ATP Advances Asset Monetization

October 7, 2008 8:30 AM EDT

HOUSTON--(BUSINESS WIRE)--

ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that its asset monetization process resulted in multiple bids, and ATP is negotiating with potential purchasers for selected properties. On August 28, 2008, ATP closed the data rooms established with Scotia Waterous (USA) Inc. for the offering and potential sale of a portion of ATP's working interests in several properties located in the Gulf of Mexico and the U.K. North Sea.

Leland E. Tate, President of ATP, stated, "We have been very pleased with the number of companies that have participated in this process and the quality of the bids. We received interest from a number of companies, allowing us to be selective in our decisions. We are in active negotiations with companies to prepare the necessary agreements, and we are continuing discussions with other companies for transactions that are acceptable to ATP and its potential new partners. ATP will provide further updates as more information becomes available and transactions are solidified."

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.

Source: ATP Oil & Gas Corporation

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