ATP completes sale of North Sea interests

ATP Oil & Gas Corp. and its wholly owned subsidiary ATP Oil & Gas (UK) have closed a $407 million sale and purchase agreement with EDF Production UK (EDF) for certain ATP UK assets in the North Sea.

Offshore staff

HOUSTON -- ATP Oil & Gas Corp. and its wholly owned subsidiary ATP Oil & Gas (UK) have closed a $407 million sale and purchase agreement with EDF Production UK (EDF) for certain ATP UK assets in the North Sea.

The agreement transfers 80% of ATP's UK interest in its Tors (a 68% working interest) and Wenlock (an 80% working interest) properties to EDF. In addition to this transaction, EDF has a later option to acquire the remaining ATP interests on terms similar to the original transaction. Pending the decision by EDF for the remaining 20%, ATP UK will remain as operator of both Tors and Wenlock.

12/18/2008

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