Houston-based ATP Oil & Gas Corp. said Wednesday its 2004 production jumped 31%, to 22.4 Bcfe, mostly on the success of some fields in the North Sea and in the Gulf of Mexico (GOM). Fourth quarter production alone was up 81% over 2003 levels to 5.9 Bcfe.

Oil and natural gas revenues totaled $116.1 million for 2004 and $32.9 million for 4Q2004, compared with $70.2 million for 2003 and $14.0 million for 4Q2003. The natural gas component of production increased to 80% in 2004 from 63% in 2003.

The company reported a net profit of $1.4 million (5 cents/share) in 2004, compared with a loss of $50.8 million (loss of $2.21/share) in 2003. For 4Q2004, ATP reported a net loss of $3.8 million (loss of 14 cents/share), up from a loss of $38.6 million (loss of $1.58/share) for 4Q2003.

Last year, the company completed 13 wells in the GOM, and it expects 2005 production will be up because of its success there. In a statement, ATP said, “development activities scheduled at Mississippi Canyon 711 during 2005 include laying approximately 27 miles of oil and gas pipelines, converting a semisubmersible drilling rig to a floating production facility, completing a second well which was previously drilled in the southern portion of the block and connecting for production both wells. First production is currently scheduled for early in the fourth quarter 2005.”

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