W&T Offshore reports on hurricane damage

W&T Offshore has reported on damage caused by hurricanes Ike and Gustav.

Offshore staff

HOUSTON -- W&T Offshore has reported on damage caused by hurricanes Ike and Gustav. Two operated and nine non-operated platforms sank, including the operated Eugene Island 371 B and Eugene Island 397 A platforms. The company is currently evaluating its alternatives for those facilities including utilizing other platforms. All other operated structures inspected by air or by physical inspection appear to be intact, but some have incurred damage, the company says.

The company is currently producing 72 MMcfe/d (2,264 b/d and 58 MMcfe/d).Based on current production rates and actual production thus far in the quarter the company believes that production for 3Q 2008 will be between 19 bcfe and 21 bcfe.

Prior to hurricanes Gustav and Ike, W&T Offshore had eight rigs drilling and have been able to re-start drilling operations at seven of the eight locations thus far.

09/30/2008

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