UNAUDITED PRO FORMA FINANCIAL INFORMATIONUnaudited Pro Forma Financial Information • October 21st, 2015 • W&t Offshore Inc • Crude petroleum & natural gas
On August 31, 2015, W&T Offshore, Inc. (“W&T”), as seller, entered into a purchase and sale agreement (the “Purchase Agreement”) with Ajax Resources, LLC (“Ajax”), as buyer. Under the terms of the Purchase Agreement, W&T sold its interest in its Yellow Rose field in the Permian Basin, including approximately 25,800 net acres in Andrews, Martin, Gaines and Dawson counties, Texas, to Ajax for $376,100,000, subject to certain customary purchase price adjustments, including the assumption by Ajax of certain liabilities (the “Disposition”). The Disposition was completed on October 15, 2015, with an effective date of January 1, 2015. W&T was also assigned a non-expense bearing overriding royalty interest (“ORRI”) in production from the working interests assigned to Ajax which percentage varies on a sliding scale from one percent for each month that the prompt month New York Mercantile Exchange (“NYMEX”) trading price for light sweet crude oil is at or below $70 per barrel to a maximum of fou
