ATP Acquires Majority Interest at Canyon Express Hub

abarrelfullabarrelfull wrote on 22 Apr 2014 12:07

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20th December 2007

ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced that it has increased its working interest ownership to 66.70% from 16.67% in Mississippi Canyon Block 348 ("MC 348 or Camden Hills") and to 55.09% from 45.08% in the Canyon Express Pipeline System ("CEPS"). ATP acquired the ownership interest pursuant to a Sale and Purchase Agreement with an independent energy company. ATP is already the operator of the CEPS and, as part of the transaction, will become the designated operator of MC 348. The CEPS provides the closest pipeline interconnect for the offshore deepwater leases that were offered at Sale 205 for the first time. Camden Hills is located in 7,112' of water and is connected to the CEPS which consists of two 12" pipelines capable of transporting 500 MMcf per day.

George R. Morris, ATP's Vice President, Acquisitions said, "ATP now operates CEPS and all of the properties (Camden Hills, Aconcagua and King's Peak) connected to the CEPS which provides ATP with the operational control of the entire system. In addition, we were the apparent high bidder on two blocks in the immediate vicinity of CEPS at the recent Offshore Lease Sale 205. We have a rig contracted in 2009 for this area and its drilling program at the Canyon Express Hub will begin with 4-6 new wells to capture the undeveloped reserves which will be produced through the CEPS. We are also considering opportunities to transport third-party gas through the CEPS. The CEPS and its properties represent great value to ATP."

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