ATP Acquires Majority Interest and Operatorship at Deepwater Development

June 30, 2008 3:27 PM EDT

HOUSTON--(BUSINESS WIRE)--

ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has acquired a 55% working interest in Green Canyon Blocks 299 and 300, collectively known as "Clipper", with wells located in approximately 3,400 feet water in the Gulf of Mexico. ATP plans to complete one existing well and sidetrack and complete a second well tying-back to existing industry infrastructure with first production slated for late 2009. Four wells drilled in 2005 and 2006 logged hydrocarbons, but none were developed. ATP acquired the ownership interest pursuant to a Purchase and Sale Agreement with two independent energy companies and will operate both blocks.

George R. Morris, Chief Operating Officer of ATP Oil & Gas, said, "Over the next 18 months, ATP plans to develop Clipper by procuring equipment, completing and tying-back two wells for over 60 Bcfe of reserve potential."

About ATP Oil & Gas Corporation

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.

Forward-looking Statements

Certain statements included in this news release are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We and our independent third party reservoir engineers use the terms "probable" and "possible" and we use the term "recoverable hydrocarbons" to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves. All estimates of probable and possible reserves in this news release have been prepared by our independent third party engineers and all estimates of recoverable hydrocarbons have been prepared by management. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings.

Source: ATP Oil & Gas Corporation

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