ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has
resumed production at the ATP Titan platform which services the
company’s Telemark Hub. Production from the ATP Titan, shut-in
since May 14, resumed after the operator of the Mars pipeline
temporarily shut in the pipeline to allow for the tie-in of a new
offsetting platform which has now been completed. Production at the ATP
Titan is proceeding as expected and will ramp up over the next few
days.
ATP also announced that it has completed perforation at the lower B sand
at the Mississippi Canyon (MC) 941 A-2 well, part of the Telemark Hub,
and operations to frac-pac have commenced. Work on the MC 941 A-2 well
is expected to be completed before the end of June, 2012 and the well
will be placed on production immediately. The MC 941 Block produces
through the ATP Titan floating drilling and production platform.
ATP operates the ATP Titan and Telemark Hub which is in
approximately 4,000 feet of water with a 100% working interest and holds
a 100% ownership in ATP Titan LLC which owns the ATP Titan and
associated pipelines and infrastructure.
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, Mediterranean
Sea 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 contain
"forward-looking statements" within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934. ATP cautions that assumptions,
expectations, projections, intentions, plans, beliefs or similar
expressions used to identify forward-looking statements about future
events may, and often do, vary from actual results and the differences
can be material from those expressed or implied in such forward looking
statements. Some of the key factors which could cause actual results to
vary from those ATP expects include, without limitation, volatility in
commodity prices for crude oil and natural gas, the condition of the
capital markets generally, as well as ability to access them, the timing
of planned capital expenditures, uncertainties in estimating reserves
and forecasting production results, operational factors affecting the
commencement or maintenance of producing wells, and uncertainties
regarding environmental regulations or litigation and other legal or
regulatory developments affecting its business. ATP assumes no
obligation and expressly disclaims any duty to update the information
contained herein except as required by law. While ATP does not file
reports with the SEC containing probable and possible reserve
quantities, ATP occasionally will include them in news releases,
presentations and discuss such reserves publicly. ATP and its
independent third party reservoir engineers use the term “probable” to
describe volumes of reserves potentially recoverable through additional
drilling or recovery techniques that, by their nature, are more
speculative than estimates of proved reserves. Any estimates of reserves
in this news release have been prepared by our independent third party
engineers. More information about the risks and uncertainties relating
to ATP's forward-looking statements is found in the company's SEC
filings or website, www.atpog.com.
