ATP Marks Two Deepwater Exploration Discoveries.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 ) recently participated in the drilling of two successful exploration wells 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 . The Gladden glad·den v. glad·dened, glad·den·ing, glad·dens v.tr. To make glad. See Synonyms at please. v.intr. Archaic To be glad. Verb 1. Prospect, located at Mississippi Canyon 800 in approximately 3,116' of water, found 80 feet of net oil pay. An updip location is being drilled that is expected to be completed in late May. The Anduin West Prospect, located at Mississippi Canyon 754 in approximately 2,696' of water, found 30 feet of net gas and condensate pay. The Anduin West well is being completed and a production test is planned for next week. ATP has a 10% working interest in Gladden and a 25 % working interest in Anduin West. Newfield Exploration Company is the operator of both discoveries. ATP has production handling agreements in place for its ATP Innovator moored at Mississippi Canyon 711 "Gomez" to process the oil and gas from both locations, and production is expected to begin in late 2009. T. Paul Bulmahn, ATP's Chairman and President said, "The future production and reserves associated with these discoveries are not included in our current reserve report. These properties also provide committed third party production to be processed for a fee by our ATP Innovator, enhancing the value of that asset. Clearly, these two discoveries validate our deepwater Hub concept, and we presently plan to drill three future wells at the Gomez Hub." 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 ATP's forward-looking statements are found in our SEC filings. |
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