ATP Oil & Gas Corporation Closes Acquisition of Properties in the Southern Gas Basin in U.K. North Sea from British Petroleum

Apr 05, 2001, 01:00 ET from ATP Oil & Gas Corporation

    HOUSTON and GUILDFORD, England, April 5 /PRNewswire/ -- ATP Oil & Gas
 Corporation (Nasdaq:   ATPG) today announced the closing of its previously
 announced transaction with British Petroleum (NYSE:   BP) to purchase two
 Southern Gas Basin blocks in the U.K. North Sea.  Commenting on the
 acquisition, John E. Tschirhart, Managing Director of ATP Oil & Gas (U.K.)
 Limited said, "These are the first properties purchased by ATP in the U.K.
 North Sea, and this establishes a strong cornerstone for future expansion by
 the company.  Development analysis on the properties is underway from ATP's
 Guildford, U.K. office."  The purchase price was not disclosed.
     The company purchased BP's 100% interest in the 'Block 47/10 Discovery
 Area' and a 50% working interest in the Venture Field (Block 49/12a North.)
 Conoco (NYSE:   COCA, COCB) is the operator of the Venture Field.  ATP first
 announced the execution of a Purchase and Sale Agreement for these properties
 on February 26, 2001.
     "This is a significant milestone for ATP," said T. Paul Bulmahn, ATP's
 Chairman and President.  "These properties offer an excellent suite of natural
 gas opportunities and are a significant part of our growth plans.  ATP's
 natural gas activities in the Southern Gas Basin provides to the United
 Kingdom a practical, environmentally sensitive, and economically abundant
 clean-burning fuel to power the U.K.'s expansion.  With ATP's technical and
 engineering talents, we expect prompt development of these properties within
 the guidelines set forth by the U.K. Department of Trade and Industry."
 
     About ATP Oil & Gas Corporation
     Houston-based ATP Oil and Gas is one of the fastest growing energy
 companies focused on acquisition, development and production of natural gas in
 the Gulf of Mexico and the Southern Gas Basin of the U.K. North Sea.  The
 company was listed by Inc. 500 as the 5th fastest growing private company in
 2000, up from its ranking of 21st in 1999, and the fastest growing private
 energy company for both years.  The company trades publicly as ATPG on the
 NASDAQ National Market.
 
     Forward-looking Statements
     Certain statements included in this news release including the expected
 impact of this acquisition on earnings are "forward-looking statements" under
 the Private Securities Litigation Reform Act of 1995.  ATP cautions that
 assumptions, expectations, projections, intentions or beliefs about future
 events may and often do vary from actual results and the differences can be
 material.  Some of the key factors which could cause actual results to vary
 from those ATP expects include changes in natural gas and oil prices, the
 timing of planned capital expenditures and availability of acquisitions,
 uncertainties in estimating proved reserves and forecasting production
 results, operational factors affecting the commencement or maintenance of
 producing wells, the condition of the capital markets generally, and
 uncertainties regarding environmental regulations or litigation and other
 legal or regulatory developments affecting our business.  More information
 about the risks and uncertainties relating to ATP's forward-looking statements
 are found in our SEC filings.
 
     For further information, please contact T. Paul Bulmahn, Chairman and
 President, or Albert L. Reese Jr., SVP and Chief Financial Officer, both of
 ATP Oil & Gas Corporation, 713-622-3311.
 
 

SOURCE ATP Oil & Gas Corporation
    HOUSTON and GUILDFORD, England, April 5 /PRNewswire/ -- ATP Oil & Gas
 Corporation (Nasdaq:   ATPG) today announced the closing of its previously
 announced transaction with British Petroleum (NYSE:   BP) to purchase two
 Southern Gas Basin blocks in the U.K. North Sea.  Commenting on the
 acquisition, John E. Tschirhart, Managing Director of ATP Oil & Gas (U.K.)
 Limited said, "These are the first properties purchased by ATP in the U.K.
 North Sea, and this establishes a strong cornerstone for future expansion by
 the company.  Development analysis on the properties is underway from ATP's
 Guildford, U.K. office."  The purchase price was not disclosed.
     The company purchased BP's 100% interest in the 'Block 47/10 Discovery
 Area' and a 50% working interest in the Venture Field (Block 49/12a North.)
 Conoco (NYSE:   COCA, COCB) is the operator of the Venture Field.  ATP first
 announced the execution of a Purchase and Sale Agreement for these properties
 on February 26, 2001.
     "This is a significant milestone for ATP," said T. Paul Bulmahn, ATP's
 Chairman and President.  "These properties offer an excellent suite of natural
 gas opportunities and are a significant part of our growth plans.  ATP's
 natural gas activities in the Southern Gas Basin provides to the United
 Kingdom a practical, environmentally sensitive, and economically abundant
 clean-burning fuel to power the U.K.'s expansion.  With ATP's technical and
 engineering talents, we expect prompt development of these properties within
 the guidelines set forth by the U.K. Department of Trade and Industry."
 
     About ATP Oil & Gas Corporation
     Houston-based ATP Oil and Gas is one of the fastest growing energy
 companies focused on acquisition, development and production of natural gas in
 the Gulf of Mexico and the Southern Gas Basin of the U.K. North Sea.  The
 company was listed by Inc. 500 as the 5th fastest growing private company in
 2000, up from its ranking of 21st in 1999, and the fastest growing private
 energy company for both years.  The company trades publicly as ATPG on the
 NASDAQ National Market.
 
     Forward-looking Statements
     Certain statements included in this news release including the expected
 impact of this acquisition on earnings are "forward-looking statements" under
 the Private Securities Litigation Reform Act of 1995.  ATP cautions that
 assumptions, expectations, projections, intentions or beliefs about future
 events may and often do vary from actual results and the differences can be
 material.  Some of the key factors which could cause actual results to vary
 from those ATP expects include changes in natural gas and oil prices, the
 timing of planned capital expenditures and availability of acquisitions,
 uncertainties in estimating proved reserves and forecasting production
 results, operational factors affecting the commencement or maintenance of
 producing wells, the condition of the capital markets generally, and
 uncertainties regarding environmental regulations or litigation and other
 legal or regulatory developments affecting our business.  More information
 about the risks and uncertainties relating to ATP's forward-looking statements
 are found in our SEC filings.
 
     For further information, please contact T. Paul Bulmahn, Chairman and
 President, or Albert L. Reese Jr., SVP and Chief Financial Officer, both of
 ATP Oil & Gas Corporation, 713-622-3311.
 
 SOURCE  ATP Oil & Gas Corporation