T&K Mentioned in Penn Energy on Ajax Resources Deal

“Ajax Resources, Kelso to acquire Permian Basin assets”

Ajax Resources, LLC (“Ajax” or the “Company”) and affiliates of Kelso & Company (“Kelso”) announced that they have entered into a definitive agreement with W&T Offshore, Inc. (“W&T”; NYSE:WTI) to acquire W&T’s interest in the Yellow Rose field in the Permian Basin of West Texas for $376.1 million, subject to customary closing adjustments. W&T will retain a one to four percent sliding scale residual overriding royalty interest in the field. The transaction is expected to close during the third quarter of 2015, with an effective date of January 1, 2015.

Jefferies LLC acted as sole M&A advisor and lead financial advisor for Kelso and Ajax, respectively. Tudor, Pickering, Holt & Co. also served as a financial advisor to Kelso as part of the transaction. Kirkland & Ellis LLP and Debevoise & Plimpton LLP served as legal advisors to Kelso. Thompson & Knight LLP served as legal advisor to Ajax.