UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: December 20, 2012
ATP OIL & GAS CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number: 001-32647
Texas | 76-0362774 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
4600 Post Oak Place, Suite 100 Houston, Texas |
77027 | |
(Address of principal executive offices) | (Zip Code) |
(713) 622-3311
(Registrants telephone number, including area code)
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
As previously disclosed, on August 17, 2012, ATP Oil & Gas Corporation (the Company) filed a voluntary petition for relief (the Bankruptcy Filing) under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) Case No. 12-36187.
On December 20, 2012, the Company filed with the Bankruptcy Court its monthly operating report for November 2012 (the Monthly Operating Report). A copy of the Monthly Operating Report is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding Financial and Operating Data
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Companys securities, the Monthly Operating Report is complete. The Monthly Operating Report contains information for periods that are shorter or otherwise different from those required in the Companys reports pursuant to the Exchange Act, and such information might not be indicative of the Companys financial condition or operating results for the period that would be reflected in the Companys financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this Current Report on Form 8-K are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may be beyond our control and may cause our actual future results to differ materially from our current expectations both in connection with the Chapter 11 case and the Companys business and financial prospects. Statements of managements expectations, including its desire to successfully restructure in order to position the Company for long term viability and success, to address its financial challenges, to address important issues in an orderly way and to make the Company stronger and more competitive are based on current assumptions and expectations. No assurance can be made that these events will come to fruition. We do not undertake to update our forward-looking statements. Factors that could affect our results include, but are not limited to: (i) the ability of the Company to continue as a going concern, (ii) the ability of the Company to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 case, (iii) the ability of the Company to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 case, (iv) the effects of the Bankruptcy Filing on the Company and the interests of various creditors, equity holders and other constituents, (v) Bankruptcy Court rulings in the Chapter 11 case and the outcome of the cases in general, (vi) the length of time the Company will operate under the Chapter 11 cases, (vii) risks associated with third-party motions in the Chapter 11 case, which may interfere with the ability of the Company to develop one or more plans of reorganization and consummate such plans once they are developed, (viii) the potential adverse effects of the Chapter 11 proceedings on the Companys liquidity or results of operations, (ix) the ability to execute the Companys business and
restructuring plans, (x) increased legal costs related to the Companys Bankruptcy Filing and other litigation, and (xi) the ability of the Company to maintain contracts that are critical to its operation, including to obtain and maintain normal terms with their vendors, customers, landlords and service providers and to retain key executives, managers and employees. In the event that the risks disclosed in the Companys public filings and those discussed above cause results to differ materially from those expressed in the Companys forward-looking statements, the Companys business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected. The Company undertakes no obligation (and expressly disclaims any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to the Companys Form 10-K and Form 10-Q reports.
Additional information regarding the Bankruptcy Filings is available on the internet at www.atpog.com. Filings with the Bankruptcy Court and claims information are available at www.kccllc.net/atpog.
Item 9.01. Financial Statements and Exhibits.
(d) | Exhibits |
The following exhibit is filed in accordance with the provisions of Item 601 of Regulation S-K:
Exhibit |
Exhibit Description | |
99.1 | Monthly Operating Report |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.
ATP Oil & Gas Corporation | ||||
Date: December 26, 2012 | By: | /s/ Albert L. Reese Jr. | ||
Albert L. Reese Jr. Chief Financial Officer |
Exhibit Index
Exhibit |
Exhibit Description | |
99.1 | Monthly Operating Report |
Exhibit 99.1
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 1 of 11
MOR-1 | UNITED STATES BANKRUPTCY COURT |
CASE NAME: | ATP Oil & Gas Corporation |
PETITION DATE: | 8/17/2012 | |||||
CASE NUMBER: | 12-36187 |
DISTRICT OF TEXAS: | Southern | |||||
PROPOSED PLAN DATE: | To be determined |
DIVISION: | Houston |
MONTHLY OPERATING REPORT SUMMARY FOR NOVEMBER 2012
MONTH |
8/17/12 to 8/31/12 | 9/30/2012 | 10/31/2012 | 11/30/2012 | ||||||||||||
REVENUES (MOR-6) | $ | 17,962,067 | $ | 37,184,014 | $ | 36,306,806 | $ | 31,765,591 | ||||||||
INCOME(LOSS) FROM OPERATIONS (MOR-6) | 1,618,169 | 6,864,948 | 5,013,051 | (6,313,659 | ) | |||||||||||
NET INCOME (LOSS) (MOR-6) | (32,699,588 | ) | (4,623,978 | ) | (6,425,282 | ) | (22,150,243 | ) | ||||||||
PAYMENTS TO INSIDERS (MOR-9A) | 75,859 | 152,426 | 159,194 | 159,194 | ||||||||||||
PAYMENTS TO PROFESSIONALS (MOR-9A) | 620,479 | 572,818 | 1,311,798 | 5,432,032 | ||||||||||||
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TOTAL DISBURSEMENTS (MOR-8) | $ | 386,317,124 | $ | 68,035,477 | $ | 87,503,449 | $ | 57,414,266 | ||||||||
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***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee***
CIRCLE ONE | ||||||||||||
REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE |
EXP. DATE |
Are all accounts receivable being collected within terms?
