ATP Oil cuts 2010 exit production view, shares hit 4-week low

Aug 25 (Reuters) - Offshore oil and gas explorer ATP Oil & Gas Corp (ATPG.O) forecast a substantially lower exit rate production for 2010 as it continues to be affected by the drilling moratorium in the Gulf of Mexico, pushing its shares to a four-week low.

Projects in the US Gulf have been hit hard by the deepwater drilling moratorium that was enforced following the BP (BP.L)(BP.N) oil spill in April. The moratorium lasts through November.

The Houston-based company said in a presentation it now expects per day production of 30,000-40,000 barrels of oil equivalent (boe/d) as on Dec 31. It had earlier projected about 48,000 boe/d.

ATP had posted a worse-than-expected second-quarter loss and warned of project delays due to the drilling halt. All its additional drilling and well operations in the Gulf have been deferred until 2011. [ID:nSGE6750EF]

U.S. Gulf represents about 68 percent of the company's total proved and probable reserves. North Sea operations contribute the rest.

Shares of the company, valued at about $552 million, have more than halved since April. 20, when the BP oil spill began. It fell 7 percent further on Wednesday to a low of $9.97 on NASDAQ. (Reporting by Krishna N. Das in Bangalore; Editing by Vyas Mohan)