contribute solid production and reserves, as well as offer upside potential. Finally, this transaction meets an additional objective of being accretive to W&T on a flowing barrel of production."

Details of the three blocks in the Heidelberg field

The Heidelberg Field is operated by Anadarko Petroleum Corporation and Cobalt's had 9.375% working interest in each of the three Green Canyon blocks 859, 903, and 904 in the Heidelberg Field. The auction of the blocks was held on March 06, 2018 as a part of the sale of assets of Cobalt. Houston, Texas-based Cobalt, a global oil exploration Company, had filed for bankruptcy in December 2017. With the winning bid, WTI acquires Cobalt's entire 9.375% working interest in the three Green Canyon blocks 859, 903, and 904. The transaction is expected to close in April 2018 subject to fulfilment of the assets sale agreement and other closing conditions.

The Heidelberg field is in the Gulf of Mexico, about 225km offshore of Louisiana at a water depth of approximately 1,620m (5,310ft). The oil field consists of five blocks in Green Canyon 859, 860, 903, 904, and 948. Anadarko owns the largest interest and is the operator of the Heidelberg field with 31.5% working interest. Other stakeholders included Marubeni Oil and Gas, Eni, Apache Deepwater, StatoilHydro, ExxonMobil, and Cobalt. The first production from this oil field started in January 2016.

The total gross production from the Heidelberg field for the month of February 2018 was 33,513 barrels of oil per day and 16,705 Mcf per day or 36,300 Boe per day. Out of this, Cobalt's share from the total production was 2,749 barrels of oil per day and 1.4 MMcf per day in February 2018 or almost 3,000 barrels of oil equivalent per day from 5 wells. The production from the blocks flow to the Heidelberg Spar in Green Canyon block 860.

About W&T Offshore, Inc.

Houston, Texas based WTI was founded in 1983 and is an independent oil and natural gas acquisition, exploitation, and exploration Company, with a focus primarily in the Gulf of Mexico. The Company has developed significant technical expertise and have successfully discovered and produced properties on the conventional shelf and in the deepwater across the Gulf of Mexico. At present the Company has working interests in 49 producing fields in federal and state waters and has under lease approximately 700,000 gross acres, including approximately 470,000 gross acres on the Gulf of Mexico Shelf and approximately 230,000 gross acres in the deepwater.

Stock Performance Snapshot

March 13, 2018 - At Tuesday's closing bell, W&T Offshore's stock rose 3.44%, ending the trading session at $3.91.

Volume traded for the day: 2.74 million shares, which was above the 3-month average volume of 2.58 million shares.

Stock performance in the last month – up 9.83%; previous three-month period – up 27.78%; past twelve-month period – up 46.44%; and year-to-date - up 18.13%

After yesterday's close, W&T Offshore's market cap was at $528.71 million.

Price to Earnings (P/E) ratio was at 2.90.

The stock has a dividend yield of 10.23%.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.


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