ATP Oil & Gas declared a recent production increase in 2010 of approximately 32% over the fourth quarter 2009 and a reserve replacement ratio of approximately 376% for 2009. In addition, ATP released updates on its 2009 production, year-end 2009 oil and gas reserves, development projects, recent acquisitions, monetizations and initial estimated CAPEX for 2010. ATP also outlined the terms of a recent amendment to its credit facility.

Production - ATP's current producing rates are averaging between 17.0-19.0 MBoe/d, an increase of approximately 32% from production during the fourth quarter which averaged 13.6 MBoe/d. The increase is primarily due to a recompletion at Mississippi Canyon Block 711 ("Gomez"). Additional contributions to first quarter 2010 production levels are expected at Canyon Express and Telemark. Estimated production for 2009 was 3.4 MMBbls and 15.1 Bcf or approximately 5.9 MMBoe. Oil continues to comprise the majority of ATP's production volumes representing 57% of total 2009 production volumes.

Reserves - Through performance driven volume revisions, extensions and discoveries, ATP added 22.1 MMBoe of proved reserves during 2009. ATP estimates year-end 2009 proved reserves of 135.2 MMBoe and a PV-10 value of $4.0 billion while year-end proved and probable reserves are estimated at 211.8 MMBoe and a PV-10 value of $6.4 billion using strip prices as of December 31, 2009. Since independent reservoir engineers are finalizing estimates of ATP's oil and natural gas reserves for year-end 2009, ATP will issue its final reserve amounts utilizing SEC pricing and reconciliation in conjunction with filing its Form 10-K.

Tags: ATP Oil & Gas Corporation