Inc. announced it has entered into an agreement with Apache Corp
. to acquire Apacheâ€™s interest in Ship Shoal 349, a federal offshore lease off the coast of Louisiana, for $116m.
â€œWe are excited about acquiring Apacheâ€™s interest in the Ship Shoal 349 field,â€ said Tracy Krohn, W&Tâ€™s chairman and CEO. â€œBetter known as Mahogany, (the field) was the first economic subsalt field drilled in the Gulf of Mexico. When consummated, W&T will own 100 percent working interest in the field.â€
W&T is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf regions.