W&T Offshore, Inc. (NYSE:WTI) Files An 8-K Regulation FD Disclosure
|Regulation FD Disclosure.|
On June1, 2017, WT Offshore, Inc. (the Company) issued a press
release announcing that the Company received a final trial court
judgment from the United States District Court for the Southern
District of Texas in the previously disclosed lawsuit >Apache Corporation v. WT Offshore, Inc. A copy of the
press release is furnished herewith as Exhibit 99.1.
The information included in Item7.01 of this Current Report on
Form 8-K, including Exhibit 99.1 hereto, shall not be deemed
filed for purposes of Section18 of the Securities Exchange Act of
1934, nor shall such information be deemed incorporated by
reference in any filing under the Securities Act of 1933, except
as shall be expressly set forth by specific reference in such a
On May31, 2017, the Company received a final trial court judgment
from the United States District Court for the Southern District
of Texas in the previously disclosed lawsuit >Apache
Corporation v. WT Offshore, Inc. directing the Company to
pay Apache Corporation (Apache) $43.2 million, plus $4.4 million
in prejudgment interest, attorneys fees and costs assessed in the
judgment. The lawsuit was filed by Apache in December 2014
regarding a dispute about Apaches use of drilling rigs instead of
a previously contracted intervention vessel for the plugging and
abandonment of three deepwater wells in the Mississippi Canyon
area of the Gulf of Mexico. The Company contends that the costs
to use the drilling rigs were unnecessary and unreasonable but
that Apache chose to use the rigs without the Companys consent
because they otherwise would have been idle at Apaches expense.
The Company believes the use of the rigs was in bad faith, as
found by the jury, and in breach of the applicable joint
operating agreement, particularly since another vessel had been
contracted by Apache for the abandonment a year in advance. The
Company previously paid $24.9 million as an undisputed amount for
the plugging and abandonment work.
The Company believes that the judgment is contrary to the
applicable law given the jurys finding in October 2016 that
Apache acted in bad faith. The judgment also nullified a $17.0
million offset claim in favor of the Company found by the jury.
The Company is considering its options, including post-judgment
motions and appeal.
(d) Exhibit. The following exhibit is furnished as part of this
|99.1||Press release dated June 1, 2017.|
About W&T Offshore, Inc. (NYSE:WTI)
W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. The Company owns a platform in the Gulf of Mexico located in a National Marine Sanctuary. The Company’s fields are located in federal and state waters in the Gulf of Mexico. The fields are found in water depths ranging from 10 feet to 7,200 feet. The Company’s fields include Ship Shoal 349 Field (Mahogany), Fairway Field, Miss. Canyon 243 (Matterhorn), Viosca Knoll 783 (Tahoe/SE Tahoe), Miss. Canyon 782 (Dantzler), Main Pass 108, Brazos A133, Ewing Bank 910, Miss. Canyon 698 (Big Bend) and Miss. Canyon 538/582 (Medusa). The Company sells its crude oil, natural gas liquids (NGLs) and natural gas to third-party customers. The Company’s subsidiary is W & T Energy VI, LLC. W&T Offshore, Inc. (NYSE:WTI) Recent Trading Information
W&T Offshore, Inc. (NYSE:WTI) closed its last trading session down -0.07 at 2.00 with 1,053,695 shares trading hands.