HOUSTON – W&T Offshore Inc. has closed its acquisition of Shell Offshore’s 64.3% interest in Fairway field and also in the Yellowhammer processing plant. The purchase price was $36.7 million.
Fairway is in shallow state waters off Mobile Bay, Alabama. W&T's internal estimates of proved reserves associated with the acquired property as of June 30, 2011, are 39.4 bcf of natural gas and 2.5 MMbbl of natural gas liquids, or 54.5 Bcfe. These reserves were based on SEC reserves definitions and pricing as of June 30, 2011.