W&T Buys $366M Permian Basin Oil Assets

Gulf of Mexico-focused explorer and producer, W&T Offshore, will acquire property in the West Texas Permian Basin from private sellers. The company paid about $366 million for the reserves, consisting of 91% oil and natural gas liquids.

The acquisition will be funded via cash on hand and borrowings under W&T’s revolving bank credit facility. The planned development activities for the properties may require about $35-40 million in capital expenditures.

Click here for the release from PR Newswire.