W&T Offshore, Inc. Common Stock (NYSE: WTI)

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W&T Offshore Inc.
Nine Greenway Plaza
Suite 300
Houston, TX 77046-0905
United States - Map
Phone: 713-626-8525
Fax: 713-626-8527
Website: W&T Offshore

Details
Index Membership: N/A
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Full Time Employees: 286


Business Summary

W&T Offshore, Inc., together with its subsidiaries, engages in the acquisition, exploitation, exploration, production, and development of oil and natural gas properties in the Gulf of Mexico. It has interests in approximately 77 producing fields in federal and state waters; leases covering approximately 0.6 million net acres in the outer continental shelf off the coasts of Louisiana, Texas, Mississippi, and Alabama; and interests in approximately 288 structures. As of December 31, 2009, the company had proved reserves of 371.0 billion cubic feet of gas equivalent. W&T Offshore, Inc. was founded in 1983 and is based in Houston, Texas.

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Valuation Measures
Market Cap (intraday)5: 1.58B
Enterprise Value (Mar 2, 2011)3: 2.11B
Trailing P/E (ttm, intraday): 9.78
Forward P/E (fye Dec 31, 2011)1: 14.52
PEG Ratio (5 yr expected)1: N/A
Price/Sales (ttm): 2.65
Price/Book (mrq): 3.94
Enterprise Value/Revenue (ttm)3: 3.03
Enterprise Value/EBITDA (ttm)3: 4.52

Financial Highlights
Fiscal Year
Fiscal Year Ends: Dec 31
Most Recent Quarter (mrq): Sep 30, 2010

Profitability
Profit Margin (ttm): 23.22%
Operating Margin (ttm): 24.13%

Management Effectiveness
Return on Assets (ttm): 7.01%
Return on Equity (ttm): 41.44%

Income Statement
Revenue (ttm): 694.93M
Revenue Per Share (ttm): 9.42
Qtrly Revenue Growth (yoy): 1.50%
Gross Profit (ttm): 393.46M
EBITDA (ttm): 466.55M
Net Income Avl to Common (ttm): 160.02M
Diluted EPS (ttm): 2.17
Qtrly Earnings Growth (yoy): N/A

Balance Sheet
Total Cash (mrq): 180.51M
Total Cash Per Share (mrq): 2.42
Total Debt (mrq): 450.00M
Total Debt/Equity (mrq): 99.46
Current Ratio (mrq): 1.34
Book Value Per Share (mrq): 6.25

Cash Flow Statement
Operating Cash Flow (ttm): 457.27M
Levered Free Cash Flow (ttm): 174.84M


Trading Information
Stock Price History
Beta: 1.62
52-Week Change3: 169.88%
S&P500 52-Week Change3: 16.81%
52-Week High (Feb 28, 2011)3: 26.12
52-Week Low (Mar 26, 2010)3: 8.24
50-Day Moving Average3: 21.02
200-Day Moving Average3: 15.10

Share Statistics
Avg Vol (3 month)3: 872,181
Avg Vol (10 day)3: 878,650
Shares Outstanding5: 74.63M
Float: 34.86M
% Held by Insiders6: 53.24%
% Held by Institutions6: 50.50%
Shares Short (as of Feb 15, 2011)3: 9.83M
Short Ratio (as of Feb 15, 2011)3: 14.10
Short % of Float (as of Feb 15, 2011)3: 36.00%
Shares Short (prior month)3: 10.26M

Dividends & Splits
Forward Annual Dividend Rate4: 0.16
Forward Annual Dividend Yield4: 0.60%
Trailing Annual Dividend Yield3: 0.14
Trailing Annual Dividend Yield3: 0.60%
5 Year Average Dividend Yield4: 0.60%
Payout Ratio4: 7.00%
Dividend Date3: Dec 28, 2010
Ex-Dividend Date4: Dec 17, 2010
Last Split Factor (new per old)2: N/A
Last Split Date3: N/A

WTI Key Statistics | W&T Offshore, Inc. Common Stock Stock - Yahoo! Finance

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W&T Offshore Reports Fourth Quarter and Full Year 2010 Financial and Operational Results - Yahoo! Finance



