ATP Oil & Gas increases revolver's borrowing base and extends maturity

By Sara Rosenberg

New York, Aug. 1 - ATP Oil & Gas Corp. modified its revolving credit agreement, increasing the borrowing base to $62 million from $58 million and extending the maturity date to May 2004 from November 2003. Furthermore, the company's monthly reduction amount of $2 million scheduled in August was moved to September, providing an increase of $6 million in availability.

The participating bank group was also changed with the addition of Guaranty Bank as co-agent. Union Bank of California is the existing administrative agent and issuing lender.

ATP Oil & Gas is a Houston, Tex. developer and producer of natural gas.

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