ATP Completes First Step of Monetization
ATP Oil & Gas Corporation announced the completion of the sale of a limited term overriding royalty interest for $82 million at a value of $14.25 per Mcfe.
T. Paul Bulmahn, ATP Chairman and CEO, stated, "For ATP this is a first step in demonstrating the substantial value created in our inventory of properties. While the volumes associated with this limited term override are less than 1% of our company-wide proved reserves at year-end 2007, the sale represents a significant beginning to ATP's company monetization goals."
Total limited term override volumes sold are capped at 5.76 Bcfe (27% natural gas and 73% crude oil). The 15% limited term overriding royalty represents 3.63% of the proved and probable reserves at the Gomez Hub (Mississippi Canyon 711/755/754/800) as of December 31, 2007. Payout is projected to be accomplished during 2009.
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