ATP Marks First Production at Mississippi Canyon 711.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 first production at its Mississippi Canyon 711 ("MC 711" or "Gomez") project. Located in approximately 3000 feet of water 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 , MC 711 contains approximately 100 Bcfe of 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. plus probable and possible reserves, all of which were prepared and certified by the independent third party reservoir engineering Reservoir engineering is a branch of petroleum engineering, typically concerned with maximizing the economic recovery of hydrocarbons from the subsurface. Of particular interest to reservoir engineers is generating accurate reserves estimates for use in financial reporting firm Ryder Scott Company. There are eight identified and logged oil and gas sands at Gomez, only three of which were evaluated for inclusion in the reserve report. All remaining sands will be targeted by ATP for continuing development. ATP is the operator with a 100% working interest. Two wells will be produced in this first phase of development. The MC 711 #4 ST1 well was the first to commence production this morning. The second well, the MC 711 #6, will be placed on production shortly. Production from both wells will be increased over the next few weeks as the new facilities are fully commissioned. The second phase of development scheduled for mid-2006 will include additional developmental drilling to more completely exploit the primary pay sands as well as the other oil and gas sands that have been identified at shallower depths. The Ocean Quest drilling rig is already scheduled for Gomez beginning mid-2006. "We are delighted to bring this significant property on production. Not only will this generate a dramatic increase in production, we are poised to develop additional wells at this property and to record additional reserves," said T. Paul Bulmahn, ATP's Chairman and President. 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 ATP's forward-looking statements are found in our SEC filings. |
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