Why Invest in W&T Offshore

MUNICH RE TRANSACTION OVERVIEW . • • . Partnered with Munich Re, a reputable AA-rated counter-party, to fund future growth needs Increased cash on hand with non-recourse financing Leverage-neutral transaction in non-recourse SPV structure No maintenance covenants or redetermination requirements and no covenants at the parent level or recourse to any other assets of parent Term loan interest rate of 7% is at a substantially lower level compared to recent GOM high yield deals Mandatory amortization over 7 years supports deleveraging Executed natural gas derivatives contracts through term of loan to cover debt service CORPORATE STRUCTURE Prior to 1 Transaction Mobile Bay Area Assets Only cash flows from the Mobile Bay area asset will be used to service the term loan debt going forward Post 2 Transaction . W&T owns 100% of the equity in the SPVS NEW 1L TL 100% . Keeps all cash flows associated with the Mobile Bay area assets after debt service and reserves Adds cash to the balance sheet to reinvest in accretive acquisitions or other accretive drilling opportunities Keeps future drilling opportunities • On a consolidated basis, all earnings and debt are reported at the W&T level, public filings will reflect all activity for W&T and the SPVs 34 W&T OFFSHORE | NYSE:WTI W&T (PubCo) 100% W&T (PubCo) RBL 2L Notes Other Gulf of Mexico Assets 100% RBL 2L Notes SPVs Mobile Bay Area Assets Other Gulf of Mexico Assets Boosted Cash and Allowed Repayment of the RBL Facility ☑ No Cross Collateralization ☑ W&T OFFSHORE

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