W&T Offshore Inc. closed on an acquisition on Dec. 12 of an oil-weighted producing property in the U.S. Gulf of Mexico (GoM), marking the second acquisition by the Houston-based company so far this year.

W&T Offshore agreed to pay ConocoPhillips Co. $20 million plus assume all associated abandonment obligations to a 75% working interest in and operatorship of the Magnolia Field, located in the central region of the deepwater GoM, offshore Louisiana. The acquisition is expected to increase W&T’s deepwater acreage by 11,500 gross (8,600 net) acres.

The transaction, funded by available cash on hand and the company revolving credit facility, follows a $200 million acquisition of GoM properties in the Mobil Bay Area offshore Alabama that W&T Offshore closed in September.

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