W&T Offshore Inc. (NYSE: WTI) sold all of its working interest in West Delta 29 block (OCS 00385) located on the shelf of the Gulf of Mexico to EPL Oil & Gas Inc. (NYSE: EPL) for $21.8 million, the company announced on Sept. 27.
The transaction has an effective date of Jan. 1, 2013. The sale of this non-core asset does not alter W&T Offshore's previously issued production or expense guidance.
"The sale of this non-core, non-operated property, allows us to accelerate cash flow from the underlying asset. As we have discussed throughout the year, our intent is to continually high-grade our assets and focus on the projects we feel have the greatest potential to create shareholder value," Tracy W. Krohn, W&T Offshore chairman and CEO, said in the release.
W&T Offshore Inc. is an independent energy company engaged in the exploration, development, and acquisition of oil and natural gas properties. The company is headquartered in Houston.