Are all post-petition liabilities, including taxes, being paid within terms?
Have any pre-petition liabilities been paid? |
Yes
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CASUALTY LIABILITY VEHICLE WORKERS OTHER |
YES (X) NO ( ) YES (X) NO ( ) YES (X) NO ( ) YES (X) NO ( ) YES (X) NO ( ) |
06-30-13 10-31-13 10-31-13 06-30-13 06-01-13 |
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If so, describe | In accordance with the authority that has been granted to ATP under court orders, certain prepetition liabilities relating to payroll, employee expense reimbursements, independent contractor fees, utility fees, capital expenditures for our Clipper project, and fees due on our bank accounts have been paid. | |||||||||||
Are all funds received being deposited into DIP bank accounts? |
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Were any assets disposed of outside the normal course of business? | Yes
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If so, describe |
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Are all U.S. Trustee Quarterly Fee Payments current? |
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What is the status of your Plan of Reorganization? |
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We are in the preliminary stages of formulating a Plan of Reorganization. |
ATTORNEY NAME: | Charles S. Kelley, Esq. |
I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. | ||||||||
FIRM NAME: | Mayer Brown, LLP |
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ADDRESS: | 700 Louisiana St. |
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Suite 3400 |
SIGNED X |
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TITLE: Chief Accounting Officer | |||||||
CITY, STATE, ZIP: | Houston, TX 77002 |
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TELEPHONE/FAX: | (713) 238-3000 |
(ORIGINAL SIGNATURE) |
Keith R. Godwin |
December 20, 2012 | |||||||||
MOR-1 | (PRINT NAME OF SIGNATORY) | DATE | Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 2 of 11
CASE NAME: | ATP Oil & Gas Corporation |
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CASE NUMBER: | 12-36187 |
COMPARATIVE BALANCE SHEETS
ASSETS |
FILING DATE 8/17/2012 |
MONTH 8/31/2012 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | |||||||||||||||||
CURRENT ASSETS |
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Cash |
$ | 6,119,734 | $ | 47,144,872 | $ | 54,512,686 | $ | 39,600,277 | $ | 21,768,168 | ||||||||||||||
Restricted Cash |
4,840,908 | 14,841,112 | 82,549,173 | 39,780,233 | 32,834,527 | |||||||||||||||||||
Accounts Receivable, Net |
48,962,845 | 48,202,892 | 51,860,095 | 49,641,379 | 43,065,163 | |||||||||||||||||||
Accounts Receivable, Affiliates |
699,367,083 | 705,099,121 | 710,056,471 | 715,813,853 | 721,441,532 | |||||||||||||||||||
Prepaid Expenses and Other Current Assets |
18,938,661 | 19,533,602 | 14,207,138 | 11,902,075 | 15,435,513 | |||||||||||||||||||
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TOTAL CURRENT ASSETS |
778,229,231 | 834,821,599 | 913,185,563 | 856,737,817 | 834,544,903 | |||||||||||||||||||
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Oil & Gas Properties |
2,914,007,759 | 2,939,625,568 | 2,988,835,104 | 2,962,670,018 | 2,958,065,891 | |||||||||||||||||||
Less Accumulated DD&A and Impairment |
1,622,583,195 | 1,636,941,332 | 1,650,846,528 | 1,664,818,884 | 1,685,343,773 | |||||||||||||||||||
OIL & GAS PROPERTIES, NET |
1,291,424,564 | 1,302,684,236 | 1,337,988,576 | 1,297,851,134 | 1,272,722,118 | |||||||||||||||||||
OTHER ASSETS |
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1. Deferred Tax Assets |
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2. Investments in Affiliates |
892,154,554 | 888,614,697 | 869,098,552 | 864,632,911 | 860,285,519 | |||||||||||||||||||
3. Deferred Financing Costs - net |
