Offshore staff

HOUSTON – ATP Oil & Gas Corp. has completed drilling the Mississippi Canyon 942 #2 well in the Gulf of Mexico at the Telemark Hub. The well reached TD of 21,400 ft (6,523 m) and logged three producing sands with a total of 239 ft (73 m) of pay.

Following a regularly scheduled BOP test, ATP plans to complete the C sand with perforations at 17,560 to 17,730 ft (5,352 to 5,404 m). After that, the B sand will be perforated at 17,410 to 17,480 ft (5,307 to 5,328 m). The S sand at 21,010 to 21,090 ft (6,404 to 6,428 m) has been perforated and completed.

ATP plans to comingle the three sands once the pressure equalizes.

ATP also has sold a $25 million limited term overriding royalty interest in the Gomez Hub. Once the royalty equals the initial investment plus a designated return to the purchaser, the interest reverts to ATP.

2/2/2012