By OGJ editors
HOUSTON, Dec. 27 -- W&T Offshore Inc. agreed to pay $116 million to acquire Apache Corp.'s interest in Ship Shoal 349 field, which lies on Ship Shoal Blocks 349 and 359 off Louisiana in the Gulf of Mexico.
The transaction is expected to close by Apr. 30, subject to customary closing conditions. The effective date of the sale is Jan. 1, 2008.
Ship Shoal 349 field is better known as Mahogany. It was the first economic subsalt field drilled in the Gulf of Mexico, said W&T Chairman and Chief Executive Officer Tracy W. Krohn.
Upon closing, W&T will own 100% working interest in the field.