2,075,258 | 2,171,506 | 1,970,434 | 1,836,314 | 1,756,502 | |||||||||||||||||||
4. Furniture & Fixtures, net |
482,093 | 463,201 | 440,959 | 418,736 | 396,666 | |||||||||||||||||||
5. Other Non current Receivable |
12,269,065 | 12,273,726 | 12,278,238 | 12,282,902 | 12,287,418 | |||||||||||||||||||
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TOTAL ASSETS |
$ | 2,976,634,765 | $ | 3,041,028,965 | $ | 3,134,962,322 | $ | 3,033,759,814 | $ | 2,981,993,126 | ||||||||||||||
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MOR-2 | Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 3 of 11
CASE NAME: | ATP Oil & Gas Corporation |
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CASE NUMBER: | 12-36187 |
COMPARATIVE BALANCE SHEETS
LIABILITIES & OWNERS EQUITY |
FILING DATE 8/17/2012 |
MONTH 8/31/2012 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | |||||||||||||||||
LIABILITIES |
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POST-PETITION LIABILITIES(MOR-4) |
$ | | $ | 501,051,920 | $ | 631,908,259 | $ | 559,111,503 | $ | 573,175,745 | ||||||||||||||
PRE-PETITION LIABILITIES |
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Secured obligations |
2,014,806,960 | 1,650,999,715 | 1,648,605,960 | 1,651,917,233 | 1,666,895,379 | |||||||||||||||||||
Priority unsecured obligations |
11,287,816 | 11,287,816 | 10,759,598 | 10,759,598 | 10,759,598 | |||||||||||||||||||
Unsecured obligations |
251,241,600 | 251,241,600 | 198,576,609 | 191,241,071 | 153,633,566 | |||||||||||||||||||
Other pre-petition obligations |
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TOTAL CLAIMABLE PRE-PETITION LIABILITIES |
2,277,336,376 | 1,913,529,131 | 1,857,942,167 | 1,853,917,902 | 1,831,288,543 | |||||||||||||||||||
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Asset Retirement Obligation(1) |
149,468,228 | 150,114,665 | 149,970,805 | 151,553,115 | 150,540,263 | |||||||||||||||||||
Derivative Liability |
1,962,381 | | | | | |||||||||||||||||||
Other Long-term obligations(2) |
544,832,478 | 510,150,491 | 536,415,044 | 520,685,753 | 504,590,990 | |||||||||||||||||||
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TOTAL LIABILITIES |
2,973,599,463 | 3,074,846,207 | 3,176,236,275 | 3,085,268,273 | 3,059,595,541 | |||||||||||||||||||
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OWNERS EQUITY (DEFICIT) |
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PREFERRED STOCK |
277,406,044 | 277,406,044 | 277,406,044 | 136,457,044 | 136,457,044 | |||||||||||||||||||
COMMON STOCK |
52,660 | 52,660 | 52,660 | 73,288 | 73,288 | |||||||||||||||||||
TREASURY STOCK |
(911,729 | ) | (911,729 | ) | (911,729 | ) | (911,729 | ) | (911,729 | ) | ||||||||||||||
ADDITIONAL PAID-IN CAPITAL |
536,339,243 | 536,976,475 | 537,384,047 | 678,615,495 | 678,990,045 | |||||||||||||||||||
8/1-8/17 TRANSLATION ADJUSTMENT(3) |
1,363,677 | | | | | |||||||||||||||||||
RETAINED EARNINGS: Filing Date |
(811,214,593 | ) | (811,214,593 | ) | (811,214,593 | ) | (811,214,593 | ) | (811,214,593 | ) | ||||||||||||||
RETAINED EARNINGS: Post Filing Date |
| (32,699,588 | ) | (37,323,566 | ) | (43,748,848 | ) | (65,899,091 | ) | |||||||||||||||
Equity in earnings of ATPIP and ATP Titan: Post Filing Date |
| (3,426,511 | ) | (6,666,816 | ) | (10,779,116 | ) | (15,097,379 | ) | |||||||||||||||
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TOTAL OWNERS EQUITY (NET DEFICIT) |
3,035,302 | (33,817,242 | ) | (41,273,953 | ) | (51,508,459 | ) | (77,602,415 | ) | |||||||||||||||
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TOTAL LIABILITIES & OWNERS EQUITY |
$ | 2,976,634,765 | $ | 3,041,028,965 | $ | 3,134,962,322 | $ | 3,033,759,814 | $ | 2,981,993,126 | ||||||||||||||
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MOR-3 | Revised 07/01/98 |
