Businessweek

W&T Offshore, Inc., an independent oil and natural gas producer, engages in the acquisition, exploitation, exploration, and development of oil and natural gas properties primarily in the Gulf of Mexico and Texas. As of December 31, 2011, the company had interests in offshore leases covering approximately 0.8 million gross acres (0.5 million net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama. Onshore, the company has leasehold interests in approximately 0.2 million gross acres (0.2 million net acres), which are in Texas. As of December 31, 2011, its total proved reserves were 116.9 million barrels of oil equivalent (MMBoe) or 701.1 billion cubic feet equivalent (Bcfe). Fields As of December 31, 2011 the company had two fields of major significance, including the Spraberry field is located in the Permian Basin in West Texas and the Ship Shoal 349 field is located on the conventional shelf in the Gulf of Mexico. Spraberry Field (Yellow Rose Properties): The Spraberry field is located in the Permian Basin in West Texas. The company acquired a 100% working interest in approximately 21,900 net acres in connection with the acquisition of the Yellow Rose Properties in May 2011 and acquired approximately 9,500 net acres earlier in 2011. Ship Shoal 349 Field (Mahogany): Ship Shoal 349 field is located off the coast of Louisiana, approximately 235 miles southeast of New Orleans, in 375 feet of water. The field area covers Ship Shoal blocks 349 and 359, with a single production platform on Ship Shoal block 349. The company owns a 100% working interest in this field. As of December 31, 2011, 24 wells had been drilled, of which 15 had been successful. Viosca Knoll 783 Field: (Viosca Knoll 783 Lease (Tahoe) and Viosca Knoll 784 Lease (SE Tahoe)) The Viosca Knoll 783 field is located off the coast of Louisiana, approximately 140 miles southeast of New Orleans, in 1,500 to 1,700 feet of water. The field area covers Viosca Knoll blocks 783 and 784, with subsea tiebacks to 2 platforms in Main Pass 252. The company acquired a 70% working interest in Tahoe lease and a 100% working interest in SE Tahoe lease. The Tahoe prospect is a supra-salt development with 2 productive horizons at depths ranging to 10,300 feet. The SE Tahoe prospect is also a supra-salt development with 1 productive horizon at a depth of 9,325 feet. As of December 31, 2011, 16 wells had been drilled at the Tahoe prospect, of which 8 had been successful and 1 successful well had been drilled at the SE Tahoe prospect. Fairway Field (Fairway Properties): Fairway comprises Mobile Area blocks 113 (Alabama State Lease #0531) and 132 (Alabama State Lease #0532) and located in 25 feet of water, approximately 35 miles south of Mobile, Alabama. The company acquired its 64.3% working interest, along with operatorship in the Fairway field, in August 2011. As of December 31, 2011, six wells had been drilled, all of which were successful. Main Pass 108 Field: Main Pass 108 field consists of Main Pass blocks 107, 108, and 109. This field is located off the coast of Louisiana approximately 50 miles east of Venice in 50 feet of water. The company acquired its working interests in these blocks, which range from 33% to 100%, in a transaction with Kerr-McGee Oil and Gas Corporation. As of December 31, 2011, 42 wells had been drilled in this field, of which 34 were successful. Mississippi Canyon 243 Field (Matterhorn): Mississippi Canyon 243 field is located off the coast of Louisiana, approximately 100 miles southeast of New Orleans, in 2,552 feet of water. The field area covers Mississippi Canyon block 243, with a single production platform on Mississippi Canyon block 243. The company acquired a 100% working interest in the field. As of December 31, 2011, 17 wells had been drilled, of which 8 had been successful. Viosca Knoll 823 Field (Virgo): Viosca Knoll 823 field is located off the coast of Louisiana, approximately 125 miles southeast of New Orleans, in 1,014 feet of water. The field area covers Viosca Knoll block 823 and Viosca Knoll block 822, with a single production platform on Viosca Knoll