Planned ATP Lease Sale May Create Enviro Hazards, Feds Say

Law360, Houston (May 2, 2013, 8:57 PM EDT) -- Federal regulators told a Texas bankruptcy judge Wednesday that a planned sale of ATP Oil & Gas Corp.’s oil and gas leases could leave the company unable to pay $11 million in royalties owed to the U.S. and unable to decommission certain offshore wells, creating environmental hazards.

The U.S. Department of the Interior and the Environmental Protection Agency lodged an objection asking the bankruptcy court to modify the terms of the proposed lease sale to ensure that ATP cannot avoid pre-bankruptcy royalty payments owed to the...
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