ATP Acquires Three Properties in Mississippi Canyon.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 acquired interests in three offshore leases at Mississippi Canyon ("MC") - properties named Mirage (MC Block 941), Morgus (MC Block 942) and Oasis (MC Block 943). The blocks are located in water depths ranging from approximately 3,800 to 4,200 feet of water. Once approval is obtained by the Minerals Management Service, ATP will be the designated operator of each block with respect to the interest acquired. ATP has a 75% working interest in the Mirage and Oasis prospects, and a 100% working interest in the Morgus prospect. A well was drilled at Mirage in 1998 that encountered approximately 87 net feet of hydrocarbons in two sands. A well was also drilled in 1998 at Morgus that encountered approximately 55 net feet of hydrocarbons in one sand. ATP expects to commence initial development operations at Mirage and Morgus during 2006 and is reviewing its options at Oasis. Based on preliminary estimates, ATP expects to commence production from Mirage and Morgus in late 2007 or 2008. "We expect to record 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. at Mirage and Morgus. The acquisitions significantly increase ATP's reserves in the deepwater 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 where we continue to acquire high quality properties," stated Gerald W. Schlief, Senior Vice President of ATP. The company purchased all three blocks for an undisclosed amount of cash. About ATP Oil & Gas ATP Oil & Gas is focused on development and production of natural gas and oil in the Gulf of Mexico and the North Sea. The Company trades publicly as ATPG on the NASDAQ National Market. 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 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc ATP's forward-looking statements are found in our SEC filings. |
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