On W&T and other initial members formed and initially funded Monza, which jointly participates with us in the exploration, drilling and development of up to identified drilling projects (the “JV Drilling Program”) in the Gulf of Mexico.  The projects are expected to be completed during the years through but some projects possibly extend into years beyond   W&T initially contributed of its working interest in identified undeveloped drilling projects to Monza and retained of its working interest. Subsequent to the initial closing, additional investors joined as members of Monza during and total commitments by all members, including W&T, are million.  The JV Drilling Program is structured so that we initially receive an aggregate of of the revenues less expenses, through both our direct ownership of our working interest in the projects and our indirect interest through our interest in Monza, for contributing of the estimated total well costs plus associated leases and providing access to available infrastructure at agreed upon rates.  Any exceptions are approved by the Monza board.  W&T is or will be the operator of each well in the JV Drilling Program unless there is a designated -party operator.

 

Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity.  The assets of Monza are available to pay creditors of the Company and its affiliates.

 

The members of Monza are made up of -party investors, W&T and an entity owned and controlled by Mr. Tracy W. Krohn, our Chairman and Chief Executive Officer.  The Krohn entity invested as a minority investor on the same terms and conditions as the -party investors and its investment is limited to of total invested capital within Monza.  The entity affiliated with Mr. Krohn has made a capital commitment to Monza of million.

 

As of members of Monza made partner capital contribution payments to Monza totaling million, of which million was contributed during the  months ended   Our net contribution to Monza, reduced by distributions received, as of was  million.  W&T be obligated to fund certain cost overruns, subject to certain exceptions, for the JV Drilling Program wells above budgeted and contingency amounts, of which the total exposure cannot be estimated at this time.

 

Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation.  We do fully consolidate Monza because we are considered the primary beneficiary and we utilize proportional consolidation to account for our interests in the Monza properties.  As of in the Condensed Consolidated Balance Sheet, we recorded  million, net, in ,  million in and  million, net, increase in working capital in connection with our proportional interest in Monza’s assets and liabilities.  As of in the Condensed Consolidated Balance Sheet, we recorded million, net, in , million in and million, net, increase in working capital in connection with our proportional interest in Monza’s assets and liabilities.  For the  months ended we recorded  million in and  million in in connection with our proportional interest in Monza’s operations.  For the  months ended we recorded  million in  million in  and million in in connection with our proportional interest in Monza’s operations.

 

Additionally, during the months ended we called on Monza to provide, and received,  million to fund upcoming JV Drilling Program projects, of which  million is included in the Condensed Consolidated Balance Sheet in as of