ATP Oil & Gas Q1 Net Income Up

ATP Oil & Gas has reported net income of $46.8 million, or $1.31 per basic and $1.29 per diluted share, for the first quarter of 2008, compared to $27.4 million, or $0.92 per basic and $0.89 per diluted share, for the same period of 2007.

Oil and gas production increased 36% to 3.6 million barrels of oil equivalent (mmboe) for the first quarter of 2008, compared to 2.6mmboe for the same period of 2007. Oil production was 1.6 million barrels (mmbbls) and natural gas production was 11.8 billion cubic feet equivalent (bcfe) for the first quarter of 2008, compared to 1mmbbl and 9.8bcfe for the same period of 2007.

Revenue from oil and gas production totaled $226 million for the first quarter of 2008, compared to $144.7 million for the same period of 2007.

Revenue from oil and condensate sales was $119.9 million and revenue from natural gas sales was $106.1 million for the first quarter of 2008, compared to revenue from oil and condensate sales of $54.7 million and revenue from natural gas sales of $89.9 million for the same period of 2007.