Good day, ladies and gentlemen. Thank you for standing by. Welcome to the W&T Offshore Second Quarter Earnings Conference Call. [Operator Instructions] This conference is being recorded today, August 8, 2013. I would now like to turn the conference over to Mr. Mark Brewer, Manager of Investor Relations. Please go ahead, sir.

Thank you, operator, and good morning, everyone. We appreciate you joining us for W&T Offshore's conference call to review the results of the second quarter of 2013. Before I turn the call over to management, I have a few items I'd like to point out. If you wish to listen to a replay of today's call, it will be available in a few hours via webcast by going to the Investor Relations section of the company's website at www.wtoffshore.com or via recorded replay until August 15, 2013. To use the replay feature, call area code (303) 590-3030 and dial the pass code 4628422#. The information recorded on this call speaks only as of today, August 8, 2013, and therefore, time-sensitive information may no longer be accurate as of the date of any replay. Please refer to our second quarter 2013 earnings release for a disclosure on forward-looking statements. At this time, I'd like to turn the call over to Mr. Tracy Krohn, W&T's, Chairman and CEO.

Thanks, Mark. Good morning, everyone. Again, thanks for joining us for our second quarter 2013 earnings conference call. This morning there are several members of management with me, including Jamie Vazquez, our President; Danny Gibbons, our Chief Financial Officer; Tom Murphy, our Chief Operations Officer; and Steve Schroeder, our Chief Technical Officer. Our strategy to drive growth organically is yielding solid results. Successful exploration wells in the Gulf of Mexico and in West Texas are generating reserves and production in 2013, as well as helping to build on an inventory of longer-term exploration and development projects for further growth. Our development program is building on past successes and converting our high-quality proved reserves into significant cash flow. So we're turning reserves into money. The success of our organic growth program has been driven by the strategic initiatives we have implemented over the last few years. We've been adding staff, realigning teams, refining our incentive programs. We're focused on seismic data analysis, and we've acquired new leasehold. We're also evaluating joint venture opportunities, and we continue to identify additional opportunities along those lines. We have increased the oil content of our total production to 40% in the second quarter, up from 33% in the second quarter of last year or 20%. Growth in oil production from our Mahogany Field and Yellow Rose projects are major contributors to this increase. In the first half of 2013, we generated almost $300 million of net cash from our operations, up from a little over $240 million in the first half of 2012. On August 1, we received a $54 million tax refund, which further strengthens our liquidity position. We actually didn't expect that until later on in September, so that was a nice little surprise. Also, yesterday, our Board of Directors approved a $0.09…

[Operator Instructions] Our first question is from the line of Neal Dingmann with SunTrust.

Say, Tracy, I want to make sure I understand. After the big fun you had on that Ship Shoal 349, Mahogany Field, I know you mentioned in the press release a number of other potential zones. I guess what I'm also trying to get a handle of, just in that P-Sand around in that field, is there numerous other well opportunities? Or I'm just trying to get a sense of how many -- the potential of the T-Sand, as well as other zones there.

Specifically, the answer is yes. There are other opportunities in the P-Sand. We -- I mean, we could actually just drill an acceleration well for the P-Sand because this existing P-Sand is going to be there for a while. But fortunately, we also have some other sands in between the target sand, in the P-Sand and the T-Sand.

Okay. And then just one follow-up. Moving over onshore. You obviously had a lot of opportunity either through the downspace -- vertical downspacing or the horizontal. Will you continue -- I'm not sure if you know at this point. Would you continue with the 2 rigs going after all of that? Or if you see an opportunity that the horizontals continue to work or that the 40 acres downspacing works, would you add a rig sooner rather than -- another rigs sooner rather than later?

You're right. We are evaluating that right now. And of course, oil prices have a lot to do with that, Neal. We see multiple benches in the field, and we have operators in the area that are testing multiple benches. We're pretty damn excited about that whole area. So more to come on that. And you're right, we haven't made any decisions along those lines yet, but we're certainly in that period of time in the year which we start formulating those plans.

Our your next question is from the line of Michael Glick with Johnson Rice. Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division: Just a question again on Mahogany. I mean, given kind of the seemingly large amount of opportunities out there, is there any possibility to add a second rig? I mean, I know you have a platform rig. But could you add another rig out there?

Yes. It's in fairly Deepwater. It's in about 500 feet of water. So we originally started out with a 3-well program. We're on -- gosh, we've held the rig now for about another year. So -- and we're on about the sixth well here. So we're not interested in putting another rig out there. It would probably require a very large jackup, and I think we're better off, on an IRR basis, of maintaining just one rig in this particular field, yes. Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division: Okay. And then just in terms of your undeveloped deepwater blocks, is there any update there in terms of where you stand in terms of partnership discussions or the possibility of drilling a well this year?

Yes, with regard to Big Bend, you're talking about? Michael A. Glick - Johnson Rice & Company, L.L.C., Research Division: No, just your undeveloped W&T operating leasehold that you kind of acquired via Newfield.

