HOUSTON, Nov. 7, 2012 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI) announced today that it has received an increase in its borrowing base from $575 million to $725 million under its existing revolving credit facility. During a semi-annual redetermination, the Company's lending bank group was expanded from 17 to 20 banks. Availability under the revolving credit facility will be subject to redetermination at the next semi-annual review in the spring of 2013, calculated by the lenders based on their evaluation of the Company's proved reserves using their own internal criteria.
Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "Our expanded borrowing base along with an increase in the number of lenders reflects the quality and growth of our proved reserves and continued support from the banking community. We continue to improve our liquidity to position the company to act quickly upon growth opportunities that fit our strategic objectives."
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer focused primarily in the Gulf of Mexico and Texas. We have grown through acquisitions, exploration and development and currently hold working interests in approximately 67 producing offshore fields in federal and state waters, including the deepwater. During 2011, we expanded onshore into West Texas and East Texas where we are actively pursuing exploration and development activities. A substantial majority of our daily production is derived from wells we operate offshore. For more information on W&T Offshore, please visit our website at www.wtoffshore.com.
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SOURCE W&T Offshore, Inc.