W&T Offshore Announces Agreement to Acquire Offshore Property

HOUSTON, Dec. 24 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI)
announced that on December 21, 2007, it entered into an agreement with Apache
Corporation (NYSE, Nasdaq: APA) to acquire Apache's interest in Ship Shoal 349
field, located off the coast of Louisiana, and covering two federal offshore
lease blocks, Ship Shoal Blocks 349 and 359 for $116 million in cash, subject
to customary purchase price adjustments. The transaction is expected to close
on or before April 30, 2008, subject to customary closing conditions. The
effective date of the sale is January 1, 2008. The acquisition will be
financed from available cash on hand.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated "We are
excited about acquiring Apache's interest in the Ship Shoal 349 field. The
Ship Shoal 349 field, better known as Mahogany, was the first economic subsalt
field drilled in the Gulf of Mexico. When consummated, W&T will own 100%
working interest in the field."
About W&T Offshore
Founded in 1983, W&T Offshore is an independent oil and natural gas
company focused primarily in the Gulf of Mexico, including exploration in the
deepwater and deep shelf regions, where it has developed significant technical
expertise. W&T has grown through acquisition, exploitation and exploration and
now holds working interests in over 200 fields in federal and state waters and
a majority of its daily production is derived from wells it operates. For more
information on W&T Offshore, please visit its Web site at
www.wtoffshore.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements reflect our current
views with respect to future events, based on what we believe are reasonable
assumptions. No assurance can be given, however, that these events will occur.
These statements are subject to risks and uncertainties that could cause
actual results to differ materially including, among other things, market
conditions, oil and gas price volatility, uncertainties inherent in oil and
gas production operations and estimating reserves, unexpected future capital
expenditures, competition, the success of our risk management activities,
governmental regulations, uncertainties and other factors discussed in our
Annual Report on 10-K for the year ended December 31, 2006
(http://www.sec.gov).
Contacts:
Manuel Mondragon, Vice President of Finance
investorrelations@wtoffshore.com
713-297-8024

Ken Dennard / ksdennard@drg-e.com
Lisa Elliott / lelliott@drg-e.com
DRG&E / 713-529-6600

SOURCE W&T Offshore, Inc.

Manuel Mondragon, Vice President of Finance of W&T Offshore, Inc.,
+1-713-297-8024, investorrelations@wtoffshore.com; or Ken Dennard,
ksdennard@drg-e.com, or Lisa Elliott, lelliott@drg-e.com, both of DRG&E,
+1-713-529-6600, for W&T Offshore, Inc.