W&T Offshore agrees to acquire Gulf of Mexico shelf assets for $72M from bankrupt Cox Oil

W&T OFFSHORE INC

Acquisition includes interests in Eugene Island 64, Main Pass 61, Mobile Bay 904/916, West Delta 73, and South Pass 49 fields.
Gross purchase price of $72 million cash; closing conditioned on Bankruptcy Court approval.
Transaction must close by January 15, 2024, unless extended; seller in Chapter 11 since May 2023.
Assets also include seller's 100% equity in SP 49 Pipeline LLC.

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 valued at $72 million (effective 2023-12-13).

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
Value: $72 million
Effective: 2023-12-13

Exact text from the filing

On December 13, 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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Source: SEC EDGAR

accession 0001104659-23-126389

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