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Strategies & Market Trends : BAK - Investing

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To: Covenant who wrote (391)

3/2/2012 5:01:57 PM

From: Covenant

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The market liked the news initially before remembering the balance sheet.

SymbolPriceChange

ATPG	8.61	+0.57

HOUSTON--(BUSINESS WIRE)--

ATP Oil & Gas Corporation (NASDAQ: ATPG - News) today announced initial production rates at its Mississippi Canyon (“MC”) Block 942 A-3 (#2) well in excess of 7,000 barrels equivalent per day (Boe/d), of which 85% is oil. When drilled, the MC 942 A-3 well encountered 239 feet of net pay.

The MC 942 A-3 well is located on the Morgus Field and is the fourth well brought on production at the Telemark Hub location utilizing the ATP Titan floating drilling and production platform. ATP operates the deepwater Telemark Hub in approximately 4,000 feet of water with a 100% working interest and holds a 100% ownership in ATP Titan LLC which owns the ATP Titan and associated pipelines and infrastructure.

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