ATP Completes Production Enhancement at Gomez
Posted on: Tuesday, 30 October 2007, 12:00 CDT
ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced the completion of the capacity upgrade and increased production at its 100% owned and operated Gomez development. As of today, all 5 wells are connected and flowing at 19,600 bop/d. Associated gas accounts for an additional 55 MMcf/d. The 5 producing wells include four wells at Mississippi Canyon ("MC") 711 and one new well at MC 755.
Leland E. Tate, ATP Chief Operating Officer, stated, "This is a terrific achievement for the ATP team. For most of 2006, we had 2 producing wells at Gomez, now we have 5. It took longer than anticipated, however that can easily happen in this water depth and with the combination of subsea and surface connections. The delay impacted our third quarter production which is estimated at 13.3 Bcfe (50% oil, 50% gas). This delayed production will be produced in future periods. With Gomez connected and flowing, we are one step closer to our 300 MMcfe/d projected year-end exit rate. Wenlock (100% WI) in the North Sea is nearing its final connection with first gas projected before year-end 2007."
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 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 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.
Source: Business Wire
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