September 5, 2008
ATP Announces Minimal Hurricane Impact
ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced minimal impact from Hurricane Gustav based on preliminary inspections of its production and drilling operations in the Gulf of Mexico. Hurricane Gustav's path was about 12 miles east of the ATP Innovator, moored at ATP's Mississippi Canyon Block 711 "Gomez" Hub; however, the Innovator held position and initial assessments found no significant damage.
Prior to Gustav's arrival all ATP personnel were evacuated from producing platforms expected to be in the path of the storm. In addition, various platforms, production facilities and pipelines operated by others which process and transport ATP production were similarly shut-in and evacuated. As a result of these temporary shut-ins, approximately 1-2 Bcfe of ATP's production will be deferred from the third quarter. The total duration of the shut-in production is unknown; however, ATP has reestablished production at a number of its facilities including Canyon Express, Garden Banks 409, and East Cameron 299. ATP will provide updates as more information becomes available.
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.
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.