ATP Divests Deep Rights at GOM Property

ATP announced it sold its interest in the deep rights (below 23,499 TVDSS) in one of its Telemark Hub properties to a third party for an undisclosed amount resulting in an estimated gain of $26 million. In addition to the cash proceeds, ATP retained a 1% overriding royalty interest.

Leland E. Tate, President, stated, "ATP is eager to encourage exploration into deeper horizons at ATP's Telemark Hub and in close proximity to ATP's existing infrastructure, the ATP Titan. The ATP Titan has a design capacity of 25 MBbls/d of oil and 50 MMcf/d of gas and can accommodate additional production."

ATP operates the deepwater Telemark Hub with a 100% working interest and owns 100% of the subsidiary that owns the ATP Titan and associated pipelines and infrastructure.