Press Release Source: W&T Offshore, Inc. On Wednesday March 2, 2011, 6:15 am EST
HOUSTON, March 2, 2011 /PRNewswire/ -- W&T Offshore, Inc. (NYSE:WTI - News) today announces financial and operational results for the fourth quarter and full year 2010. Some of the highlights include:


•Total proved reserve replacement was 231%. Proved reserves increased 31% from 371.0 Bcfe to 485.4 Bcfe. Oil and natural gas liquids comprise 47% of total proved reserves. Year-end 2010 proved developed reserves increased to 81% of total proved reserves from 76% in 2009. Our PV-10 increased 68% over year-end 2009.
•During the fourth quarter, we acquired three deepwater properties from Shell Offshore Inc. at a cost of $10.49 per barrel equivalent or $1.75 per Mcfe for proved reserves.
•For the full year 2010, net income increased by $305.8 million to $117.9 million from a net loss of ($187.9) million in 2009. Earnings per share increased $4.09 per share to $1.58 per share in 2010 from a loss in 2009 of ($2.51) per share. Earnings for the year 2010, adjusted to exclude special items, were $1.57 per share compared to a loss of ($1.10) in 2009.
•Cash flow from operating activities for the full year 2010 increased $308.5 million, or 197%, to $464.8 million compared to $156.3 million in 2009. Adjusted EBITDA increased by $108.8 million to $450.2 million in 2010 compared to $341.4 million in 2009 and Adjusted EBITDA margin increased to 64% in 2010 compared to 56% in 2009.
•Earnings for the fourth quarter, adjusted to exclude special items, were $0.40 per share compared to $0.35 in the fourth quarter of the prior year. Fourth quarter net income was $20.5 million and earnings per share were $0.27.
•Drilled the successful Main Pass 108 E-3 well that found 300 feet of net vertical pay in six sands. This is a conventional shelf exploration well and we have a 100% working interest.
•After the close of the fourth quarter, the Company drilled two wells. One of the wells is an onshore well in Southeast Texas in which we own a 50% non-operated working interest. The well found 22 feet of gas condensate pay, and we expect it to be online before the end of the first quarter of 2011. The second well is the Main Pass 180 A-2 well in which we own a 100% working interest. The well reached a total vertical depth of 13,950 feet and found approximately 91 feet of high quality gas sands in three separate zones.




Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We had another great quarter with solid production, high realized oil prices, good earnings and cash flow. We were able to increase reserves in 2010 with two different acquisitions, which we expect to lead to increased production in 2011 as a result. We funded our entire capital expenditure program, including both acquisitions, with internally generated cash flow. As a result, we did not have to increase our debt levels nor did we need to sell any equity to accomplish these transactions. As we have historically indicated, we manage for cash and constantly seek acquisition and joint venture opportunities. We believe there continue to be important growth opportunities in the market place that will make sense for us and allow us to grow reserves and production and increase shareholder value. Our liquidity continues to be very strong, allowing us the ability to complete acquisitions when the right opportunity comes along."

Revenues, Net Income and EPS: Net income for the fourth quarter of 2010 excluding special items was $29.6 million, or $0.40 per share. This compares to $26.7 million, or $0.35 per common share, reported for the fourth quarter of 2009, excluding special items. See the "Reconciliation of Net Income (Loss) to Net Income (Loss) Excluding Special Items" and related earnings per share, excluding special items table under "Non-GAAP Financial Information" at the back of this press release for a description of the special items.

Net income for the fourth quarter of 2010 was $20.5 million, or $0.27 per common share, on revenues of $187.0 million, compared to net income of $64.0 million and earnings per share of $0.84 on revenues of $176.1 million for the same period in 2009. Net income in the fourth quarter of 2009 benefitted from a one-time $38.4 million tax benefit due to tax legislation adopted in 2009. The Worker, Homeownership and Business Assistance Act of 2009, which extended the net operating loss carry-back period from two years to five years, resulted in additional tax benefits to us. Revenues were higher in the fourth quarter of 2010 due to higher realized oil prices and minimal changes in production.

