HOUSTON--(BUSINESS WIRE)--ATP Oil & Gas Corporation (NASDAQ: ATPG) is expanding its deepwater operating and infrastructure expertise to offshore Israel. Subject to approval of the Ministry of National Infrastructures (MNI), ATP has signed agreements to acquire five licenses, of which two are pending, in approximately 4,000 feet of water.
T. Paul Bulmahn, Chairman and CEO stated, “The strategic use of our deepwater technical expertise in Israel is one facet of ATP’s global diversification plan. Each license offers an attractive opportunity in the Levantine Basin which is emerging as a prolific area. The recently announced discoveries in offshore Israel totaling approximately 25 Tcf of natural gas have demonstrated a significant catalyst for the offshore hydrocarbons sector. ATP’s ability to enter this area during the early stages of exploration and development is a great testimony to our expertise and commitment to worldwide offshore acquisition and development. This also enhances our future ability to acquire and develop desired proved undeveloped assets in this region. Israel is working towards energy independence and security of its natural resources by encouraging domestic offshore exploration and production.”
ATP will operate all its licenses with working interests ranging from 40% to 50%. Upon the award of the licenses, expected before the end of March 2011, ATP will discuss its estimated capital program projected to be minimal in 2011 and resource potential for the acquisitions.
About ATP Oil & Gas Corporation
ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.
Forward-looking Statements
Certain statements included in this news release are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the company’s ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting ATP’s business. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in the company’s SEC filings.