ATP Anticipates First Production at Mississippi Canyon

As of February 2, 2012, ATP has completed the drilling of the Mississippi Canyon (MC) 942 #2 well to a measured depth of 21,400 feet. As previously noted, three productive sands have been logged with at total of 239 feet of pay. ATP has set 7-5/8 inch casing across the B and C Sands and a 5-1/2 inch liner through the S Sand. The S Sand, at a depth of 21,010 to 21,090 feet, has been perforated and completed.

After completion of the next regularly scheduled BOP test, ATP will move to the completion of the C Sand which will be perforated at a depth of 17,560 to 17,730 feet. As soon as the C Sand is completed, ATP will begin completing the B Sand which will be perforated at a depth of 17,410 to 17,480 feet. An additional BOP test will be required before the completion of the B Sand.

ATP estimates first production immediately upon completing these activities scheduled during first quarter 2012. Plans are to begin production in the S Sand. ATP intends to comingle the B and C Sands with the S Sand when the pressure equalizes between the three sands.