Next Luncheon Meeting- May 22,2008

A Lone Ranger in the Industry of Mega Companies - An Independent's Perspective

In an industry increasingly dominated by larger and larger organizations IOCs (International Oil Companies), NOCs (Nationally Owned Oil Companies), and now INOCs (International Nationally Owned Oil Companies), come and find out how an Independent is successfully competing in this mega-organization arena.
Tracy Krohn, Founder and Chair of W&T Offshore, an independent oil and natural gas acquisition, exploitation, exploration and development company will address this issue at our May 22 luncheon.

W&T Offshore focuses exclusively on the offshore Gulf of Mexico where the company has developed significant technical expertise, and where the high production rates associated with hydrocarbon deposits have historically provided the company with the best opportunity to achieve a rapid payback and attractive return on invested capital. Operating primary on the conventional shelf with a secondary focus on the deep shelf and deepwater, W&T Offshore is often referred to as a niche player. Nevertheless, this is a niche in the largest reserve basin in North America, next to the largest consumer market on earth. W&T is well diversified throughout the Gulf with its proved developed reserves equally distributed in the Western, Central or Eastern areas. In addition, the company sees substantial opportunities to find and acquire other reserves in the GOM.

Pursuing the policy that acreage is of paramount importance, W&T is the third largest acreage holder on the conventional shelf, with fields near existing infrastructures. W&T considers that this strategy will place the company in a position to take advantage of new opportunities, particularly in the deep shelf, as technology inevitably advances and drilling depths continue to increase. The company is already moving into this arena with the recent asset acquisition of SS349 “Mahogany.” This is the company’s first commercial field in the subsalt play in the GOM and includes five productive horizons below salt at depths as deep as 17,000 feet.

Those interested in attending this presentation should make their reservations no later than Tuesday May 20.

About the Speaker

Tracy Krohn, Founder, Chairman and CEO of W & To Offshore

Tracy W. Krohn, has served as Chief Executive Officer and President since he founded the W & T Offshore in 1983, as Chairman of the Board since 2004 and as Treasurer from 1997 until 2006. Mr. Krohn has been actively involved in the oil and gas business since graduating with a B.S. in Petroleum Engineering from Louisiana State University in 1978. He began his career as a petroleum engineer and offshore drilling supervisor with Mobil Oil Corporation. Prior to founding the W&T Offshore, from 1982 to 1983, Mr. Krohn was senior engineer with Taylor Energy. From 1996 to 1997, Mr. Krohn was also Chairman and CEO of Aviara Energy Corporation in Houston.