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ATP Oil & Gas Reports 26% Annual Production Increase

Posted on: Friday, 22 February 2008, 09:01 CST

Offshore oil and gas development firm ATP Oil & Gas has announced record reserves in all categories, an annual production increase of 26% and a reserve replacement ratio of 223% for the full year 2007.

ATP reported independent third-party year-end 2007 total proved plus probable reserves of 181.7 million barrels of oil equivalent (MMBoe) with a pre-tax value of approximately $5.3 billion. Proved reserves were 119.3MMBoe, an increase of 13.1MMBoe or 12%, with a pre-tax value of approximately $3.5 billion.

Proved developed reserves increased by 5.7MMBoe or 16% to 41.3MMBoe. ATP's 181.7MMBoe of proved and probable reserves are located 57% in the Gulf of Mexico deepwater, 4% on the Gulf of Mexico shelf and 39% in the North Sea.

ATP achieved a 223% reserve replacement ratio for 2007 with additions of 23.8MMBoe to its proved reserves. Acquisitions resulted in 5.2MMBoe, while revisions, extensions and discoveries to properties previously owned accounted for 18.6MMBoe.

ATP coupled these additions with record production of 10.7MMBoe, including 8.6MMBoe in the Gulf of Mexico and 2MMBoe in the North Sea.

Source: Datamonitor

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