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Telemark commences production

|Includes:ATP Oil & Gas Corp. (ATPAQ)

ATP announced yesterday that Atwater 63 #4 started producing oil on Sunday.  A huge step for the company obviously.

What a change already in 2010.

Started the year producing 13,600 BOE per day

Pre Telemark were up to 23,000 BOE per day with Gomez #4 and 3 Canyon Express wells.

Telemark will add another 30,000 BOE per day over the remainder of this year.

The 30,000 BOE per day should not be difficult to reach given that ATP thinks there is a reasonable chance that they can reach this figure on just the first 3 Telemark wells (4 wells will be completed this year).

The next well at Mirage is already drilled to total depth and simply needs to be completed.  It should come on in Q2.

I knew this rapid increase in production was coming, but it's still hard to believe they are going to have more than doubled Q4 production in just 3 months with this AT63 well.

Disclosure: Long ATPG
Stocks: ATPAQ