Net income for 2010 was $117.9 million, or $1.58 per share, on revenues of $705.8 million. This compares to a net loss in 2009 of ($187.9) million, or ($2.51) loss per share, on revenues of $611.0 million. Net income for the year 2010, excluding special items, was $116.7 million, or $1.57 per share. For 2009, the net loss, excluding special items, was ($82.3) million, or ($1.10) loss per common share. The dramatic increase in earnings between periods is primarily due to an increase in our average realized sales prices, mainly due to oil price increases, and a reduction in most of our expenses. In addition, the 2009 period included a ceiling test impairment of $218.9 million. For 2010, lease operating expenses ("LOE"), depreciation, depletion, amortization and accretion ("DD&A") and the derivative loss were all lower, the reasons for which are explained below.

Cash Flow from Operating Activities and Adjusted EBITDA: EBITDA and Adjusted EBITDA, and Adjusted EBITDA margin are non-GAAP financial measures and are defined and reconciled in "Non-GAAP Financial Information" later in this press release. Adjusted EBITDA for the fourth quarter of 2010 was $121.6 million compared to $115.1 million during the fourth quarter of the prior year. Adjusted EBITDA for the fourth quarter of 2010 benefitted from higher averaged realized sales prices.

For 2010, Adjusted EBITDA was $450.2 million, an increase of 32% compared to $341.4 million for the year 2009. Net cash provided by operating activities for the full year of 2010 was $464.8 million, a significant increase over the $156.3 million reported for the prior year. The dramatic increase in cash flow was due to higher prices, lower operating expenses, a federal income tax refund of $99.8 million and insurance reimbursements of $65.5 million.

Production and Prices: During the fourth quarter of 2010, we sold 1.8 million barrels of oil and natural gas liquids at an average realized sales price of $77.27 per barrel and 11.9 Bcf of natural gas at an average realized sales price of $4.01 per Mcfe. In total we sold 22.6 Bcfe at an average realized sales price of $8.23 per Mcfe compared to 22.9 Bcfe sold at an average price of $7.67 per Mcfe, in the fourth quarter of the prior year. Production volumes were negatively affected in 2010 because of production shut in at our MP 108 field due to a third party pipeline outage that has continued since early June 2010.

For the year 2010, we sold 7.1 million barrels of oil and natural gas liquids at an average realized sales price of $71.65 per barrel and 44.7 Bcf of natural gas at an average realized sales price of $4.55 per Mcf. In total we sold 87.0 Bcfe at an average realized sales price of $8.15 per Mcfe, compared to 94.8 Bcfe sold at an average price of $6.39 per Mcfe in 2009. The 8% decline in production is largely attributable to divestitures completed in 2009, the production shut in at our MP 108 field, as well as natural reservoir declines, somewhat offset by partial year production from the newly acquired properties from Shell and Total.

Lease Operating Expenses: For the fourth quarter of 2010, total LOE was $47.5 million, up slightly from $45.8 million reported in the prior year's fourth quarter. Despite adding the Shell deepwater properties, most of the components of LOE were lower in 2010 compared to 2009 with the exception of one notable item. Facilities costs, which is a component of LOE, increased $6.8 million, about 40% of which can be attributed to repairs to newly acquired properties, while the remainder relates to pipeline and compressor repairs and blast and paint work. Also of note, for both the fourth quarter of 2010 and the fourth quarter of 2009, insurance reimbursements exceeded hurricane remediation costs that are included in LOE. The reduction in LOE as a result of these items was greater in the fourth quarter of 2009 than the comparable 2010 amount. Insurance premiums that are included in LOE decreased $3.4 million in the fourth quarter of 2010 compared to the fourth quarter of 2009 due to a policy renewal effective June 1, 2010 covering well control and hurricane damage.

