W&T Offshore Inc. of Houston has agreed to purchase Callon Petroleum Operating Co.’s exploration and production assets in the Gulf of Mexico.
W&T will acquire the assets in a deal worth $100 million.
As part of the deal, W&T will receive a 15% working interest in Medusa field in deepwater Mississippi Canyon Blocks 538 and 582. They will also get a 10% membership interest in Medusa Spar LLC—which owns a 75% interest in Medusa field’s production facilities—along with various interests in 12 non-operated Gulf of Mexico fields.
The acquisition supports the company’s efforts to expand its deepwater footprint, W&T said.
In 2010, the W&T subsidiary W&T Energy VI LLC acquired interests in six Gulf of Mexico oil and gas producing fields from Shell Offshore for $450 million.
W&T currently holds working interests in 66 offshore fields in federal and state waters, 59 of these are producing.
In total, they currently hold 1.3 million acres under lease, including 600,000 acres on the gulf shelf and 500,000 acres in deepwater.