ATP awarded Atwater Valley blocks

Offshore staff

HOUSTON -- ATP Oil & Gas' bids for Atwater Valley block 19 and block 62 in the deepwater Gulf of Mexico have been accepted for award by the MMS. Block 19 is located in approximately 4,199 ft (1,280 m) of water and block 62 is located in approximately 4,173 ft (1,272 m) of water, and both are contiguous to ATP's Telemark Hub. ATP acquired a 100% working interest in both blocks for a total cost of $463,980 and will serve as operator of each block.

With this acquisition, ATP expands its interest in the Telemark Hub consisting of already discovered reserves at Mirage (Mississippi Canyon block 941), Morgus (Mississippi Canyon block 942), and Telemark (Atwater Valley block 63), each 100% owned and operated by ATP.

ATP is currently developing the Telemark Hub with first production expected in the first half of 2009 with additional production expected to be added in 2010.

07/16/2008