NATCHEZ — W&T Offshore Inc. plans to buy Callon Petroleum Co.’s shares of Gulf of Mexico oil and gas fields for $100 million.
Callon announced the sale Thursday. It’s supposed to close by Nov. 30.
Houston-based W&T will buy a 15 percent share of the Medusa field, which produces about 1,000 barrels of oil per day, and Callon’s 7.5 percent interest in the production facilities for the field.
Also included in the sale are 10 shallow-water fields that Callon doesn’t operate that produce about 5.1 million cubic feet of natural gas each day.
Chairman and CEO Fred Callon says the sale completes the company’s transition to one that only drills onshore and focuses on western Texas’ Permian Basin. Callon says the company will use the money to acquire or drill more wells.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info