(1) | ARO represents GAAP present value estimate of future cash flows. ARO is subject to certain potential bonding requirements, some of which have not been determined as of the date of this filing. |
(2) | Other long-term obligations include term NPI and ORRI interests which are accounted for as long-term obligations under GAAP because they are granted on proved properties where production is reasonably assured. Amounts associated with these other long-term obligations are not payable until production occurs. |
(3) | Our August 17 through August 31, 2012 income was estimated using an allocation of 15/31 days for certain line items. Our balance sheet line items represent the August 17 balances when possible; otherwise amounts presented represent July 31 balances. Because of this, an equity translation adjustment is required. |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 4 of 11
CASE NAME: | ATP Oil & Gas Corporation |
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CASE NUMBER: | 12-36187 |
SCHEDULE OF POST-PETITION LIABILITIES
MONTH 8/31/2012 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | |||||||||||||||
TRADE ACCOUNTS PAYABLE (MOR 5) |
$ | 11,682,314 | $ | 9,262,572 | $ | 4,618,385 | $ | 14,180,863 | ||||||||||||
ACCOUNTS PAYABLE - AFFILIATES |
| 5,762,204 | 5,766,203 | 5,764,704 | ||||||||||||||||
TAX PAYABLE |
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Federal Payroll Taxes |
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State Payroll Taxes |
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Ad Valorem Taxes |
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Other Taxes |
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TOTAL TAXES PAYABLE |
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SECURED DEBT POST-PETITION |
414,344,609 | 524,877,029 | 525,532,714 | 528,769,960 | ||||||||||||||||
ACCRUED INTEREST PAYABLE |
583,204 | 4,625,503 | 4,852,269 | 5,000,980 | ||||||||||||||||
ACCRUED PROFESSIONAL FEES* |
746,512 | 440,553 | 715,540 | | ||||||||||||||||
OTHER ACCRUED LIABILITIES |
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1. Payroll accruals |
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2. Other accruals |
55,145,058 | 77,503,779 | 10,701,453 | 12,937,793 | ||||||||||||||||
3. Other payables |
18,550,223 | 9,436,619 | 6,924,939 | 6,521,445 | ||||||||||||||||
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TOTAL POST-PETITION LIABILITIES (MOR-3) |
$ | 501,051,920 | $ | 631,908,259 | $ | 559,111,503 | $ | 573,175,745 | ||||||||||||
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* | Payment requires Court Approval |
MOR-4 | Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 5 of 11
CASE NAME: | ATP Oil & Gas Corporation |
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CASE NUMBER: | 12-36187 |
AGING OF POST-PETITION LIABILITIES MONTH 11/30/2012
DAYS |
TOTAL | TRADE ACCOUNTS |
FEDERAL TAXES |
STATE TAXES |
AD VALOREM, OTHER TAXES |
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0-30 |
$ | 14,540,604 | $ | 14,540,604 | $ | | $ | | $ | | ||||||||||
31-60 |
(361,626 | ) | (361,626 | ) | | | | |||||||||||||
61-90 |
1,885 | 1,885 | | | | |||||||||||||||
91+ |
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TOTAL |
$ | 14,180,863 | $ | 14,180,863 | $ | | $ | | $ | | ||||||||||
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AGING OF ACCOUNTS RECEIVABLE
DAYS |
TOTAL | Revenue | Joint Interest(1) | Other(2) | ||||||||||||
0-30 DAYS |
$ | 36,573,488 | $ | 33,758,679 | $ | 2,814,809 | $ | | ||||||||
31-60 DAYS |
428,866 | (109 | ) | 428,037 | $ | 938 | ||||||||||
61-90 DAYS |
2,671,069 | | 2,600,069 | 71,000 | ||||||||||||
91+ DAYS |
3,391,740 | (358,852 | ) | 3,073,983 | 676,609 | |||||||||||
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TOTAL |
$ | 43,065,163 | $ | 33,399,718 | $ | 8,916,898 | $ | 748,547 | ||||||||
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MOR-5 | Revised 07/01/98 |
