Located in approximately 3000 feet of water in the Gulf of Mexico, MC 711 contains approximately 100 Bcfe of proved reserves plus probable and possible reserves, all of which were prepared and certified by the independent third-party reservoir engineering firm Ryder Scott Company. There are eight identified and logged oil and gas sands at Gomez, only three of which were evaluated for inclusion in the reserve report. All remaining sands will be targeted by ATP for continuing development. ATP is the operator with a 100-percent working interest.
Two wells will be produced in this first phase of development. The MC 711 #4 ST1 well was the first to commence production Thursday morning. The second well, the MC 711 #6, was scheduled to be placed on production shortly after press time. Production from both wells will be increased over the next few weeks as the new facilities are fully commissioned.
The second phase of development, scheduled for mid-2006, will include additional developmental drilling to more completely exploit the primary pay sands as well as the other oil and gas sands that have been identified at shallower depths. The Ocean Quest drilling rig is already scheduled for Gomez beginning mid-2006.
"We are delighted to bring this significant property on production," said T. Paul Bulmahn, ATP's Chairman and President. "Not only will this generate a dramatic increase in production, we are poised to develop additional wells at this property and to record additional reserves."
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