ATP Oil & Gas Acquires Gulf of Mexico Acreage

ATP Oil & Gas has acquired Mississippi Canyon 711, an oil and gas discovery previously named "Gomez". ATP acquired 99% of the working interest and is the operator of this oil and gas development with proved reserves located in approximately 3000 feet of water in the Gulf of Mexico.

The initial discovery well was drilled in 1997 by a company subsequently acquired by Anadarko Petroleum. In 2000, the discovery was confirmed by the MC 711 Well No. 4 and Well No. 4 ST. 1, which encountered 125 feet of oil and gas pay in a Lower Pliocene sand interval. The property is currently being evaluated by ATP and its independent reservoir engineering firm. It is projected that Gomez will use a similar development plan to that which ATP operated to successfully put on production its current deepwater project named Ladybug at Garden Banks 409.

"With the Gomez acquisition of proved reserves, ATP continues its strategic growth in the Gulf of Mexico both on the shelf and in the deeper waters. ATP continues to use innovative deepwater subsea technologies to advance development opportunities both in the Gulf of Mexico and in the North Sea," stated T. Paul Bulmahn, Chairman and President of ATP.