(1) 91+ day balance includes |
$2,013,375 of amounts being withheld over WI% dispute and | |
$415,789 of amounts regarding Black Elk/Nippon lawsuit | ||
(2) 91+ day balance includes |
$434,636 due from Israel Tax Authority for VAT taxes and other receivables |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 6 of 11
CASE NAME: | ATP Oil & Gas Corporation |
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CASE NUMBER: | 12-36187 |
STATEMENT OF INCOME (LOSS)
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | FILING TO DATE |
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REVENUES (MOR-1) |
$ | 17,962,067 | $ | 37,184,014 | 36,306,806 | 31,765,591 | $ | 123,218,478 | ||||||||||||||||
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GROSS PROFIT |
17,962,067 | 37,184,014 | 36,306,806 | 31,765,591 | 123,218,478 | |||||||||||||||||||
OPERATING EXPENSES: |
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Lease Operating Expenses |
3,596,446 | 7,405,660 | 7,072,186 | 8,386,269 | 26,460,561 | |||||||||||||||||||
Processing fees, related party |
3,456,290 | 6,590,000 | 6,643,000 | 6,590,000 | 23,279,290 | |||||||||||||||||||
DD&A /Impairment |
6,958,244 | 13,927,439 | 13,994,578 | 20,546,958 | 55,427,219 | |||||||||||||||||||
Accretion |
508,076 | 1,059,370 | 1,032,207 | 1,000,518 | 3,600,171 | |||||||||||||||||||
Abandonment(Gain)/Loss |
32,108 | 130,910 | | | 163,018 | |||||||||||||||||||
Compensation Expense |
778,853 | 1,165,292 | 1,359,794 | 1,265,270 | 4,569,209 | |||||||||||||||||||
Professional Fees |
882,462 | (35,889 | ) | 967,109 | 341,154 | 2,154,836 | ||||||||||||||||||
Other General & Administrative |
131,419 | 76,284 | 224,881 | (50,919 | ) | 381,665 | ||||||||||||||||||
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TOTAL OPERATING EXPENSES |
16,343,898 | 30,319,066 | 31,293,755 | 38,079,250 | 116,035,969 | |||||||||||||||||||
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|
|||||||||||||
INCOME (LOSS) FROM OPERATIONS (MOR-1) |
1,618,169 | 6,864,948 | 5,013,051 | (6,313,659 | ) | 7,182,509 | ||||||||||||||||||
INTEREST INCOME |
2,033,953 | 4,504,888 | 4,860,557 | 4,818,186 | 16,217,584 | |||||||||||||||||||
INTEREST (EXPENSE), NET |
(2,191,113 | ) | (13,303,416 | ) | (15,464,387 | ) | (16,457,399 | ) | (47,416,315 | ) | ||||||||||||||
DERIVATIVES GAIN/(LOSS) |
| (30,879 | ) | (972 | ) | 4,387 | (27,464 | ) | ||||||||||||||||
DEBT EXTINGUISHMENT GAIN/(LOSS) |
(6,937,100 | ) | | | | (6,937,100 | ) | |||||||||||||||||
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|||||||||||||
TOTAL INT, DER. & OTHER ITEMS |
(7,094,260 | ) | (8,829,407 | ) | (10,604,802 | ) | (11,634,826 | ) | (38,163,295 | ) | ||||||||||||||
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NET INCOME (LOSS) BEFORE REORGANIZATION EXPENSES |
(5,476,091 | ) | (1,964,459 | ) | (5,591,751 | ) | (17,948,485 | ) | (30,980,786 | ) | ||||||||||||||
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REORGANIZATION (EXPENSES): |
||||||||||||||||||||||||
US Trustee fees |
(30,000 | ) | | (30,000 | ) | | (60,000 | ) | ||||||||||||||||
Professional fees |
(1,037,305 | ) | (2,659,519 | ) | (803,531 | ) | (4,201,758 | ) | (8,702,113 | ) | ||||||||||||||
Debt valuation adjustments |
| | | | | |||||||||||||||||||
Claims adjustments |
(26,156,192 | ) | | | | (26,156,192 | ) | |||||||||||||||||
Interest income |
| | | | | |||||||||||||||||||
REORGANIZATION EXPENSES, NET: |
(27,223,497 | ) | (2,659,519 | ) | (833,531 | ) | (4,201,758 | ) | (34,918,305 | ) | ||||||||||||||
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|
|||||||||||||
NET INCOME (LOSS) (MOR-1) |
$ | (32,699,588 | ) | $ | (4,623,978 | ) | $ | (6,425,282 | ) | $ | (22,150,243 | ) | $ | (65,899,091 | ) | |||||||||
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Accrual Accounting Required, Otherwise Footnote with Explanation.
