W&T Offshore was the successful bidder to acquire Cobalt Energy's entire interest in the Heidelberg Field, according to reports in mid-March 2018. Heidelberg, which encompasses Green Canyon blocks GC 859 (G24194), GC 903 (G24197) and GC 904 (G26346). Tracy Krohn, W&T Offshore's Chairman and Chief Executive Officer, stated, "We are pleased that W&T was the successful bidder on this quality asset that meets all of our acquisition criteria.  It is being acquired at an attractive valuation and will contribute solid production and reserves, as well as offer upside potential.  Finally, this transaction meets an additional objective of being accretive to W&T on a flowing barrel of production." The transaction is anticipated to close in April 2018. Gross production from the Heidelberg Field totalled 33,513 bo/d and 16.7 MMcfg/d (36,300 Boe/d) in February 2018. Cobalt's production from the field, net to its interest, was 2,749 bo/d and 1.4 MMcfg/d in February 2018 (~3,000 boe/d from five wells). The wells flow to the Heidelberg Spar, which is located in GC 860. Prior to the closing of this transaction, equity in GC 859, GC 903 and GC 904 is currently shared between Anadarko US Offshore (44%), Statoil USA E&P (12%), Eni Petroleum US (12.5%), Cobalt GOM #1 (9.375%), ExxonMobil (9.375%) and Marubeni Oil & Gas (USA) (12.75%).
W&T Offshore made the top offer of US$31MM for 9, 375% Cobalt's share in the Anadarko-operated Heidelberg field.