W&T has successfully operated in the Gulf of Mexico for 26 years and over the last 10 years has achieved an exploration drilling success rate of 78% and a development drilling success rate of 90%. Our fields are found in water depths ranging from less than ten feet to 4,200 feet. The reservoirs in our fields are generally characterized as having high porosity and permeability, which typically result in high production rates. Approximately 79% of our total gross acreage is HBP (held by production) which permits us to maintain all of our exploration, exploitation and development rights (including deep rights below currently producing zones) to the leased area as long as production continues.