ATP Oil & Gas Corporation reported an increase in its estimated year-end 2011 proved and probable pre-tax PV-10 value to $7.3 billion based on SEC pricing, up 52 percent from $4.8 billion at year-end 2010. ATP also provided an update on production for full-year 2011 which averaged an estimated 24.6 thousand barrels per day (MBoe/d), an increase of 17 percent over 2010.

Reserves – ATP estimates year-end 2011 proved reserves of 118.9 MMBoe compared to 126.1 MMBoe at year-end 2010. ATP estimates proved and probable reserves of 194.4 MMBoe at year-end 2011, compared to 211.3 MMBoe at year-end 2010. The changes were primarily a result of production of 9.0 MMBoe in 2011 and revisions to oil and gas reserves. On a Boe basis, ATP estimates that oil and natural gas liquids (NGLs) represent 66 percent of its year-end 2011 proved reserves and 65 percent of proved and probable reserves, compared to 60 percent and 59 percent, respectively, at year-end 2010.

ATP estimates a year-end 2011 SEC pre-tax PV-10 value of $4.2 billion for its proved reserves and $7.3 billion for its proved and probable reserves, compared to $2.6 billion and $4.8 billion, respectively, at year-end 2010. This increase is primarily a result of pricing, but other factors include timing and an increase in oil and NGL reserves.

ATP anticipates an increase in production from the completion of the MC 942 #2 well during the first quarter 2012 and an increase later in the year with the installation of the pipeline for the two Clipper wells that were completed and tested in 2011. The installation of the Clipper pipeline is scheduled to begin in the third quarter 2012 with production expected in the late third quarter/early fourth quarter 2012.

Tags: ATP Oil & Gas Corporation