ATP Oil & Gas Corporation announced the successful completion of a well at South Marsh Island 190 and a second well at Brazos 544 which will result in additional developed reserves of 9 Bcfe net. The South Marsh Island well was flow tested from the drilling rig and awaits a pipeline connection, while the Brazos well was immediately connected to the platform serving the initial Brazos well and is on production. Combined daily production of natural gas from both Brazos wells is 25 MMcf gross, or 17 MMcf net. ATP estimates gross production levels for the new wells at 43 MMcf of natural gas per day and 150 barrels of condensate per day, or approximately 32 MMcf per day and 100 Bcpd net to the company's interest.
ATP has a 100% operating working interest in both properties. "Both development projects have exceeded management's expectations," said T. Paul Bulmahn, ATP's Chairman and President. The company estimates full-year 2001 production of 30 Bcfe, an increase of approximately 20% from the 2000 company-record production total of 24.9 Bcfe. ATP has already surpassed its stated goal of increasing proved reserves in 2001 by more than 200% over total-year projected production.