W&T Offshore to acquire Gulf of Mexico assets from Cox Oil for $88.5M in bankruptcy sale

W&T OFFSHORE INC

Gross purchase price of $88.5M in cash, subject to customary adjustments for revenues, expenses, cure costs and unpaid royalties.
Assets include Eugene Island 24, 64, Main Pass 61, Mobile Bay 904, 916, West Delta 73 (Group A) and South Pass 49 (Group B) fields.
Seller is in Chapter 11 bankruptcy; closing conditioned on Bankruptcy Court approval and must occur by October 13, 2023.
Effective dates: July 1, 2023 for Group A assets and May 1, 2023 for Group B assets.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

W&T OFFSHORE INC entered into Purchase Agreement with Cox Oil Offshore, L.L.C., Energy XXI GOM, LLC, EPL Oil & Gas, LLC, MLCJR LLC, Cox Operating L.L.C., Energy XXI Gulf Coast, LLC and M21K, LLC (collectively, Seller) valued at $88.5 million (effective 2023-09-26).

Action: entry
Agreement: asset purchase
Counterparty: Cox Oil Offshore, L.L.C., Energy XXI GOM, LLC, EPL Oil & Gas, LLC, MLCJR LLC, Cox Operating L.L.C., Energy XXI Gulf Coast, LLC and M21K, LLC (collectively, Seller)
Value: $88.5 million
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, W&T Offshore Inc. (the “Company”), as buyer, entered into a definitive purchase and sale agreement (the “Purchase Agreement”) with Cox Oil Offshore, L.L.C., Energy XXI GOM, LLC, EPL Oil & Gas, LLC, MLCJR LLC, Cox Operating L.L.C., Energy XXI Gulf Coast, LLC and M21K, LLC (collectively, “Seller”), providing for an acquisition by the Company of all of Seller’s right, title and interest in and to certain leases, wells and personal property in the central shelf region of the Gulf of Mexico

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W&T OFFSHORE INC filing history →

Source: SEC EDGAR

accession 0001104659-23-105343

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