W&T has several key competitive strengths that make us well positioned to execute our business strategy with success and precision.

Strong operational capabilities. We have operated offshore oil and gas properties for over 26 years, during which time we have gained valuable experience in all aspects of drilling and production in the shallow and deep water of the Gulf of Mexico. We own working interests in approximately 72 offshore fields in the Gulf of Mexico.

Substantial acreage position. A remarkable 79% of our acreage is HBP (held by production), and as long as W&T is producing from the property, we can hold the lease. Because a vast majority of our Gulf acreage is HBP and located in areas with existing infrastructure, development lead times and costs are substantially reduced. Leases that are HBP also allows us time to explore other opportunities without being concerned with the lease expiring on the HBP acreage.

Conservative financial approach. Maintaining a strong cash position and an adequate borrowing base allows W&T the flexibility to adjust in uncertain conditions and the ability to pursue lucrative opportunities. Our conservative financial approach has contributed to our success and has positioned us to capitalize on new opportunities as they develop.

Proven acquisition strategy. W&T has a very calculated and disciplined approach that involves targeting under-exploited assets. Our method of identifying and evaluating prospects has translated into a high rate of return on acquisitions.

Committed, experienced management. We have assembled a senior management team with considerable technical expertise and industry experience. Most members of our management team average more than 20 years of experience in the oil and gas industry.