ATP Announces Record Breaking Proved Reserves
ATP Oil & Gas Corporation announced 235 billion cubic feet equivalent (Bcfe) as its total estimated proved oil and gas reserves as of December 31, 2001, the largest oil & gas reserve position in the company's ten-year history. That reserve position represents an increase of 88% over December 31, 2000 oil and gas reserves. With the successful results from its 2001 acquisition program, ATP replaced 527% of its record breaking 2001 production of 25.7 Bcfe.
T. Paul Bulmahn, President, said, "ATP has marked six straight years of increased reserves and production, and is on track to report six straight years of increases in revenues, EBITDA and cash flow. These results demonstrate the strategic focus of our Gulf of Mexico and North Sea program.
We continue to develop and produce proved reserves with our skillful use of technology." In 2001 ATP acquired 14 properties with proved reserves in the Gulf of Mexico and 3 properties with proved reserves in the Southern Gas Basin of the North Sea. Gerald W. Schlief, SVP, stated, "Our growth is evidenced by our ability to consistently acquire significantly more reserves than we produce each year. For the years 1997 through 2000 our reserve replacement percentage was 259%. We have exceeded that rate in 2001 with an impressive 527%."