ATP Oil & Gas plans to offer working interests in a number of its holdings, consisting of properties which together constitute approximately 80% of the pre-tax PV-10 value of ATP’s total proved plus probable reserves, including its deepwater producing Gomez Hub, the emerging hub at Telemark and the UK properties at Tors, Wenlock and Cheviot.
ATP intends to continue to serve as the operator of each of its properties after the sale of partial working interests.
Paul Bulmahn, chairman and president of ATP, said: We believe material value has been created by our successful execution of development activities at ATP’s offshore hubs and we will continue to execute on the development of our extensive inventory of reserves. These sales of property interests will allow us to put some of that substantial value where it most benefits our shareholders.