LOE for the year 2010 was $169.7 million, or $1.95 per Mcfe, down considerably from the $203.9 million, or $2.15 per Mcfe, reported for the prior year. LOE decreased for the year 2010 due to the 2009 property divestitures and the significant reduction in hurricane repairs, net of insurance reimbursements in 2010 compared to 2009. Included in lease operating expenses for 2010 is a net reduction to LOE of $11.7 million (insurance reimbursements exceeded hurricane remediation costs). This compares to an increase to LOE of $18.4 million for hurricane remediation costs in excess of insurance reimbursements in the prior year. Increases to LOE for the year were the costs to operate the new properties, higher workover expenditures associated with rig activity to perform certain workovers and greater facilities work associated with the new properties.

Depreciation, depletion, amortization and accretion: DD&A decreased to $73.6 million, or $3.25 per Mcfe, in the fourth quarter of 2010 compared to $78.3 million, or $3.42 per Mcfe, in the fourth quarter of the prior year. DD&A for the year 2010 was $294.1 million, or $3.38 per Mcfe, compared to $342.5 million, or $3.61 per Mcfe, for the year 2009. DD&A is lower due to lower production volumes and an increase in proved reserves.

Capital Expenditures, Acquisitions and Operations Update: For 2010, our capital expenditures excluding acquisitions were $178.7 million and our expenditures for acquisitions were $236.9 million. Acquisitions included $115.0 million to acquire the Total properties and $121.9 million to acquire the Shell properties. Other capital expenditures were made up of $60.2 million for exploration activities, $77.2 million for development activities and $41.4 million for seismic, leasehold and other costs. Capital expenditures and acquisitions for 2010 were funded from cash flow from operating activities and cash on hand. Capital expenditures in 2009 were $276.1 million, and no significant acquisitions were completed in 2009.

During 2010, we participated in the drilling of six offshore and two onshore wells. Five of the six offshore wells were successful, but neither of the onshore wells, which were both high risk but high potential exploration opportunities, were commercial. All five of the successful wells were on the conventional shelf and four were exploration wells and one was a development well. We operate three of the five successful wells.

Drilling Highlights: In the fourth quarter of 2010, the Company drilled the Main Pass 108 E-3 well. This well logged over 300 feet of net vertical pay in six sands. This is a conventional shelf exploration well in which we own a 100% working interest.

After the close of the fourth quarter, the Company drilled two wells. One of the wells is an onshore well in Southeast Texas in which we own a 50% non-operated working interest. The well found 22 feet of gas condensate pay, and we expect it to be online before the end of the first quarter of 2011. The second well is the Main Pass 180 A-2 well in which we own a 100% working interest. The well reached a total vertical depth of 13,950 feet and found approximately 91 feet of high quality gas sands in three separate zones.

Reserves: At December 31, 2010, total proved reserves were 485.4 Bcfe, compared to proved reserves of 371.0 Bcfe at the end of 2009. The 31% increase in proved reserves is primarily due to the newly acquired properties from Shell and Total, success with the drill bit and positive revisions, which are partially offset by production. Year-end 2010 proved reserves are comprised of 53% natural gas and 47% oil and natural gas liquids based on a ratio of six Mcf to one barrel equivalent. In accordance with guidelines established by the SEC, our proved reserves as of December 31, 2010 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the period January 2010 through December 2010. The present value of our total proved reserves only, discounted at 10% (referred to as "PV-10"*) was $1.9 billion at December 31, 2010 excluding the effect of estimated asset retirement obligations. PV-10, including estimated asset retirement obligations, was $1.5 billion. This is based on average prices of $4.38 per Mcf for natural gas and $75.96 per Bbl for oil and natural gas liquids, adjusted for quality, transportation fees and regional price differentials. The estimate of proved reserves is based on a reserve report prepared by Netherland, Sewell & Associates, Inc., the Company's independent petroleum consultant.

* The PV-10 value is a non-GAAP measure and is defined in the "Non-GAAP Financial Information" later in this press release.

