"ATP Titan" Sails Out to Telemark Hub

November 3, 2009 8:40 AM EST

HOUSTON--(BUSINESS WIRE)-- ATP Oil & Gas Corporation (NASDAQ: ATPG) announced that its floating deepwater drilling and production facility, the ATP Titan, successfully sailed out of the Gulf Marine Fabricators dock near Aransas Pass, Texas on November 1.

T. Paul Bulmahn, ATP's Chairman and CEO stated, "The ATP Titan is on track for installation at Mirage (Mississippi Canyon 941), part of ATP's 100% owned and operated Telemark Hub. As the first deepwater U.S.-built multi-column, deep draft, floating drilling and production platform in the Gulf of Mexico, the ATP Titan has a design capacity of 25 MBbls/d of oil and 50 MMscf/d of gas. It has ample deck space for adjacent third party growth and potential additional drilling opportunities at ATP's Telemark Hub. ATP recently announced the discovery of additional pay sands at Mirage that were double initial estimates and triple the net feet of pay found in the original exploratory well drilled by Vastar in 1999. The Telemark Hub development is expected to more than double ATP's existing production in 2010."

After fully producing ATP's Mirage and Morgus (Mississippi Canyon 942) reserves, the ATP Titan will later be redeployed to ATP's development at Atwater Valley Block 63, the second phase of the Telemark Hub. With an expected life of 40 years, it is anticipated that the ATP Titan will be reused and redeployed multiple times during its life span in water depths of 1,500 to 9,500 feet.

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. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in our SEC filings.

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    Source: ATP Oil & Gas Corporation

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