"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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