W&T Offshore Apparent High Bidder on Two Gulf of Mexico Blocks in Lease Sale 259

HOUSTON, April 04, 2023 (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 (“GOM”) Lease Sale 259 held by the Bureau of Ocean Energy Management (“BOEM”) on March 29, 2023.

Lease Sale 259

W&T was the apparent high bidder in the most recent GOM lease sale on two shallow water blocks, Eugene Island South Addition block 371 and Eugene Island South Addition block 387. These two blocks cover a total of approximately 10,000 gross acres. If awarded, the Company will pay approximately $340,000 in total for the awarded leases combined, which reflects a 100% working interest in the acreage. The blocks have a lease term of five years and an 18.75% 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.

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, “We appreciate the opportunity to once again bid on blocks in the GOM and will continue to invest in this outstanding basin where our extensive experience and track record of success differentiates W&T. We look forward to utilizing our properties and infrastructure to maximize opportunities in the GOM for many years to come.”

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2022, the Company holds working interests in 47 offshore fields in federal and state waters (45 fields producing and two fields capable of producing, which include 39 fields in federal waters and eight in state waters). The Company currently has under lease approximately 625,000 gross acres (457,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 8,000 gross acres in Alabama State waters, 458,000 gross acres on the conventional shelf and approximately 159,000 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.

Released April 4, 2023