ATP Says Discovery Doubles Pre-drill Estimates

HOUSTON (AP) — ATP Oil & Gas Corp., an oil and gas producer, said Wednesday that it has discovered more than 250 feet of logged net oil and gas pay in the Gulf of Mexico.

ATP said the discovery, in about 4,000 feet of water in the Mississippi Canyon Block at its deep water Telemark Hub, more than doubles the company's pre-drill estimates.

T. Paul Bulmahn, ATP's chairman and chief executive, said the company is "exceptionally pleased" with the initial results and the additional pay sands should lead to upgraded production and reserve estimates.

ATP shares rose $1.59, or 11.4 percent, to $15.49 in midday trading.