ATP Oil & Gas Corporation (NASDAQ:ATPG) today released 2011 financial results and an operations update. Results of Operations Revenues from oil and gas production were $687.2 million in 2011 compared to $438.0 million in 2010, an increase of 57%. Increased revenues were attributable to increased production volumes and higher oil prices. Production in 2011 was 9.0 million barrels (Bbls) of oil equivalent (MMBoe), 68% oil and condensate compared to 7.7 MMBoe, 58% oil and condensate in 2010, an increase of 17%. Revenues were $177.7 million in fourth quarter 2011 compared to $141.7 million in fourth quarter 2010. Increased revenues were attributable to higher oil prices and a $3.1 million benefit for royalty relief related to 2010 production. Production in fourth quarter 2011 was 2.3 MMBoe. Excluding 0.1 MMBoe related to royalty relief, fourth quarter 2011 production was 2.2 MMBoe, 70% oil and condensate compared to 2.3 MMBoe, 67% oil and condensate, in fourth quarter 2010. The decrease was primarily attributable to a natural decline in ATP’s producing wells over the preceding 12 months. Lease operating expense for fourth quarter 2011 was $20.4 million compared to $43.1 million in fourth quarter 2010. The decrease was primarily related to nonrecurring workover expenses, which were $0.3 million in fourth quarter 2011 compared to $20.1 million in fourth quarter 2010. General and administrative expense was $9.8 million in fourth quarter 2011 compared to $15.7 million in fourth quarter 2010. The decrease was primarily a result of decreased compensation-related expense. Interest expense in fourth quarter 2011 was $76.5 million compared to $76.0 million in fourth quarter 2010. For fourth quarter 2011, ATP recorded a net loss attributable to common shareholders of $28.5 million or $(0.56) per basic and diluted share compared to a net loss of $206.6 million or $(4.06) per basic and diluted share in fourth quarter 2010. The net loss attributable to common shareholders for fourth quarter 2011 and 2010 was impacted by items analysts sometimes exclude from published estimates. For fourth quarter 2011, those items included an impairment expense of $11.9 million, a gain on exchange/disposal of properties of $26.0 million and unrealized losses of $41.6 million on derivatives contracts. For fourth quarter 2010, the items included an impairment of $48.2 million, an expense of $14.9 million related to direct costs associated with the moratorium on deepwater drilling in the Gulf of Mexico, an unrealized loss on derivatives contracts of $34.1 million and the establishment of a valuation reserve for ATP’s deferred tax assets of $94.8 million.