HOUSTON, Sept. 13, 2013 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) today announced a discovery at the Troubadour exploration prospect in the Deepwater Gulf of Mexico. The well is located on Mississippi Canyon Block 699 in 7,273 feet of water and was drilled to a total depth of 19,510 feet. Reservoir and fluid measurement logs identified approximately 50 feet of net natural gas pay in a high-quality Miocene reservoir. W&T Offshore holds a 20% working interest in this well, which is operated by Noble Energy, Inc.
The Troubadour discovery is located near the Noble Energy-operated Big Bend well at Mississippi Canyon 698, a November 2012 discovery in which W&T Offshore holds a 20% working interest. Discovered gross resources in Noble Energy's Big Bend/Troubadour "Rio Grande" area are now estimated to be between 50 and 100 million barrels of oil equivalent, with 75 percent representing oil volumes. Important new information resulting from this discovery indicates that oil recovery in the Rio Grande area could be more substantial than previously predicted.
Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated, "Troubadour is another success in a series of offshore exploration wells in the deepwater Gulf of Mexico. This second discovery in the deepwater Rio Grande area helps to enhance project economics and has provided additional positive information about the quality of the reservoir. Initial project sanction is targeted by the end of this year and first production is expected toward the end of 2015."
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 onshore in both the Permian Basin of West Texas and in East Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 71 offshore fields in federal and state waters (65 producing and six fields capable of producing). W&T currently has under lease over 1.4 million gross acres including over 710,000 gross acres on the Gulf of Mexico Shelf, over 480,000 gross acres in the deepwater and over 220,000 gross acres onshore in Texas. A substantial majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website at www.wtoffshore.com.
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 our current views with respect to future events, based on what we believe 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 our risk management activities, governmental regulations, uncertainties and other factors discussed in W&T Offshore's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent Form 10-Q reports found at www.sec.gov or at our website at www.wtoffshore.com under the Investor Relations section.
SOURCE W&T Offshore, Inc.