The Company's proved reserves are summarized in the table below:

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W&T Offshore Reports First Quarter 2011 Financial Results and Year-to-Date Operational Results - Yahoo! Finance

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W&T Offshore Reports First Quarter 2011 Financial Results and Year-to-Date Operational Results

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Press Release Source: W&T Offshore, Inc. On Tuesday April 26, 2011, 12:49 am EDT
HOUSTON, April 26, 2011 /PRNewswire/ -- W&T Offshore, Inc. (NYSE:WTI - News) today provides financial results for the first quarter 2011 and year-to-date operational results. Some of the highlights include:


•Today we announced that we entered into a purchase and sale agreement with private sellers to acquire production and acreage in the West Texas Permian Basin.
•100% success in the drilling program to date in 2011, which includes three exploration wells, one on the conventional shelf and two onshore in Texas.
•At the end of the quarter, our Main Pass 108 field, which is one of our more significant fields, came back on line, after having been off-line since June 2010. This high-yield condensate field is currently producing a net 46 MMcfe per day, made up of 38 MMcf and 1,400 barrels per day. We expect the rate to increase another eight to 10 MMcfe per day when the Main Pass 108 E-3 well comes on line.
•Total sales volume increased 14% to 22.7 Bcfe from 20.0 Bcfe during the first quarter of 2010.
•Adjusted EBITDA increased 11% or $13.5 million to $133.3 million from $119.8 million for the first quarter of 2010. Sequentially, adjusted EBITDA increased $11.6 million or 10%.
•Revenues increased 24% or $41.3 million to $210.9 million from $169.6 million for the first quarter of 2010. Sequentially, revenues increased $23.9 million or 13%.
•Net income for the first quarter of 2011, excluding special items, was $32.7 million, or $0.43 per common share, up from $0.40 per common share, excluding special items, in the fourth quarter of 2010.




As previously announced today, after the close of the quarter, we entered into a purchase and sale agreement with private sellers to acquire approximately 21,900 gross leasehold acres (21,500 net acres) in the West Texas Permian Basin for a purchase price of $366 million, subject to adjustments and an effective date of January 1, 2011. The reserves are over 91% oil and natural gas liquids. At January 1, 2011, estimates of proved reserves to be acquired are approximately 27 million barrel equivalents (164 Bcfe); and, estimates of proved and probable reserves to be acquired are approximately 53 million barrel equivalents (318 Bcfe) (both using a 6 to 1 Mcf to barrel equivalency). The current wells produce around 2,800 barrel equivalents per day, net. Since the effective date of the proposed acquisition, production has increased from about 1,900 barrel equivalents. The sellers have three active rigs drilling in the field and ongoing completions are being made on the new wells. We expect to keep at least three rigs working in the field throughout the remainder of 2011. Accordingly, we would expect production to increase.

There is significant upside potential in the acquisition with hundreds of proved undeveloped and probable well locations. Capital expenditures associated with planned development activities for these properties for the rest of 2011 are currently estimated at $35 to $40 million. The closing, which is subject to customary closing conditions and normal closing price adjustments, is anticipated in the second quarter and will be funded from cash on hand and borrowings under our revolving bank credit facility.

Tracy W. Krohn, Chairman and Chief Executive Officer, commented, "We are very pleased with the results of the first quarter and the pending acquisition in the Permian Basin. The first quarter benefitted from higher production volumes primarily because of the acquisition of the deepwater properties from Total E&P USA ("Total") and Shell Offshore Inc. ("Shell") during 2010 and significantly higher oil prices. Our oil and natural gas liquids production, which represented 48% of our total production on a Mcfe basis in the quarter, continues to contribute substantially to our revenues in this higher price environment. Thus far in 2011 we have successfully drilled three exploration wells, one well on the conventional shelf and the other two wells are onshore."

Mr. Krohn continued, "The acquisition of the Permian Basin oil properties will allow us to continue with our goals of a steadier growth pattern coupled with good cash flow and positive full cycle economics. We believe that there are many more attractive acquisition opportunities for us both offshore and with conventional onshore properties as so many of our competitors continue to pursue the various shale resource basins."

Revenues, Net Income and EPS: Net income for the first quarter of 2011 was $18.6 million, or $0.25 per common share, on revenues of $210.9 million, compared to net income for the first quarter of 2010 of $42.3 million, or $0.57 per common share, on revenues of $169.6 million. Net income decreased in the first quarter of 2011 largely due to a derivative loss of $23.8 million for the first quarter of 2011, of which $21.6 million was unrealized, compared to a derivative gain of $5.9 million during the same period last year. Additionally, the effective tax rate for the three-month period ending March 31, 2011 was 35.3%, compared to 8.7% during the year ago period. The 2010 first quarter rate differs from the statutory rate of 35% primarily because of the reversal of a portion of a previously established valuation allowance during that quarter. The decreases in net income from derivatives and an increased effective tax rate were partially offset by higher production volumes and much higher averaged realized oil prices during the first quarter of 2011 versus the comparable period in 2010.

