Markets

ATP Oil & Gas Sells Deep Rights at Telemark Hub; Shrs Up 3%

ATP Oil & Gas ( ATPG ) today announced that it has sold its interest in the deep rights in one of its Telemark Hub properties to a third party for an undisclosed amount. The sale is expected to result in an estimated gain of $26 million. ATPG has retained an overriding royalty interest of 1%.

The company has a 100% working interest in the deepwater Telemark Hub. It also owns 100% stake in the subsidiary that owns and operates the existing infrastructure in the Telemark Hub, the ATP Titan, and associated pipelines.

Shares are up 3% to $7.58.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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