ATP Oil & Gas Corporation Global Executive Finance for Oil & Gas 2002 May 13-14, 2002 Al Reese, Jr. Senior Vice President & Chief Financial Officer ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Maintaining Balance Through A Focused Exploration, Development And Divestiture Strategy ATP Oil & Gas Corporation A Corporate Case Study ATP Oil & Gas Corporation

ATP Oil & Gas Corporation The E&P Focus Frontier Exploration High risk and reward, 5+ years to initial return Step-out Exploration Medium-high risk and reward, 2-5 years to initial return Development Lower-medium risk and reward, less than 2 years to initial return Production Lowest risk and reward, immediate initial return ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Perceived Risk/Reward ATP Oil & Gas Corporation Risk Reward 0%

ATP Oil & Gas Corporation Actual Risk/Reward ATP Oil & Gas Corporation Risk Reward 0%

ATP Oil & Gas Corporation The Issues Corporate focus Assessing and acquiring properties for growth Continuous evaluation Monetizing value ATP Oil & Gas Corporation

ATP Oil & Gas Corporation ATP A case study in exploration and development in a company that does no exploration ATP Oil & Gas Corporation

Taking a business approach to the oil and gas business. ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Company Overview Founded in 1991 A “D & P” company Development and Production Offshore solution provider for exploration- oriented majors and independents ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Company History ATP was founded in 1991 and completed an initial public offering in February ATP forms its first limited partnership to provide funding for operations 1991 The Company is incorporated on August 8th ATP forms a second partnership and commences development activities in the Gulf of Mexico ATP acquires the third-party interests from its two partnerships and enters into a new financing arrangement The Company completes its first sub-sea development ATP wins numerous awards for its outstanding technological achievements and growth record ATP acquires all properties of Statoil (US) on the outer- Continental Shelf of the Gulf of Mexico The Company completes its initial public offering in February and acquires its first properties in the UK North Sea ATP becomes one of the first independent development companies to utilize horizontal drilling in offshore operations ATP opens the U.K. office commencing operations in the Southern Gas Basin of the UK North Sea ATP awarded UKCS Blocks 42/25a and 43/21a by DTI as an Out of Round License ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Area of Operations Over 50 blocks in Gulf of Mexico 7 blocks in North Sea WC 101 WC 152 ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Our Exploration Program is as a Solution Provider Sellers benefit: –Eliminates future capital expenditures –Receive cash flow from non-core, non-strategic assets –Keeps assets on the books through ORRI ATP benefit: –Eliminates exploration risk, cost and time –Accelerates our growth in reserves, production and cash flow –Creates outstanding project IRR Win-win situation for both parties ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Strong Development Track Record Inception (1991) – March 31, 2002 PUD’s taken to production 28 PUD’s in development planning12 Extensive Subsea Expertise Subsea Wells Operated 10 Subsea Development Wells Planned 7 Industry Leader in Long Reach Subsea Tiebacks - Ladybug18 miles 100% of properties under development are operated, allowing control of the timing and amount of capital expenditure ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Proved Reserves (Bcfe) ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Production Oil/Natural Gas (Bcfe) ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Reserve Replacement Average Reserve Replacement: % % ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Continuous Evaluation and Monetization in a Changing Environment Industry –Oil & gas prices –Mergers and consolidation Corporate –Management –Focus Project –Performance –Adjacent opportunities ATP Oil & Gas Corporation

ATP Oil & Gas Corporation ATP Examples of Evaluation and Monetization High oil & gas prices Acceleration wells High costs Postponed projects Opportunities away from focus Sale of exploration opportunities ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Historical Operating Performance ($ in millions) % 72% 62% 65% 62% $94 $84 $55 $43 $27 $20 $15 $8 $5 EBITDAREVENU ES $58 Margin ATP Oil & Gas Corporation

ATP Oil & Gas Corporation ATP Future Outer Continental Shelf Shallow Deepwater GOM North Sea ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Property Overview Gulf of Mexico Shelf Program WC 101 WC 152 ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Garden Banks 409 (Ladybug) Gulf of Mexico Shallow Deepwater WC 101 WC 152 Ladybug ATP Operated 1 million barrels produced after 135 days ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Southern Gas Basin of North Sea ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Southern Gas Basin of North Sea ATP Acquisition Blocks Other Opportunities The Tors Helvellyn Venture ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Summary  Six straight years of increases of Production Reserves Revenues EBITDA Cash Flow  12 projects, 100% operated by ATP  Continued focus on our core areas ATP Oil & Gas Corporation

ATP Oil & Gas Corporation Forward-looking Statement This presentation contains projections and other forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These projections and statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as result of certain factors. A discussion of these factors is included in the Company documents filed with the Securities and Exchange Commission. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person. ATP Oil & Gas Corporation

ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation 4600 Post Oak Place, Suite 200 Houston, TX ATP Oil & Gas Corporation