W&T Offshore's Founding Director Announces Estate Planning Stock Sale
HOUSTON, March 7 /PRNewswire-FirstCall/ -- W&T Offshore, Inc. (NYSE: WTI) today announced that J.F. Freel and his wife, Ann Freel, have sold a small portion of their W&T stock holdings as part of their personal long-term strategy for estate planning and asset diversification. Mr. and Mrs. Freel sold less than 17% of their total W&T stock portfolio. Mr. Freel, age 95, has served as a director of the Company since it was founded in 1983 and Secretary of the Company since 1984.
About W&T Offshore
Founded in 1983, W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico, including exploration in the deepwater and deep shelf region, where it has developed significant technical expertise. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over 200 fields in federal and state waters and a majority of its daily production is derived from wells it operates. For more information on W&T Offshore, please visit its Web site at http://www.wtoffshore.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations and other factors discussed in our Annual Report on 10-K for the year ended December 31, 2007 (http://www.sec.gov).
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SOURCE W&T Offshore, Inc.
Released March 7, 2008