ATP Announces "Home Sweet Home" Employee Challenge.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 challenged all of its U.S., U.K. and Netherlands employees to achieve ambitious goals by July 1, 2009: * Reduce by $600 million the company's outstanding debt by monetizing value already created in property, platform and infrastructure assets; * Commence production at ATP's Telemark Telemark (tĕ`ləmärk), county (1995 pop. 163,143), 5,915 sq mi (15,320 sq km), SE Norway, bordering on the Skagerrak in the east. Skien (the capital), Porsgrunn, Kragerø, and Notodden are the chief towns. Hub by completing construction of the floating triple hull deepwater vessel, installing drilling/processing facilities, drilling the well, and laying pipeline at Mississippi Canyon Block 941 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 ; * Secure the Field Development Plan for Cheviot in the North Sea, initiate hull construction and commence topsides of the floating drilling/processing facilities. The reward to each of its valuable 66 employees, if the goals are attained: ATP will pay their home mortgage costs for one year in accordance with the terms of the Employee Challenge plan. "It is imperative to attract, retain and motivate essential employees. ATP's clear-cut focus is to continue to effectively execute its strategic business plan, including a significant reduction of its debt. The best way to do that is by setting aggressive goals and incentivizing each employee to perform at the highest level," stated T. Paul Bulmahn, Chairman and President of ATP. "In 2006, ATP employees were awarded a 2006 Volvo S60 when the company met its publicly announced aggressive production and reserves goals. In fact, the company nearly tripled its previous annual production rate in the Gulf of Mexico and North Sea and also surpassed its reserve replacement goal of 200% with a superlative 1,367%." "By going public with this present challenge, though the target is daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin , ATP is once again telling the world that we are a company which will effectively rise to meet challenges. When we meet the goals, and I firmly believe we can achieve them, the company will be stronger and ATP will be proud of its commitment to each employee to enjoy an enhanced quality of life." 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 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 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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