ATP Oil & Gas Corporation provided an operations update:

■Drilling operations at the fourth Telemark Hub well at Mississippi Canyon Block 942 #2 are complete. ATP encountered 167 feet of new net pay sands above pre-drill estimates. These sands are in addition to the 72 feet of logged net oil pay seen in the original target sand. With this additional pay sand, ATP is modifying completion plans for MC 942 #2 and now expects to complete both hydrocarbon sands and establish production in late January 2012. ATP believes that these new pay sands will have a positive effect on production by extending the production life and third-party reserve estimates associated with MC 942.

■Operations continue at the second Clipper well at Green Canyon Block 300 #4, where ATP has encountered oil pay sands. The well encountered 56 feet of logged net oil pay confirming reserves already booked. Completion operations are underway. Production at Clipper is still scheduled to begin in the third quarter of 2012 upon the completion of a pipeline, which is already under contract.

■Third quarter production was 24,200 barrels of oil equivalent per day, representing an increase of 14.7% over the same period a year ago.

■ATP Chairman and CEO T. Paul Bulmahn stated, "ATP is excited with the drilling results from both the fourth Telemark Hub well, where we have encountered additional net pay sands above our projections, and the second Clipper well, which has now reached its total depth with completion operations underway. This development success demonstrates ATP's commitment to advancing the company's production growth, cash flow and asset base. ATP expects to begin production from the fourth Telemark well in the beginning of 2012, followed by additional planned production at Clipper and Gomez projects later in 2012, Entrada in 2013/2014 and Cheviot in 2014. We also look forward to drilling our first deepwater well at Shimshon in offshore Israel in 2012.'

Tags: ATP Oil & Gas Corporation