W&T Offshore Apparent High Bidder on Two Gulf of Mexico Blocks in Lease Sale 257 and Announces Participation in Upcoming Investor Conferences

Rhea-AI Summary

On November 19, 2021, W&T Offshore (NYSE: WTI) announced it was the high bidder on two blocks in the Gulf of Mexico during Lease Sale 257. The blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360, cover around 10,000 gross acres, with a total bid of approximately $295,000. The leases will have a term of five years and a 12.5% royalty. Additionally, W&T will attend two investor conferences in December 2021, featuring presentations from its CEO and management team.

HOUSTON, Nov. 19, 2021 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that the Company was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 257 held by the Bureau of Ocean Energy Management (“BOEM”) on November 17, 2021. W&T will also be participating in two upcoming investor conferences.

Lease Sale 257

W&T was the apparent high bidder in the most recent Gulf of Mexico lease sale on two shallow water blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360. These two blocks cover a total of approximately 10,000 gross acres. If awarded, the Company will pay approximately $295,000 in total for the awarded leases combined, which reflect a 100% working interest in the acreage. The blocks have a lease term of five years and a 12.5% royalty. Despite submitting the apparent high bid on these leases, the BOEM reserves the right not to award the blocks based on their minimum bidding criteria. W&T expects to receive the final award results over the next 90 days.

Investor Conferences

W&T will be participating at the following upcoming investor events:

• Bank of America Securities Leveraged Finance Conference 2021 – Chairman and Chief Executive Officer Tracy W. Krohn will present Wednesday, December 1, 2021 at 9:45 a.m. Eastern Time and will also host virtual one-on-one meetings. The presentation will be webcast live and archived on W&T’s website, www.wtoffshore.com, on the “Overview” page in the Investors section of the site. An updated investor slide deck prepared in conjunction with the conference will be posted on the website under “Presentations” prior to the presentation.
• Capital One Securities 16^th Annual Energy Conference – the Company’s senior management will be hosting virtual one-on-one meetings with investors on Monday, December 6, 2021. W&T will not be making a formal presentation. An investor deck prepared in conjunction with the conference will be posted in the Investor Relations section of the Company's website under “Presentations.” 

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 41 producing fields in federal and state waters and has under lease approximately 611,000 gross acres, including approximately 424,000 gross acres on the Gulf of Mexico Shelf and approximately 187,000 gross acres in the Gulf of Mexico deepwater. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

CONTACT:		Al Petrie	Brent Collins
		Investor Relations Coordinator	Director of Investor Relations
		apetrie@wtoffshore.com	bcollins1@wtoffshore.com
		713-297-8024	713-624-7364

FAQ

When was the Gulf of Mexico Lease Sale 257 held?

The Gulf of Mexico Lease Sale 257 was held on November 17, 2021.

What blocks did W&T Offshore bid on in Lease Sale 257?

W&T Offshore bid on Eugene Island South Addition block 385 and Ship Shoal South Addition block 360.

How much did W&T Offshore bid for the lease blocks?

W&T Offshore bid approximately $295,000 for the two lease blocks.

What is the lease term and royalty rate for the blocks W&T Offshore bid on?

The lease term is five years with a 12.5% royalty rate.

What investor conferences will W&T Offshore participate in?

W&T Offshore will participate in the Bank of America Securities Leveraged Finance Conference on December 1, 2021, and the Capital One Securities 16th Annual Energy Conference on December 6, 2021.