ATP Oil & Gas Corp fka ATPAQ

[utvolsfan13]

GE Energy Financial Services partners with ATP
February 27, 2009 1:58 PM ET advertisement

HOUSTON(AP) - GE Energy Financial Services, a unit of General Electric Co., on Friday said it is investing $150 million in a partnership with Houston-based ATP Oil & Gas Corp., which will own and operate a floating oil and gas production unit in the deep water Gulf of Mexico.

GE Energy Financial Services' investment will give it a 49 percent limited partnership stake, its first investment in a floating oil and gas production facility. ATP Oil & Gas will hold the remaining 51 percent stake and will serve as managing partner.

The unit, named ATP Innovator, covers the area the size of a football field 80 miles south of New Orleans in the Gulf of Mexico. It processes up to 20,000 barrels of oil per day and 100 million cubic feet per day of natural gas, which it supplies to the U.S. market.

Shares of GE slid 40 cents, or 4.4 percent, to $8.70 in Friday afternoon trading. ATP Oil & Gas shares jumped 63 cents, or 20 percent, to $3.75.

http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20090227&ID=9652377&Symbol=ATPG