Oil Boom Profits

ATP Oil & Gas Corp., an oil and gas development and production company, reported Friday a third-quarter profit, reversing a year-ago loss, as the company raised output and realized higher prices for crude oil and natural gas.

For the quarter ended Sept. 30, the company reported net income of $1.2 million, or 4 cents per share, versus a prior-year loss of $10.6 million, or 36 cents per share. Excluding an impairment charge from acquired properties, ATP reported profit of $12.9 million, or 43 cents per share.

The company, which operates in the Gulf of Mexico and the North Sea, said revenue rose to $132.8 million from $26.3 million in the year earlier period.

Wall Street had forecast a profit of 44 cents per share, the average estimate of 10 analysts surveyed by Thomson Financial, on projected sales of $125.3 million.

ATP said it placed on production six new wells in the first nine months of 2006, and that nine more wells are scheduled for first production between now and mid-2007. New wells scheduled in the next nine months are expected to continue increasing production into 2007.