Texas Oil Co. W&T Pays $228M For Newfield's Gulf Assets

Law360, Los Angeles (September 18, 2012, 9:00 PM EDT) -- Independent oil and gas producer W&T Offshore Inc. has agreed to pay $228 million for all of Newfield Exploration Gulf Coast LLC’s petroleum exploration and production properties in the Gulf of Mexico, the companies announced Tuesday.

The announcement marks Newfield’s exit from the Gulf of Mexico region, a process that has generated $300 million and that Newfield says will allow it to focus on core assets in Southeast Asia and onshore in the U.S.

“This is another positive step along our path to better aligning our...
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