ATP Oil & Gas Acquires North Sea Acreage

ATP Oil & Gas Corporation announced its acquisition of proved undeveloped offshore oil and gas reserves in the Southern Gas Basin of the U.K. North Sea. ATP Oil & Gas (U.K.) Limited, its wholly owned subsidiary, acquired for an undisclosed amount from BP, an 86% equity interest in blocks 43/17c, 43/22a and 43/22c, which contain two separate gas discoveries made by Bow Valley in 1992 and 1994. The properties are located in about 190 feet of water.

Commenting on the acquisition, Adrian Turner, new Managing Director of ATP Oil & Gas (UK) Limited said, "These are high quality assets that will strengthen our growing UK portfolio. Initial work will be carried out from our newly occupied, permanent UK office in Guildford, Surrey. This acquisition is a continued extension of ATP's successful business plan that includes earlier acquisitions of the 47/10 Discovery Area (now called the Helvellyn Field) and the 49/12a Venture Field."