ATP Announces Record Breaking Proved Reserves
T. Paul Bulmahn, President, said, "ATP has marked six straight years of increased reserves and production, and is on track to report six straight years of increases in revenues, EBITDA and cash flow. These results demonstrate the strategic focus of our Gulf of Mexico and North Sea program. We continue to develop and produce proved reserves with our skillful use of technology." In 2001 ATP acquired 14 properties with proved reserves in the Gulf of Mexico and 3 properties with proved reserves in the Southern Gas Basin of the North Sea. Gerald W. Schlief, SVP, stated, "Our growth is evidenced by our ability to consistently acquire significantly more reserves than we produce each year. For the years 1997 through 2000 our reserve replacement percentage was 259%. We have exceeded that rate in 2001 with an impressive 527%."
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