MOR-6 | Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 7 of 11
CASE NAME: | ATP Oil & Gas Corporation |
|||
CASE NUMBER: | 12-36187 |
CASH RECEIPTS AND DISBURSEMENTS |
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | FILING TO DATE |
|||||||||||||||||
1. CASH-BEGINNING OF MONTH |
$ | 6,119,734 | $ | 47,144,872 | $ | 54,512,686 | $ | 39,600,277 | $ | 6,119,734 | ||||||||||||||
RECEIPTS: |
||||||||||||||||||||||||
1. COLLECTION OF NET REVENUE ACCOUNTS RECEIVABLE |
21,003,439 | 34,319,343 | 29,583,979 | 31,906,235 | 116,812,996 | |||||||||||||||||||
2. COLLECTION OF JOINT INTEREST ACCOUNTS RECEIVABLE |
| 681,206 | 383,486 | 75,705 | 1,140,397 | |||||||||||||||||||
3. OTHER OPERATING RECEIPTS (MOR-7B) |
| 310,803 | 115,223 | 653,805 | 1,079,831 | |||||||||||||||||||
4. FINANCING RECEIPTS (MOR-7B) |
406,338,823 | 40,091,939 | 42,508,352 | 6,946,412 | 495,885,526 | |||||||||||||||||||
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TOTAL RECEIPTS** |
427,342,262 | 75,403,291 | 72,591,040 | 39,582,157 | 614,918,750 | |||||||||||||||||||
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(Withdrawal) Contribution by Individual Debtor MFR-2* |
||||||||||||||||||||||||
DISBURSEMENTS: |
||||||||||||||||||||||||
5. TERM-LIMITED ORRI |
940,089 | 2,991,609 | 1,766,390 | 3,838,613 | 9,536,701 | |||||||||||||||||||
6. TERM-LIMITED NPI |
| 12,645,837 | 21,087,710 | 16,535,724 | 50,269,271 | |||||||||||||||||||
7. DERIVATIVE SETTLEMENTS PAID (RECEIVED) |
2,141,118 | 30,879 | 90,352 | (4,387 | ) | 2,257,962 | ||||||||||||||||||
8. LEASE OPERATING COSTS |
| 1,702,508 | 10,662,317 | 3,560,882 | 15,925,707 | |||||||||||||||||||
9. GOMEZ PIPELINE OBLIGATION |
830,833 | 877,160 | 1,026,951 | 898,828 | 3,633,772 | |||||||||||||||||||
10. TITAN FEE |
5,500,000 | 10,000,000 | 5,000,000 | 5,000,000 | 25,500,000 | |||||||||||||||||||
11. ATPIP FEES |
1,571,182 | 1,571,682 | 1,518,682 | 1,571,682 | 6,233,228 | |||||||||||||||||||
12. GENERAL & ADMINISTRATIVE (MOR-7B) |
437,500 | 2,264,864 | 2,129,975 | 1,650,573 | 6,482,912 | |||||||||||||||||||
13. OTHER OPERATING DISBURSEMENTS (MOR-7B) |
| | | | | |||||||||||||||||||
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|||||||||||||
TOTAL DISBURSEMENTS FROM OPERATIONS |
11,420,722 | 32,084,539 | 43,282,377 | 33,051,915 | 119,839,553 | |||||||||||||||||||
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14. CAPEX CASH DISBURSMENTS (MOR-7B) |
| 34,933,676 | 38,100,489 | 14,214,751 | 87,248,916 | |||||||||||||||||||
15. BANKRUPTCY & PROFESSIONAL FEES (MOR-7B) |
620,479 | 572,818 | 1,311,798 | 5,432,032 | 7,937,127 | |||||||||||||||||||
16. FINANCING PAYMENTS - PRINCIPAL AND INTEREST (MOR-7B) |
374,275,923 | 444,444 | 4,808,785 | 4,715,568 | 384,244,720 | |||||||||||||||||||
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|||||||||||||
TOTAL DISBURSEMENTS** |
386,317,124 | 68,035,477 | 87,503,449 | 57,414,266 | 599,270,316 | |||||||||||||||||||
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17. NET CASH FLOW |
41,025,138 | 7,367,814 | (14,912,409 | ) | (17,832,109 | ) | 15,648,434 | |||||||||||||||||
18. CASH - END OF MONTH (MOR-2) |
$ | 47,144,872 | $ | 54,512,686 | $ | 39,600,277 | $ | 21,768,168 | $ | 21,768,168 |
MOR-7A | * Applies to Individual debtors only ** Numbers for the current month should balance (match) RECEIPTS and CHECKS/OTHER
DISBURSEMENTS lines on |
Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 8 of 11
CASE NAME: | ATP Oil & Gas Corporation |
|||
CASE NUMBER: | 12-36187 |
CASH RECEIPTS AND DISBURSEMENTS DETAIL |
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | FILING TO DATE |
|||||||||||||||||
OTHER OPERATING RECEIPTS (Line 3) |
||||||||||||||||||||||||
Miscellaneous |
