ATP Expands Mississippi Canyon Acreage in the Gulf of Mexico

MC - 941-942-943 blocks
(Click to Enlarge)
ATP Oil & Gas has acquired interests in three offshore leases at Mississippi Canyon ("MC") - properties named Mirage (MC Block 941), Morgus (MC Block 942) and Oasis (MC Block 943). The blocks are located in water depths ranging from approximately 3,800 to 4,200 feet of water. Once approval is obtained by the Minerals Management Service, ATP will be the designated operator of each block with respect to the interest acquired. ATP has a 75% working interest in the Mirage and Oasis prospects, and a 100% working interest in the Morgus prospect.

A well was drilled at Mirage in 1998 that encountered approximately 87 net feet of hydrocarbons in two sands. A well was also drilled in 1998 at Morgus that encountered approximately 55 net feet of hydrocarbons in one sand. ATP expects to commence initial development operations at Mirage and Morgus during 2006 and is reviewing its options at Oasis. Based on preliminary estimates, ATP expects to commence production from Mirage and Morgus in late 2007 or 2008.

"We expect to record proved reserves at Mirage and Morgus. The acquisitions significantly increase ATP's reserves in the deepwater Gulf of Mexico where we continue to acquire high quality properties," stated Gerald W. Schlief, Senior Vice President of ATP. The company purchased all three blocks for an undisclosed amount of cash.

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