U.S. Magistrate Judge Dena Palermo Denies Sureties' $100M Claim Against W&T Offshore, Citing Lack of Irreparable Harm

W&T Offshore, Inc. (NYSE:WTI) ("W&T" or the "Company") today announced that U.S. Magistrate Judge Dena Palermo recommended denying two surety companies motions for preliminary injunction, through which they collectively asked for full monetization of over $100 million dollars. The Court found, in relevant part, the sureties failed to demonstrate they would suffer irreparable harm if their cash collateral demands were not granted.

Key highlights relating to the ruling include:

• Sureties' motion for preliminary injunction, which would have required W&T to immediately post collateral, was categorically recommended to be denied;
   
• Sureties failed to carry a clear burden of proof to establish irreparable harm necessary to obtain a preliminary injunction;
   
• Ruling results in all current collateral requests by sureties being effectively nullified;
   
• The Company will not be required to post collateral (if at all) until a determination on the merits of the pending lawsuit with the remaining surety providers;
   
• The previously-announced settlement agreement, together with this favorable Court ruling, represent significant positive outcomes for W&T.