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W&T to take GOM assets of Kerr-McGee.(W and T Offshore to acquire Gulf of Mexico )
Publication: Oil and Gas Investor Publication Date: 01-MAR-06 Author: Maxwell, Taryn
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COPYRIGHT 2006 Hart Publications, Inc.
W&T Offshore Inc., Houston, (NYSE: WTI) plans to acquire substantially all of Oklahoma City-based Kerr-McGee Corp.'s (NYSE: KMG) Gulf of Mexico conventional shelf properties for $1.3 billion in cash. The transaction is expected to close in the second quarter.
The properties are on the Gulf Shelf in federal and state waters. W&T estimates it will gain proved reserves of approximately 362 billion cu. ft. of gas equivalent (74% gas; 72% proved developed). Probable and possible reserves are estimated to total 650 billion equivalent. Before hurricanes Katrina and Rim, production was some 230 million cu. ft. equivalent per day. Currently, production is...
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