HOUSTON, Sept. 5, 2017 : W and T Offshore, Inc. (NYSE: WTI) today announced that the Bureau of Ocean Energy Management ("BOEM") has rescinded its four orders issued in 2016 that instructed W and T to provide additional supplemental bonding of USD 260.8 million.
The Company is in compliance with its financial assurance obligations to the BOEM and has no outstanding BOEM orders related to financial assurance obligations.
Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated, "With W&T satisfying the BOEM's demands regarding our sole liability properties, as expected, the BOEM has formally rescinded the orders it issued in 2016 for us to provide additional financial assurance. We are pleased to have this matter resolved and concluded."
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