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Janet Yang or Mark Brewer
SVP & CFO
W&T OFFSHORE REPORTS FOURTH QUARTER AND FULL YEAR
2011 FINANCIAL AND OPERATIONAL RESULTS
HOUSTON February 23, 2012 W&T Offshore, Inc. (NYSE: WTI) today announces financial and operational results for the fourth quarter and full year 2011. Some of the highlights include:
For the quarter, production volumes were 49,800 barrels equivalent per day, or 298.9 MMcfe per day, and represent a 21.5% increase over the same quarter in 2010. Production was split 48% oil and natural gas liquids (NGLs) and 52% natural gas. Our average realized sales price for oil was $112.01 per barrel and $56.55 per barrel for NGLs.
For the year, production was 46,400 barrels equivalent per day, or 278.2 MMcfe per day, which represents an increase of 16.7% over last year. Production was split 47% oil and NGLs and 53% natural gas. Our average realized sales price for oil was $105.92 per barrel and for NGLs was $55.81 per barrel.
Proved reserves increased 44% to 116.9 million barrels equivalent or 701.1 Bcfe in 2011. Oil and NGLs represent 59% of total proved reserves, up from 47% for the prior year. Our reserve replacement ratio for the year was 312%. The PV-10* of our proved reserves, before considering asset retirement obligations (ARO), increased to $3.1 billion, which represents a $1.2 billion increase over the prior year.
We increased our net onshore acreage position in East and West Texas to 173,000 acres in 2011.
Offshore, we drilled eight wells during 2011, all of which were successful. Three of the wells were exploration wells and five were development wells. Onshore, we drilled 46 wells with a 98% success rate.
The following information was filed by Wt Offshore Inc (WTI) on Friday, February 24, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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