ATP Oil & Gas (ATPG) Acquires Majority Working Interest in Green Canyon Blocks
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ATP Oil & Gas Corporation (NASDAQ: ATPG) has acquired a 55% working interest in Green Canyon Blocks 299 and 300, collectively known as "Clipper", with wells located in approximately 3,400 feet water in the Gulf of Mexico. ATP plans to complete one existing well and sidetrack and complete a second well tying-back to existing industry infrastructure with first production slated for late 2009. Four wells drilled in 2005 and 2006 logged hydrocarbons, but none were developed. ATP acquired the ownership interest pursuant to a Purchase and Sale Agreement with two independent energy companies and will operate both blocks.
George R. Morris, Chief Operating Officer of ATP Oil & Gas, said, "Over the next 18 months, ATP plans to develop Clipper by procuring equipment, completing and tying-back two wells for over 60 Bcfe of reserve potential."[SM]
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