$ | | $ | 310,803 | $ | 115,223 | $ | 653,805 | $ | 1,079,831 | ||||||||||||||
GENERAL & ADMINISTRATIVE (Line 12) |
||||||||||||||||||||||||
Compensation |
352,523 | 1,235,511 | 1,008,815 | 907,731 | 3,504,580 | |||||||||||||||||||
Rent |
| 55,812 | 110,518 | | 166,330 | |||||||||||||||||||
Office and general costs |
| 89,235 | 82,965 | 11,151 | 183,351 | |||||||||||||||||||
Travel related |
| 26,191 | 20,791 | 10,447 | 57,429 | |||||||||||||||||||
D&O |
82,413 | 81,233 | 97,420 | 20,502 | 281,568 | |||||||||||||||||||
Other costs |
2,564 | 776,882 | 809,466 | 700,742 | 2,289,654 | |||||||||||||||||||
GENERAL & ADMINISTRATIVE TOTAL |
437,500 | 2,264,864 | 2,129,975 | 1,650,573 | 6,482,912 | |||||||||||||||||||
OTHER OPERATING DISBURSEMENTS (Line 13) |
| | | | | |||||||||||||||||||
CAPEX CASH DISBURSMENTS (Line 14) |
||||||||||||||||||||||||
Maintenance/Other |
| | 27,985 | | 27,985 | |||||||||||||||||||
Clipper project |
| 34,933,676 | 37,895,335 | 13,391,177 | 86,220,188 | |||||||||||||||||||
Gomez #9 project |
| | | | | |||||||||||||||||||
Plugging and abandonment of oil and gas properties |
| | 177,169 | 823,574 | 1,000,743 | |||||||||||||||||||
CAPEX CASH DISBURSMENTS TOTAL |
| 34,933,676 | 38,100,489 | 14,214,751 | 87,248,916 | |||||||||||||||||||
FINANCING PAYMENTS - PRINCIPAL AND INTEREST (Line 16) |
||||||||||||||||||||||||
1st lien principal and interest |
367,338,823 | | | | 367,338,823 | |||||||||||||||||||
New facility principal and interest |
6,937,100 | 444,444 | 4,808,785 | 4,715,568 | 16,905,897 | |||||||||||||||||||
FINANCING PAYMENTS - PRINCIPAL AND INTEREST TOTAL |
374,275,923 | 444,444 | 4,808,785 | 4,715,568 | 384,244,720 | |||||||||||||||||||
FINANCING RECEIPTS (Line 4) |
||||||||||||||||||||||||
New facility proceeds |
$ | 406,338,823 | $ | 40,091,939 | $ | 42,508,352 | $ | 6,946,412 | $ | 495,885,526 |
MOR-7B |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 9 of 11
CASE NAME: | ATP Oil & Gas Corporation |
|||
CASE NUMBER: | 12-36187 |
CASH ACCOUNT RECONCILIATION MONTH OF 11/30/2012
BANK NAME | JPMorgan Chase | JPMorgan Chase | JPMorgan Chase | JPMorgan Chase | JPMorgan Chase | Green Bank | ||||||||||||||||||||||
ACCOUNT NUMBER | 113334321 | 1000027441 | 6300050955 | 58902066488 | 113400841 | 3300247239 | ||||||||||||||||||||||
ACCOUNT TYPE |
Operating | Deposit | Controlled Disbursement | Cafeteria Plan | Other | Payroll | TOTAL | |||||||||||||||||||||
BANK BALANCE |
$ | 27,267,821 | $ | | $ | | $ | 27,655 | $ | | $ | 258,097 | $ | 27,553,573 | ||||||||||||||
DEPOSITS IN TRANSIT |
| | | | | | | |||||||||||||||||||||
OUTSTANDING CHECKS |
| | 5,785,405 | | | | 5,785,405 | |||||||||||||||||||||
ADJUSTED BANK BALANCE |
$ | 27,267,821 | $ | | $ | (5,785,405 | ) | $ | 27,655 | $ | | $ | 258,097 | $ | 21,768,168 | |||||||||||||
BEGINNING CASH - PER BOOKS |
$ | 45,858,385 | $ | | $ | (6,506,562 | ) | $ | 31,748 | $ | | $ | 216,706 | $ | 39,600,277 | |||||||||||||
RECEIPTS* |
38,923,965 | 658,192 | | | | | 39,582,157 | |||||||||||||||||||||
TRANSFERS BETWEEN ACCOUNTS |
(9,828,993 | ) | (658,192 | ) | 9,587,185 | | | 900,000 | | |||||||||||||||||||
(WITHDRAWAL) OR CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2 |
| | | | | | | |||||||||||||||||||||
CHECKS/OTHER DISBURSEMENTS* |
47,685,536 | | 8,866,028 | 4,093 | | 858,609 | 57,414,266 | |||||||||||||||||||||
ENDING CASH - PER BOOKS |
$ | 27,267,821 | $ | | $ | (5,785,405 | ) | $ | 27,655 | $ | | $ | 258,097 | $ | 21,768,168 |
MOR-8 | * Numbers should balance (match) TOTAL RECEIPTS and TOTAL DISBURSEMENTS lines on MOR-7A |
Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 10 of 11
CASE NAME: | ATP Oil & Gas Corporation |
|||
CASE NUMBER: | 12-36187 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).
