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Stock Market & Financial Investment News

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February 14, 2014
07:10 EDTWTIW&T Offshore reports FY13 SEC proved reserves 117.7 MMBoe
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September 1, 2015
09:25 EDTWTIOn The Fly: Pre-market Movers
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07:04 EDTWTIW&T Offshore to sell Yellow Rose field for $376M
W&T Offshore announced that it has entered into a definitive agreement with Ajax Resources, for the sale of all of its interest in its Yellow Rose field in the Permian Basin. Gross pre-tax proceeds from the transaction are expected to be approximately $376,100,000, subject to customary closing adjustments. W&T also reserved a 1%-4% sliding scale overriding royalty interest in the field. The transaction is expected to close during the Q3, with an effective date of January 1. W&T's interest in its Yellow Rose field includes approximately 25,800 net acres in Andrews, Martin, Gaines, and Dawson counties in West Texas. Proceeds from the transaction will be used to pay down the outstanding balance under our secured revolving credit facility and provide additional liquidity for future operations and acquisitions.

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