ATP Apparent High Bidder on Three Gulf of Mexico Lease Blocks
ATP Oil & Gas Corporation today announced that it was the apparent high bidder on three out of four blocks at the Western Gulf of Mexico Offshore Lease Sale 196 held on August 17, 2005 in New Orleans, Louisiana. The blocks are located in approximately 200 to 750 feet of water.
"ATP is very pleased with the outcome of the offshore lease sale and we're optimistic that all three lease blocks, all of which have the presence of logged hydrocarbons, will be awarded," stated Senior Vice President Gerald W. Schlief. "The Company's objective of pursuing economically viable opportunities for further expansion while expediting existing developments is advanced by these acquisitions. With Mississippi Canyon 711 expected to come online at year's end, coupled with our other present development operations in the Gulf of Mexico and in the North Sea, acquiring these three blocks will contribute to our already substantial inventory of properties to develop in the future."
If all three blocks are awarded, ATP's financial outlay will be
$2.8 million with the Company owning a 100% working interest and serving as
operator of each property.
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