INSIDERS: NAME/COMP TYPE |
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | ||||||||||||||
1. T. Paul Bulmahn (salary) |
$ | 17,767 | $ | 36,197 | $ | 36,798 | $ | 36,798 | ||||||||||||
2. Leland E. Tate (salary) |
14,634 | 29,267 | 29,267 | 29,267 | ||||||||||||||||
3. Albert L. Reese Jr. (salary) |
11,577 | 23,154 | 24,863 | 24,863 | ||||||||||||||||
4. George R. Morris (salary) |
11,848 | 23,741 | 25,554 | 25,554 | ||||||||||||||||
5. John E. Tschirhart (salary) |
8,731 | 17,463 | 18,455 | 18,455 | ||||||||||||||||
6. Keith R. Godwin (salary) |
11,302 | 22,604 | 24,257 | 24,257 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||
TOTAL INSIDERS (MOR-1) |
$ | 75,859 | $ | 152,426 | $ | 159,194 | $ | 159,194 | ||||||||||||
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|
|
PROFESSIONALS |
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | ||||||||||||||
Debtor Professionals (MOR-9B) |
$ | | $ | | $ | | $ | 4,169,875 | ||||||||||||
DIP Lender Professionals (MOR-9B) |
620,479 | 572,818 | 1,281,798 | 1,262,157 | ||||||||||||||||
US Trustee (MOR-9B) |
| | 30,000 | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL PROFESSIONALS (MOR-1) |
$ | 620,479 | $ | 572,818 | $ | 1,311,798 | $ | 5,432,032 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
MOR-9A | Revised 07/01/98 |
Case 12-36187 Document 1093 Filed in TXSB on 12/20/12 Page 11 of 11
CASE NAME: | ATP Oil & Gas Corporation |
|||
CASE NUMBER: | 12-36187 |
PAYMENTS TO PROFESSIONALS
PROFESSIONALS |
MONTH 8/17/12 to 8/31/12 |
MONTH 9/30/2012 |
MONTH 10/31/2012 |
MONTH 11/30/2012 |
MONTH | MONTH | ||||||||||||||
DEBTOR PROFESSIONALS |
||||||||||||||||||||
Debtor Legal Advisors |
||||||||||||||||||||
1 Mayer Brown, LLP |
$ | | $ | | $ | | $ | 2,084,621 | ||||||||||||
2 Munsch, Hardt, Kopf & Harr, PC |
| | | 10,668 | ||||||||||||||||
Debtor Financial Advisors |
||||||||||||||||||||
3 Jefferies & Company, Inc. |
| | | 1,093,148 | ||||||||||||||||
4 Opportune, LLP |
| | | 534,924 | ||||||||||||||||
Debtor Other |
||||||||||||||||||||
5 Kurtzman Carson Consultants, LLC |
| | | 446,514 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL DEBTOR PROFESSIONALS (MOR-9A): |
| | | 4,169,875 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
DIP LENDER PROFESSIONALS |
||||||||||||||||||||
DIP Legal Advisors |
||||||||||||||||||||
6 Bingham McCutchen LLP |
620,479 | | 429,209 | 669,528 | ||||||||||||||||
7 Cravath, Swaine & Moore LLP |
| 572,818 | | | ||||||||||||||||
8 Winstead PC |
| | 317,303 | 304,440 | ||||||||||||||||
DIP Financial Advisors |
||||||||||||||||||||
9 Houlihan Lokey |
| | 535,286 | 164,133 | ||||||||||||||||
DIP Other |
||||||||||||||||||||
10 Netherland Sewell & Associates, Inc. |
| | | 40,540 | ||||||||||||||||
11 Arthur C. Leblanc, Jr |
| | | 83,516 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL DIP PROFESSIONALS (MOR-9A): |
620,479 | 572,818 | 1,281,798 | 1,262,157 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
12 US Trustee Payment Center (MOR-9A) |
$ | | $ | | $ | 30,000 | $ | |
MOR-9B | Revised 07/01/98 |
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