"ATP Oil & Gas Corporation (ATP), incorporated in 1991, is engaged in the acquisition, development and production of oil and natural gas properties in the Gulf of Mexico and the United Kingdom and Dutch Sectors of the North Sea (the North Sea)."
"At December 31, 2007, the Company owned leasehold and other interests in 76 offshore blocks, 40 platforms and 127 wells, including 19 subsea wells, in the Gulf of Mexico. It operates 109 (86%) of these wells, including all of the subsea wells, and 78% of offshore platforms. It also had interests in 10 blocks and two Company-operated subsea wells in the North Sea. The Company’s average working interest in these properties was approximately 82%. ATP had leasehold interests located in the Gulf of Mexico and North Sea covering approximately 447,910 gross and 372,386 net acres, of which 276,374 gross acres were developed and 206,322 net acres were developed."
"The Company had estimated net proved reserves of 715.6 billion cubic feet of natural gas equivalent (Bcfe), of which approximately 441.7 Bcfe (62%) were in the Gulf of Mexico and 273.9 Bcfe (38%) were in the North Sea. Its reserves comprised 356.2 billion cubic feet (Bcf) of natural gas (50%) and 59.9 million barrels of crude oil or other liquid hydrocarbons of oil (50%). The majority of oil reserves (71%) are located in the Gulf of Mexico. ATP’s natural gas reserves are almost evenly split between the Gulf of Mexico (53%) and the North Sea (47%). Of total proved reserves, 211.5 Bcfe (30%) were producing, 36 Bcfe (5%) were developed and not producing and 467.7 Bcfe (65%) were undeveloped."
"The Company primarily focuses its efforts on oil and natural gas properties where previous drilling has encountered reservoirs that appear to contain commercially productive quantities of oil and gas. Occasionally it will acquire properties that are already producing or where previous drilling has encountered reservoirs that appear to contain commercially productive quantities of oil and gas even though the reservoirs do not meet the United States Securities and Exchange Commission definition of proved reserves. ATP sells a portion of its oil and natural gas to end users through various unaffiliated gas marketing companies. During the year ended December 31, 2007, revenues from four purchasers accounted for 36%, 18%, 16% and 11%, respectively, of oil and gas production revenues."
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