W&T Offshore Inc. (NYSE: WTI) has borrowed $340 million under the company's bank credit facility to be used for general corporate purposes. Including these funds, W&T’s current cash position totals approximately $447 million.
"W&T Offshore has a strong liquidity position and continues to deliver solid operational results," said Tracy W. Krohn, chairman and CEO. "We continue to reduce costs, and note that our exploration success for nearly three years has been 100%. We expect to place our recent discovery, the Ewing Bank 954 A-8, on line in March."
The company has retained Kirkland & Ellis LLP as its legal advisor and Evercore as its financial advisor to assist the board of directors and management team.
W&T is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico. It holds working interests in 54 offshore fields in federal and state waters (50 producing and four fields capable of producing). W&T currently has under lease 900,000 gross acres offshore, including 550,000 gross acres on the Gulf of Mexico Shelf and 350,000 gross acres in deepwater areas.