ATP Begins Drilling in Levant Basin offshore Israel

ATP Oil & Gas Corporation and its wholly-owned subsidiary ATP East Med B.V. have commenced drilling at the Shimshon well in the Levant Basin offshore Israel.

The well is in the water depth of 3,622 feet with a target depth of 14,764 feet.

The company expects to announce the results in the third quarter of 2012. ATP through ATP East Med operates with a 40% working interest.

"With the recent discoveries in the Levant Basin already exceeding 35 Tcf, the Basin is a prolific area for natural gas exploration efforts," said T. Paul Bulmahn, ATP Chairman and CEO. "Of the 26 ATP invention and system patents and pending applications, 16 deal with deepwater natural gas development methods and facilities, giving ATP an advantage if it secures an exploration success with this well."