Tracy Krohn (founder, chairman and chief executive officer of W&T Offshore) explains to Oil and Gas Investor chief technical director Richard Mason how the offshore E&P shifted gears by making an onshore acquisition in the Permian Basin in 2011. The company holds a 100% working interest in approximately 22,000 net acres (26,370 gross) in Gaines, Dawson, Andrews and Martin counties in Texas. "I keep explaining to people, 'it used to be underwater,'" Krohn said.