Munich Re to acquire the Mobile Bay area producing assets of W&T Offshore.

Munich Re, a reinsurance company, agreed to acquire the Mobile Bay area producing assets of W&T Offshore, an independent oil and natural gas company. Financial terms were not disclosed. "This transaction does not impact us operationally or affect our ability to generate significant free cash flow. We still retain the upside with our Mobile Bay Area assets and this transaction allows us to take advantage of the long-lived nature of these assets. Importantly, it provides us the dry powder we need to continue to accretively grow W&T through attractive producing property acquisitions. We believe that market conditions in the Gulf remain very favorable for accretive acquisitions. With our further improved balance sheet, increased cash position and strong projected cash flow generation, we have positioned W&T to actively pursue opportunities and continue to deliver on our strategic vision," Tracy Krohn, W&T Offshore Chairman and CEO.