Yes, that possibility exists. We're looking at some other opportunities as well. So the last part of the year is going to be pretty interesting. One thing I should point out is that the Troubadour was our other budgeted well. So that's the block adjacent to it, the Troubadour.

[Operator Instructions] Our next question is from the line of Richard Tullis with Capital One Southcoast.

Getting back to the subsalt discovery, what was the drilling, complete cost on that well?

D&C was around $45 million to $50 million.

Okay. And what do you estimate the reserves are on that well? I guess, your predrill was around 3 million or so if I remember correctly, but it sounds like it's above that.

Yes, it could be. We'll know more after we get a little more production history, and that's the point. So far, well pressures are standing up very good. We're very pleased with the producing characteristics of this well. Production has leveled off at the rates that I've told you that were actually up from the initial rates.

Okay. And do you see additional subsalt potential on your acreage, particularly on the shelf where it hasn't been really drilled that much over the years?

Yes.

Looking out into 2014, do you think you'd be drilling some more subsalts?

Yes.

Our next question is from the line of Curtis Trimble with Global Hunter Securities.

Tracy, I was wondering if you could give us the forecasted production rates on those 2 large workovers that bumped up the LOE expense in the quarter.

Yes, that would be about 30 million a day. That's over -- I'm sorry, yes, 25 million, excuse me, net. That's over in Fairview -- Fairway, excuse me, Fairway.

And then coming onshore, at Yellow Rose, and I don't know, maybe a little too preliminary to talk about it, but in terms of mapping out the B versus the A, any idea of how many locations that might open up if it proves out to be as successful as the A is?

Man, I really -- I haven't thought of it through to that point. We need to get some beta on the Wolfcamp B. But it would be very similar to whatever we would have generated in the Wolfcamp A, Curtis. There are other operators having success with the B, and it's varied success across the basin. But we're also looking at other benches in that same area. So we're -- they're all different, and they all have different formulas. I think, to range it for you, maybe 50 to 100 locations per zone on horizontal.

And would you be able to tell me where the county is that this initial one is going to go down in?

I think that's going to be in Martin County.

Our next question is from the line of Noel Parks with Ladenburg Thalmann. Noel A. Parks - Ladenburg Thalmann & Co. Inc., Research Division: Pardon me. You may have touched on this already. I got on a little bit late. But for the shelf properties you're looking at divesting, could you just talk a little bit about as far as what you're interested in maybe letting go of and letting somebody else consolidate versus what might have appeal to you from an acquisition standpoint? Just tell us anything about other type of assets that you might effectively trade for something.

That's a little bit of a nebulous question. Let me see if I can break it down for you. We've got 3 individual regions in the Gulf, East, West and Central, and we're offering properties from all 3 of those areas. We are -- we have not included Mahogany in any of that equation, if that helps clarify that for you. Noel A. Parks - Ladenburg Thalmann & Co. Inc., Research Division: Sure. Let me see. I guess I had tended to think of W&T as being a little bit more, as I said, the consolidator of Gulf assets and as opposed to as interested in selling.

Okay. Well, let me address that for you a little bit. I mean, we've sold properties in the Gulf many times. In fact, we sold some last year into -- I think it was EPL. And so the idea of selling properties -- I mean, any of those properties are for sale every day, Noel, for the right price. But as a private company, we sold assets all the time, and that was part of our regular business strategy. We'd get the debt up a little bit and then we get the production up and then we sell properties and we would put the money back in the ground. Nothing different here. We'll dense up a little bit. We'll sell some properties. We'll put it back, we'll pay down debt. We'll put the money back in the ground. It's more of a pruning exercise and acceleration of cash flow.

[Operator Instructions] Our your next question is a follow-up from the line of Richard Tullis.

Tracy, could you give us an outline of the timing for the resumption of the curtailed production?

Yes, we expect to have at least half of it back on before the end of the year. The biggest outlier is Wrigley, which goes to the Cognac platform that Shell operates. They've got the entire structure shut down. This isn't in a well issue with Wrigley. This is a host platform issue at Cognac. They're telling us it will be first quarter of next year when they'll have the platform up. They've got some remediation work to do on the platform. That was one of the largest platforms ever put out in the Gulf of Mexico. It's got about 60 wells on it. They've got some remediation work they need to do on this structure.

So half online by year-end expected in...

I think that's a reasonable expectation.

And then the other half, say, first quarter, first half of next year?

That's what we hope. We don't get to drive that. That's in our guidance now. The way I presented it to you is in our guidance now.

Okay. And then just lastly, on Troubadour, what's the predrill cost and reserves estimate on that one?

I don't think we've ever given that out, Richard. So I'm just not going to do that at this point. Since we're not operating on that, I would leave that more to the operator who is Noble.

I'm showing no further questions at this time. I'd now like to turn the call back over to Mr. Krohn for closing remarks.

Great. We're done. We appreciate your attendance. Thank you very much. We will talk to you soon.

Ladies and gentlemen, that does conclude the W&T Offshore second quarter Earnings Conference Call. We'd like to thank you for your participation. You may now disconnect.