W&T Offshore to sell stake in Permian field for $376M

• W&T Offshore (NYSE:WTI) agrees to sell all of its interest in the Yellow Rose field in Texas' Permian Basin to privately-held Ajax Resources for ~$376M.
• W&T says it also reserved a 1%-4% sliding scale overriding royalty interest in the field.
• Net production from the Yellow Rose field averaged ~3K boe/day in July.