American Oil and Gas Reporter - February 2016 - 52

Carefully analyzing new seismic data has helped W&T Offshore achieve a 100 percent
exploration drilling success rate for three years. The company says its recent successes
include a discovery at Ewing Banks 910 that is producing 2,000 barrels of oil equivalent
a day.

seen industry cycles before. They realize
that this part of the cycle can be the one
where people really make money."
When prices are low, it is easier to
farm into projects and it is possible to
drill them at a much lower cost, Clark
explains. "We usually look for projects
where the objectives produce in surrounding fields and there is a fairly high probability of success," he remarks.
Successful Driller
For almost three years, W&T Offshore
Inc. reports it has had a 100 percent exploration drilling success rate. "I attribute
that to new, better seismic data and techniques that produce more accurate and
detailed images," says Chairman and
Chief Executive Officer Tracy W. Krohn.
The company's 2015 drilling record
includes two discovery wells at the Ewing
Banks 910 Field: the ST 320 A-5, which
encountered 160 feet of hydrocarbons in
May, and the EW 954 A-8, which penetrated
150 feet of hydrocarbon pay contained in
two sands. "In both cases, the rock has
great porosity and permeability. The A-5
is making 2,000 boe/d and should continue
to do that for a while," Krohn reports.
W&T says it expects first production
from the A-8 well this quarter. "The well
probably will produce about the same as
the A-5, or maybe a bit more," Krohn
predicts. "It also will help derisk several
opportunities in the area."
Outside Ewing Banks, the company
has a 20 percent working interest in Noble
Energy's Big Bend and Dantzler projects.
"These are strong wells," Krohn praises.
"We are producing 50,000-55,000 boe/d
at the Thunder Hawk platform through
52 THE AMERICAN OIL & GAS REPORTER

them, which is a big deal for us."
Other recent successes have come at
the Murphy-operated Medusa Field, in
which W&T has a 15 percent nonoperated
working interest. Krohn says the Medusa
SS No. 6 achieved first production last
May, flowing at 8,000 bbl/d and 6 MMcf/d
for a total rate of 9,000 boe/d.
"Medusa is one of our more important
fields," he comments. "We bought into it
because it had a combination of good cash
flow and upside in the drilling equation."
For similar reasons, Krohn says W&T
purchased a 20 percent nonoperated working interest in the Neptune Field from
Woodside Energy (USA) in May 2014.
The field is located in Atwater Valley
blocks 574, 575 and 618.
"The investments we have made in Ewing 910, Big Bend, Dantzler, Medusa and
Neptune are going to carry us through

2016 and hopefully beyond," Krohn reasons.
"This is a fierce price environment, but we
are in a position to benefit from that.
"As companies try to squeeze as much
as possible out of their cash flows and
look for ways to get wells drilled and
completed, we expect to see prospects
that we normally would not get to participate in," he explains. "We have done
what we needed to do to provide ourselves
with liquidity, so we will be able to take
advantage of those opportunities."
The company's liquidity-enhancing
actions include selling its interest in the
Yellow Rose Field in the Permian Basin
for $376 million, which it used to pay
off its revolving credit facility and add
$100 million to its cash on hand. Krohn
says W&T also reduced its lease operating
expenses by 25 percent in 2015 and expects further reductions in 2016.
"We made it through past downturns,"
Krohn notes. "We are continuing to work
on opportunities that make sense in today's
environment, and we expect to see more
coming on both the drilling and acquisition
sides."
Mexican Opportunity
Fieldwood Energy LLC, a portfolio
company of private equity firm Riverstone
Holdings LLC, has seized what it describes
as the once-in-a-lifetime opportunity to
operate on the Mexican side of the Gulf.
During the second offshore lease offering
since Mexico enacted historic energy reform, the company won a production
sharing contract covering Area 4 in the
Bay of Campeche.
"We are incredibly excited to be one of
only four new operators offshore Mexico,"
comments President and CEO Matt McCarroll. "Our operational and development
expertise in shallow water is a great fit for
the opportunities we see generally in Mexico, and particularly in Area 4."

Fieldwood Energy and its partner PetroBal S.A.P.I. de C.V. have joined the small but expanding group of private companies that are authorized to explore and develop the Mexican side of the Gulf of Mexico. Here Fieldwood President and Chief Executive Officer
Matt McCarroll (third from right) and PetroBal CEO Carlos Morales (second from right)
pose with officials from Sener, Mexico's ministry of energy, and the National Commission
for Hydrocarbons (CNH), the agency in charge of conducting bidding rounds, after signing a production sharing contract. The contract covers a shallow water area that McCarroll estimates contains several hundred million barrels of oil.



American Oil and Gas Reporter - February 2016

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2016

Contents
American Oil and Gas Reporter - February 2016 - Cover1
American Oil and Gas Reporter - February 2016 - Cover2
American Oil and Gas Reporter - February 2016 - Contents
American Oil and Gas Reporter - February 2016 - 4
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American Oil and Gas Reporter - February 2016 - Cover3
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