ATPG: ATP Oil & Gas provides operations update - Q3 production was 24,200 BOE per day, representing an increase of 14.7% YoY (10.45 )
Drilling operations at the fourth Telemark Hub well at Mississippi Canyon Block 942 #2 are complete. ATP encountered 167 feet of new net pay sands above pre-drill estimates. These sands are in addition to the 72 feet of logged net oil pay seen in the original target sand. With this additional pay sand, ATP is modifying completion plans for MC 942 #2 and now expects to complete both hydrocarbon sands and establish production in late January 2012. ATP believes that these new pay sands will have a positive effect on production by extending the production life and third-party reserve estimates associated with MC 942.
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