ATP Oil to Sell U.K. Assets for $430 Million

ATP Oil & Gas ( ATPG) plans to sell its U.K. assets in the North Sea to a subsidiary of EDF for about $430 million.

The agreement transfers 80% of ATP's U.K. interest in its Tors (a 68% working interest) and Wenlock (an 80% working interest) properties to EDF. EDF has a later option to acquire the remaining ATP interests.

The sale is expected before the end of 2008. ATP's U.K. subsidiary will remain as operator of both Tors and Wenlock.

ATP said Monday it will use proceeds from the sale to reduce its debt, and further its development programs.

More from Stocks

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Stocks Finish Higher After Release of Fed Minutes

Stocks Finish Higher After Release of Fed Minutes

Has Wall Street Completely Lost Its Mind on General Electric?

Has Wall Street Completely Lost Its Mind on General Electric?