The company recently pulled $340 million from its revolving bank credit facility, meaning its borrowings are now $190 million in excess of the redetermined borrowing base.
"Excess borrowings are required to be repaid in three equal monthly installments," the explorer said in a statement.
"W&T currently has a cash balance of $431 million."
W&T is among the smaller offshore oil and gas players who have been badly crunched by falling commodity prices.
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