ATP Acquires Operatorship of King's Peak Prospect
ATP Oil & Gas has acquired a 55% working interest in the producing property "King's Peak" which consists of Mississippi Canyon Blocks 173 and 217 and Desoto Canyon Blocks 133 and 177. ATP will be the operator of this producing field which also contains significant future development opportunities. Total consideration paid at closing, after closing adjustments, was $18.6 million.
King's Peak was shut in pursuant to Hurricane Rita; however, production was reestablished on September 26, 2005. Located in approximately 5700 to 6800 feet of water, King's Peak contains proved producing and proved undeveloped reserves; in addition, there are probable and possible reserves.
"This is a strategic acquisition for ATP," stated T. Paul Bulmahn, Chairman and President of ATP. "King's Peak expands our deep water portfolio by providing ATP another significant property in the Mississippi Canyon area. It provides an immediate increase in current production while providing a future component for our development inventory. With the addition of proved reserves ATP is closer to achieving its stated goal of a 200% reserve replacement for 2005."
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