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W&T Offshore buys 75% stake in Gulf of Mexico field from ConocoPhillips

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W&T Offshore buys 75% stake in Gulf of Mexico field from ConocoPhillips

W&T Offshore Inc. acquired a 75% stake and operatorship of the Magnolia field in the central region of the deepwater Gulf of Mexico from ConocoPhillips Co. for $20.0 million.

The acquisition is comprised of ConocoPhillips' 75% stake in the Magnolia field offshore Louisiana, as well as the assumption of abandonment obligations associated with the properties, according to a Dec. 12 release. The field produced 2,300 barrels of oil equivalent per day net to ConocoPhillips in October. The deal has an effective date of Oct. 1.

The company said the transaction adds total net proved reserves of 4.1 million boe, 67% oil, as of the effective date and expands its deepwater acreage by 11,500 gross acres, or 8,600 net acres. W&T funded the acquisition using cash on hand and revolver credit.

In September, W&T closed its acquisition of interests in and operatorship of oil and gas producing properties in the Gulf of Mexico from oil major Exxon Mobil Corp. for $167.6 million in cash.

Headquartered in Houston, W&T Offshore is an independent oil and natural gas producer engaged in acquiring, exploring and developing properties in the Gulf of Mexico.