Net income for the first quarter of 2011 excluding special items was approximately $32.7 million, or $0.43 per common share. Net income excluding special items for the corresponding quarter of 2010 was approximately $39.0 million, or $0.52 per common share. See the "Non-GAAP Financial Measures - Reconciliation of Net Income to Net Income Excluding Special Items" table at the back of this press release for a description of the special items.

Cash Flow from Operating Activities and Adjusted EBITDA: EBITDA and Adjusted EBITDA are non-GAAP measures and are defined in the "Non-GAAP Financial Measures" section later in this press release. Adjusted EBITDA for the first quarter of 2011 was $133.3 million compared to $119.8 million during the first quarter 2010, or an 11% increase. Net cash provided by operating activities for the three months ended March 31, 2011 decreased 16% to $72.7 million from $87.0 million for the three months ended March 31, 2010, mainly as a result of an increase in tax payments and asset retirement obligation expenditures during the quarter.

Production and Prices: On a natural gas equivalent ("Bcfe") basis, we sold 22.7 Bcfe at an average price of $9.27 per Mcfe in the first quarter of 2011, of which 48% was oil and natural gas liquids ("NGL"), compared to 20.0 Bcfe sold at an average price of $8.50 per Mcfe in the first quarter of 2010, of which 50% was oil and NGLs. Average oil and NGL prices increased $18.48 per barrel to $88.43 per barrel. Oil and NGL sales volumes increased 153.0 MBbls, while oil and NGL revenue increased by $44.0 million. The sales volume increase for oil is primarily attributable to the acquisition of the Total properties during the second quarter of 2010 and our successful exploration and development efforts. Natural gas revenue decreased $3.2 million on a 1.8 Bcf increase in sales volumes, as natural gas prices decreased $1.09 per Mcf to $4.29 per Mcf. The sales volume increase for natural gas is primarily attributable to the acquisition of the Shell properties during the fourth quarter of 2010, partially offset by natural reservoir declines and the continuing shut-in of our Main Pass 108 field production throughout the first quarter of 2011 due to a third-party pipeline outage. Initial field production at Main Pass 108 resumed on March 31, 2011, gradually increasing to over 46 MMcfe per day net, made up of 38 MMcf and 1,400 barrels per day. We expect the rate to increase another eight to 10 MMcfe per day net when the Main Pass 108 E-3 well comes on line.

Lease Operating Expenses: In the first quarter of 2011, LOE increased to $52.4 million, or $2.31 per Mcfe, from $35.4 million, or $1.77 per Mcfe, in the first quarter of 2010. On a component basis, base LOE decreased to $1.71 per Mcfe from $1.72 per Mcfe in the first quarter of 2010 and workover expenses decreased to $0.29 per Mcfe from $0.35 per Mcfe in the first quarter of 2010. As an offset, facilities cost per Mcfe increased to $.26 per Mcfe compared to only $0.01 per Mcfe in the first quarter of 2010 and hurricane remediation net of insurance was $0.05 per Mcfe compared to a reduction in the first quarter of ($0.32) per Mcfe in the first quarter of 2010. Facilities expenses were up due to pipeline repairs at our Ship Shoal 300 field to remove paraffin and work on the newly acquired deepwater properties. Finally, we incurred hurricane remediation costs in the first quarter of 2011 while the first quarter of 2010 was a net reduction for insurance reimbursements and the reversal of previously recorded hurricane remediation accruals. Based on our production and LOE guidance for the year, our LOE per Mcfe is expected to decrease from that reported in the first quarter of 2011.

Depreciation, depletion, amortization and accretion: DD&A decreased to $3.26 per Mcfe for the first quarter of 2011 from $3.47 per Mcfe in the first quarter of 2010 due to an increase in proved reserves.

