Petroleum Equity, a newly-established private equity firm focused on the upstream oil and gas market, has announced its first investment through its investment vehicle Alpha Petroleum; the acquisition of ATP Oil & Gas (UK) Limited (ATP UK) from US parent company ATP Oil & Gas Corporation (ATP Corporation). The total transaction value stands at approximately US$133 million.

ATP Corporation is a Houston, Texas-based company that developed and produced oil and natural gas in the Gulf of Mexico and the North Sea. In late 2012, it filed for protection under Chapter 11 of the US Bankruptcy Code as a result of a multi-billion dollar insolvency and commenced a sale process for its subsidiary, ATP UK.

Tags: ATP Oil & Gas Corporation, Petroleum Equity