ATP Oil and Gas (ATPG) at Howard Weil

ATP Oil and Gas

ATP doesn’t do exploration – all properties have previous drilling on properties so less risk.

Production growth of 26% in 2007.

Follows hub concept in areas it drills.

ATP had three phases – Private until 2001, 2002-2005 when it made decision to go into offshore, and then last few years when production started to ramp up.

Ladybug project – first deepwater after going public. Since buying it, ATP has produced more than original estimated 2P reserves.

Gomez Hub – largest producing property in company – mostly developed but still some possibilities – drilling in 2 blocks.

Telemark Hub – bought from Norsk Hydro – first phase drilling to begin in fourth quarter of 2008 and production in 2009. another development coming in 2008-2010.

Canyon Express – Vicksburg discovery by competitor nearby.

Cheviot – just about to submit development plan 3 blocks – primarily oil Production in late 2010.

ATP has offered to pay the mortgages of all 66 employees for one year if they cut debt by $600 million by monetizing assets.