W&T Offshore Announces Reaffirmation of $250 Million Borrowing Base

HOUSTON, Dec. 02, 2019 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) announced today the Company’s bank group has completed its regularly scheduled fall borrowing base redetermination and reaffirmed the borrowing base at $250 million. As of September 30, 2019, the Company had $41.7 million in cash and cash equivalents and $137.8 million of availability under the revolving bank credit facility.

The Company’s next regularly scheduled semi-annual borrowing base redetermination will be in the spring of 2020.

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We are pleased that our banks reaffirmed their lending commitment to W&T at the level we requested.  This borrowing base provides us with the degree of financial flexibility we currently need to continue to pursue our strategy of being opportunistic while maintaining strong free cash flow.”

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 53 producing fields in federal and state waters and has under lease approximately 826,000 gross acres, including approximately 605,000 gross acres on the Gulf of Mexico Shelf and approximately 221,000 gross acres in the 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. 

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 W&T’s current views with respect to future events, based on what it believes 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 W&T’s risk management activities, governmental regulations, uncertainties and other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and other public reports posted on www.sec.gov.

Released December 2, 2019