ATP Completes Drilling Phase at Deepwater Gulf of Mexico Well

ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced that it has completed the drilling phase of deepwater Mississippi Canyon ("MC") Block 941 A-2 well located at ATP's Telemark Hub, and all pay sands in the MC 941 A-1 well were present essentially confirming pre-drill estimates. The main pay sands are approximately 500 feet structurally higher than the MC 941 A-1 well and 1000 feet above the original oil-water contact. Plans are to run casing to total depth, install temporary barriers in the well permitting removal of the drilling riser and installation of the production riser. Tie-back of the production casing to the surface and perforating and completing the initial production zones will follow. Installation of production tubing and a subsea tree will be performed prior to testing and initialization of production. First production from this well is expected in the early part of the third quarter.

ATP was the first Gulf of Mexico operator to begin drilling in the deepwater after the BOEMRE began issuing permits though the company received the third permit issued on March 18, 2011. ATP is also first to successfully achieve its drilling objective since the moratorium was lifted and of the initial ten permits issued, ATP was the only entity to receive two of the permits, demonstrative of the confidence government regulators have in the company.

T. Paul Bulmahn, Chairman and CEO stated, "Our preparedness enabled us to swiftly assemble a crew and commence testing the BOP stack within 36 hours of obtaining the permit. We look forward to production from this well during the third quarter through the state-of-the-art ATP Titan facility."

ATP operates the deepwater Telemark Hub with a 100% working interest and owns 100% of the subsidiary that owns the ATP Titan and associated pipelines and infrastructure.
Source: ATP