ATP Plans to Sell Interests in Selected Assets
ATP Oil & Gas Corporation announced that it has engaged Scotia Waterous (USA) Inc. to assist in the sale of a portion of its working interests in certain producing and undeveloped properties in the Gulf of Mexico and U.K. North Sea. The company is preparing sales information and a data room for qualified bidders.
ATP plans to offer working interests in a number of its holdings, consisting of properties which together constitute approximately 80% of the pre-tax PV-10 value of ATP's total proved plus probable reserves, including its deepwater producing Gomez Hub (MC 711 and MC 755), the emerging hub at Telemark (MC 941/942 and AT 63), and U.K. properties at Tors, Wenlock and Cheviot. ATP intends to continue to serve as the operator of each of its properties after the sale of partial working interests.
ATP Chairman and President T. Paul Bulmahn stated, "We believe material value has been created by our successful execution of development activities at ATP's offshore hubs and we will continue to execute on the development of our extensive inventory of reserves. These sales of property interests will allow us to put some of that substantial value where it most benefits our shareholders."
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