Greetings and welcome to the W&T Offshore Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Lisa Elliott with Dennard Lascar, Investor Relations. Thank you, Ms. Elliott. You may now begin.

Thank you, operator and good morning everyone. We are glad to have you join us on W&T Offshore’s conference call to review financial and operational results for the third quarter of 2017. Before I turn the call over to the company, I would like to remind you that information reported on this call speaks only as of today, November 2, 2017 and therefore, time-sensitive information may no longer be accurate as of the date of any replay. Also, please refer to the third quarter 2017 financial and operational results announcement W&T released yesterday for a disclosure on forward-looking statement and reconciliations of non-GAAP measures. At this time, I would like to turn the call over to Mr. Tracy Krohn, W&T’s Chairman and CEO. Tracy?

Thanks, Lisa. Good morning, everyone and thanks for joining us today. With me this morning is Tom Murphy, our Chief Operations Officer; Danny Gibbons, our Chief Financial Officer; and Steve Schroeder, our Chief Technical Officer. They are going to be available to answer questions later on during this call. So, we had a solid third quarter. Production averaged 36,459 barrels of oil equivalent per day, with oil and NGOs in the mid-range of our guidance and natural gas just below. Had we not experienced an increased level of downtime and deferrals, we estimate that production would have exceeded guidance. Our third quarter production was reduced by almost 4,900 barrels oil equivalent per day from pipeline outages, platform maintenance, well performance in a few cases, and weather, both tropical and otherwise. Many of the short-term outages we saw in the third quarter were due to storms and other issues, most of which have since been resolved and our production is currently running at around 40,000 barrels of oil equivalent per day. So at the beginning of the fourth quarter, we also experienced production deferrals as a result of Hurricane Nate, which didn’t cause any real material equipment or platform damages, but deferred our production for several days, with many of the downstream pipelines requiring several days to resume normal operations, storm also impacted our drilling operations at Ship Shoal 349 and Mahogany and are causing time delays. So looking forward, we anticipate we will bring our premium wells online in the fourth quarter and expect our fourth quarter production to average around 40,000 barrels oil equivalent per day. So, oil and liquids represented about 60% of third quarter production. That average has slowly grown over time as our investment focus continues to highlight and the favorable oil developments. So, on the…

Thank you. [Operator Instructions] Thank you. Our first question comes from the line of Jon Evans with SG Capital. Please proceed with your question.

Hey, Tracy. Could you just give us any kind of insight you have talked a little bit at the last conference that this was a significant find that you had. Do you have any estimates yet about what you think it’s going to produce on a daily basis?

I am sorry, which one were you discussing there, Jon. I’m...

It was at A-17, I believe.

No, we are still drilling on the A-17, sir. I don’t have any information to give you on that until we are finished with drilling the well.

Okay. So, if you are running 40,000 a day right now, I mean, do you kind of exit that rate or can you give us any insight into some of these wells coming on and what you think your production could look like for next year?

Yes, we are coming up with that guidance along with our budgets. I don’t quite have those numbers yet, but yes, I expect the exit rate to be 40,000 barrels a day or better. Some of that will depend upon the timing of these completions and that’s tied up with weather as well. We often get [indiscernible].

Yes, right. But when you think about next year, I mean, should we think about that you should actually be growing from that 40,000 pace. I mean, I know you always have weather, you have issues with platforms, things out of your control, but I am just trying to get the underlying thought on production growth next year?

Now, that’s the intent and we will revisit that with the markets once we come off of our budget process and be able to give you a little more clarity on that.

Okay. So you are not going to update us on your budget potential for next year, but can you give us any estimate on the plug and abandonment? How much do you think you will spend for that next year?

Yes. As I said earlier, we think that will be about $20 million.

Okay, got it. And then the other question that I have for you is just relative to the JV, you have talked about that on the last call that you thought you would have something signed. Do you think you will have it by the end of the year? It’s just taking longer than anticipated? You have had really good success drilling I assume somebody wants to partner with you. So, can you give us any kind of insight there?

Sure. Yes, we are working on term sheets now. And yes, I would expect to have something done by the end of the year.

Okay, thank you.

Okay, great. Thanks.

[Operator Instructions]

Okay. Well, I appreciate it. Wait.

We do have a question – sorry to interrupt, we do have a question, a follow-up from Jon Evans with SG Capital.

Yes, sir.

Tracy, can you – yes, can just talk about the Apache lawsuit, etcetera and I know you are going to fight it, but when we have any more clarification on that?

We are appealing that to the Fifth Circuit. So as soon as that appeal is made, we will have more to discuss on that.

Okay. And do you have any kind of timing for that when the appeal process happens?

The wheels of justice turn very slow, Jon. I can’t really give you a date on that. Unfortunately, that’s not something we get to control, but we have filed the appeal, it will be a period time. We are in what we would call a quiet period right now. So, we will get there. And in the due course of justice, whatever that timing is, I wish I could give you a more – a less nebulous answer than that, but yes, we are going to appeal and we’ll go forward on that basis.

And then just the last question and it’s probably for Danny, relative to the tax refund. Do you expect that in later ‘18 or early ‘18 or when do you expect the tax refund?

We are still estimating October of 2018, Jon, but there is just no way to know. That’s our best guess at this point.

Okay. Thanks so much.

Thank you. At this time, I will turn the floor back to Mr. Krohn for closing remarks.

I think that’s it for the day. We will talk to you in the near future, probably around the time we get our budgets complete. Thanks so much.

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today’s teleconference. You may now disconnect your lines and have a wonderful day.