US based oil and natural gas firm W&T Offshore has completed the acquisition of about 21,900 gross leasehold acres (21,500 net acres) in the West Texas Permian Basin from private sellers for $366m.
At 1 January 2011, estimates of the acquired proved reserves were about 27 million barrel equivalents (164bcfe), which are about 91% oil and natural gas liquids.
The probable reserves were estimated at approximately 26 million barrel equivalents (154bcfe).
The company earlier said that the capital expenditures associated with planned development activities for these assets for the rest of this year are estimated at $35m to $40m.
W&T Offshore chairman and CEO Tracy Krohn said through this Permian Basin property acquisition, combined with 9,400 net exploratory acres W&T recently acquired in the basin, the company now has a new focus area that offers the potential for substantial long-term growth.