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W&T says to buy Apache's offshore property

NEW YORK
Mon Dec 24, 2007 6:04pm EST

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NEW YORK (Reuters) - W&T Offshore Inc (WTI.N) said on Monday it had reached an agreement to buy Apache Corp's (APA.N) ship shoal property off the coast of Louisiana for $116 million in cash.

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W&T Offshore said the property, Ship Shoal 349 field, covers two federal offshore lease blocks, Ship Shoal Blocks 349 and 359.

The acquisition is expected to close on or before April 30, 2008, and will be financed from available cash, the company said in a statement.

(Reporting by Ritsuko Ando; Editing by Braden Reddall)
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