W&T Offshore to draw on revolver to fund $200 million acquisition

By Angela McDaniels

Tacoma, Wash., June 27 – W&T Offshore, Inc. plans to use borrowings under its revolving loan facility and cash on hand to fund a $200 million acquisition, according to an 8-K filing with the Securities and Exchange Commission.

On Wednesday, the company entered into a purchase and sale agreement with ExxonMobil Corp. to acquire interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico, offshore Alabama.

The $200 million purchase price is subject to adjustments.

The acquisition is expected to close in August.

W&T Offshore is an independent oil and natural gas producer based in Houston.

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