W&T Offshore recently acquired a 75% working interest and operatorship in the Magnolia field from ConocoPhillips for $20 MM. The field was discovered in 1999 in 4,700’ of water on Garden Banks blocks 783 and 784 and located approximately 180 miles south of Cameron, Louisiana. The acquisition adds net proved reserves of 4.1 MMboe and the field is producing 2,300 net Boe/d (82% oil) from six active wells. The field has additional upside from pay sands in existing wellbores and several potential future drilling opportunities. The transaction closed on December 12, 2019 and has an effective date of October 1, 2019. In early 2020, the Company announced that it planned to acquire the remaining 25% working interest in the field and expects to close the transaction March 31, 2020.
Percent oil and NGLs of proved reserves