ATP Acquires Majority Interest at Canyon Express Hub.HOUSTON -- ATP ATP: see adenosine triphosphate. ATP in full adenosine triphosphate Organic compound, substrate in many enzyme-catalyzed reactions (see catalysis) in the cells of animals, plants, and microorganisms. Oil & Gas Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATPG ATPG Automatic Test Pattern Generation ATPG Automatic Test Program Generator ) today announced that it has increased its working interest ownership to 66.70% from 16.67% in Mississippi Canyon Block 348 ("MC 348 or Camden Hills") and to 55.09% from 45.08% in the Canyon Express Pipeline System ("CEPS CEPS Centre for European Policy Studies CEPS Customs, Excise and Preventive Service (Ghana) CEPS Color Electronic Prepress CEPS Common Electronic Purse Specification (open standard for electronic purse smartcards) "). ATP acquired the ownership interest pursuant to a Sale and Purchase Agreement with an independent energy company. ATP is already the operator of the CEPS and, as part of the transaction, will become the designated operator of MC 348. The CEPS provides the closest pipeline interconnect for the offshore deepwater leases that were offered at Sale 205 for the first time. Camden Hills is located in 7,112' of water and is connected to the CEPS which consists of two 12" pipelines capable of transporting 500 MMcf per day. George R. Morris, ATP's Vice President, Acquisitions said, "ATP now operates CEPS and all of the properties (Camden Hills, Aconcagua and King's Peak King's Peak is a mountain located on Vancouver Island, British Columbia. The mountain is located in Strathcona Provincial Park 25 km NE of Gold River and 2 km N of Elkhorn Mountain. Kings Peak is close to Highway 28 along the Elk River. ) connected to the CEPS which provides ATP with the operational control of the entire system. In addition, we were the apparent high bidder on two blocks in the immediate vicinity of CEPS at the recent Offshore Lease Sale 205. We have a rig contracted in 2009 for this area and its drilling program at the Canyon Express Hub will begin with 4-6 new wells to capture the undeveloped reserves which will be produced through the CEPS. We are also considering opportunities to transport third-party gas through the CEPS. The CEPS and its properties represent great value to ATP." About ATP Oil & Gas Corporation ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com. Forward-looking Statements Certain statements included in this news release are "forward-looking statements" under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings. |
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