ATP Announces Increase In Oil & Gas Reserves
ATP Oil & Gas Corporation announced its oil and gas reserves at June 30, 2001 were an estimated 200 Bcfe, the largest oil & gas reserve position in the company's ten-year history and an increase of 60% over December 31, 2000 oil and gas reserves. In the first half of 2001, ATP has acquired 11 properties with proved reserves in the Gulf of Mexico and 3 properties with proved reserves in the UK sector of the North Sea. With production of more than 12 Bcfe for the first half of 2001 and reserve additions in the first half of 2001 already in excess of any complete year in the company's history, ATP is on pace to have its best year yet in production and reserves.
The announcement was made yesterday after the market closed by ATP's management at the company's presentation to investors and analysts at the Sixth Annual Oil & Gas Conference in Denver, Colo. T. Paul Bulmahn, President, said, "These results give continued evidence of the strength of our Gulf of Mexico program and our North Sea program. We are a company known for its ability to acquire proved non-producing reserves and bring them to production efficiently and quickly. During the first half of 2001, we placed on production 8 wells and expect to place another 4 on production before the end of the year." Gerald W. Schlief, SVP, spoke of the company's 2001 acquisition and development plans. "Our growth is evidenced by our ability to consistently acquire significantly more reserves than we produce each year.
In the last three years our reserve replacement percentage has been 259%. We have already exceeded that rate for 2001. Based on acquisitions completed in the first half of 2001 and known new acquisitions, we expect to end 2001 with a reserve replacement ratio in excess of 300%." ATP expects to release the financial results for the first half of 2001 on Tuesday, August 14.