W&T Offshore said that the transaction is expected to close by April 30, 2008, subject to customary closing conditions. The acquisition will be financed from cash available on hand.
Tracy Krohn, chairman and CEO of W&T Offshore, said: We are excited about acquiring Apache’s interest in the Ship Shoal 349 field. The field, better known as Mahogany, was the first economic sub-salt field drilled in the Gulf of Mexico. When consummated, W&T will own 100% working interest in the field.