General and Administrative Expenses: General and administrative expenses ("G&A") increased to $18.1 million for the first quarter of 2011 from $10.4 million for the same period in 2010, primarily due to higher incentive compensation, surety premiums, fees paid to Shell for administrative services attributable to the properties purchased from Shell, service fee income received in 2010 attributable to a property divestiture and increased employee headcount. On a per Mcfe basis, G&A was $0.80 per Mcfe for the first quarter of 2011, compared to $0.52 per Mcfe for the same period in 2010. No amounts for incentive compensation were paid in the first quarter of 2010. During 2010, we implemented a new incentive compensation plan. Part of the incentive compensation amount in 2011 is related to grants made in 2010 that are amortized to compensation expense over the service period while the other part is due to anticipated achievement of company performance relative to targets. Our guidance for G&A expenses for the second quarter of 2011 is between $20 million and $22 million and for the year between $69 million and $80 million and reflects the expected acquisition of the Permian Basin properties discussed earlier in this press release.

Liquidity: Our cash balance at March 31, 2011 was $58.4 million. Although our current credit facility agreement does not expire until July 2012, we are in the process of completing a new four-year revolving credit facility and the borrowing base and revolver commitment will increase to $525.0 million from its current level of $405.5 million. The revolver and borrowing base will automatically increase to $575.0 million if we close on the shelf property expected to be acquired from Shell during the second quarter of 2011. Additionally, we would expect our borrowing base to increase after the Permian Basin acquisition as well. We expect the new agreement will be executed in the second quarter of 2011 and will have substantially the same terms as the previous agreement. As negotiations are ongoing and no definitive agreement has been reached, our current assessment of the terms and borrowing base of the new agreement may change. The revolving credit facility was undrawn at March 31, 2011.

Capital Expenditures and Operations Update: For the three months ended March 31, 2011, capital expenditures for oil and natural gas properties of $39.9 million included $14.6 million for exploration activities, $21.0 million for development activities and $4.3 million for seismic, capitalized interest and other leasehold costs. Our development and exploration capital expenditures of $35.6 million, consisted of $30.7 million on the conventional shelf and other projects, $1.8 million in the deepwater and $3.1 million onshore. Capital expenditures were financed by cash flow from operating activities and cash on hand.

Drilling Highlights: In the first quarter of 2011, the Company drilled the Main Pass 180 A-2 well. This well reached a total measured depth of 13,950 feet and found 91 feet of high quality gas sands in three separate zones. The well is now online and is currently producing 11 MMcfe per day net. We own a 100% working interest in this conventional shelf exploration well.

We also drilled an exploratory onshore well in South Texas. This is a 50% owned non-operated well that found 22 feet of gas condensate. This producing well is currently awaiting an additional frac treatment to stimulate production. After the end of the quarter we drilled an exploration well in East Texas in which we have a 25% working interest which recently reached total depth. The East Texas well appears to be a significant discovery with both conventional and unconventional reservoirs. We are currently running pipe to complete the well and expect to have it on production in the third or early fourth quarter. We have drilled the Main Pass 108 D-3ST development well and will be logging the pay zones shortly.

Outlook: The guidance for second quarter and full year 2011 represents the Company's best estimate of likely future results, and is affected by the factors described below in "Forward-Looking Statements."

Guidance for the second quarter and full year 2011 are shown in the table below. Our guidance also reflects the anticipated acquisition of the Permian Basin properties during the second quarter of 2011. Production guidance includes the planned build up from our capital budget and the pending Permian Basin acquisition, but does not include any production associated the shelf property to be acquired from Shell.

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HOUSTON , Dec. 7, 2011 /PRNewswire/ -- W&T Offshore, Inc. (NYSE: WTI - News) announced that its Board of Directors on December 6, 2011 declared a special cash dividend of $0.63 per share, payable to the holders of the Corporation's common shares. The special dividend will be payable on December 29, 2011 to shareholders of record on December 19, 2011 .

W&T Offshore Declares Special Cash Dividend on Common Stock - Yahoo! Finance
 
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