Oil and gas producer W&T Offshore Inc. said Tuesday that it is buying Newfield Exploration Co.’s exploration and production properties in the Gulf of Mexico for $228 million.
W&T said the deal gives it new oilfields with proved reserves of 6.6 million barrels of oil equivalent and 1.2 billion barrels of oil equivalent in probable reserves. W&T will take over about 90 percent of the production in the oilfields.
The transaction includes 78 federal offshore lease blocks, with 65 deepwater blocks.
The companies said the effective date of the deal is July 1 of this year, and it should close around Oct. 1.
Newfield, based in The Woodlands, Texas, said it has now sold all of its Gulf of Mexico assets for about $300 million in total proceeds. The company said it has made about $580 million in 2012 from sales of non-core assets.
Shares of W&T Offshore lost 48 cents, or 2.3 percent, to close at $20.09. Newfield fell 62 cents to close at $34.27.