1 ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation ATP Oil & Gas Friedland Capital Oil, Gas & Energy Conference Houston January 28, 2003

2 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 a 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

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

4 Company Overview  Acquisition, development, and production company  Acquisition targets: Proven undeveloped properties (PUDs) Producing properties with future development opportunities ATP Oil & Gas Corporation  Unique, repeatable strategy Gulf of Mexico North Sea

5 Our D&P Strategy Improves IRR ATP Oil & Gas Corporation For the Sellers Eliminates future capital expenditures Receives cash and/or overrides Provides capital for other core projects For ATP Eliminates exploration risk Reduces acquisition costs Shortens duration of risked capital

6 Company History ATP Oil & Gas Corporation ATP incorporated on August 8th ATP completes its first sub-sea development ATP acquires all Statoil’s properties on the Outer- Continental Shelf ATP is one of the first companies to utilize horizontal drilling offshore 1998 ATP acquires additional UKCS Blocks. Ladybug production surpasses 3 million bbls. ATP was founded in 1991 and completed an initial public offering in February First production from North Sea

7 ATP Oil & Gas Corporation History of Producing Results Reserve Growth Note: EPL data not available for 5-year CAGR.

8 ATP Oil & Gas Corporation History of Producing Results Production Growth Note: EPL data not available for 5-year CAGR.

9 History of Producing Results Revenue Growth ATP Oil & Gas Corporation Note: EPL data not available for 5-year CAGR.

10 History of Producing Results Cash Flow ATP Oil & Gas Corporation Note: EPL data not available for 5-year CAGR.

First Half 2003 Gulf of Mexico Developments ATP Oil & Gas Corporation WC 284 Two new development wells EI 71 One new development well WC 101 Final Completion

12 Future Developments (2003 – 2005) Future developments 100% of development projects are ATP operated ATP Oil & Gas Corporation

North Sea Developments ATP Oil & Gas Corporation

14 UK Southern Gas Basin ATP Oil & Gas Corporation The Tors Helvellyn Venture 2002 Out-of-Round Award

15 Helvellyn Field ATP Oil & Gas Corporation

16 Helvellyn ATP Oil & Gas Corporation Water Depth: 90’ Working Interest: 50% Net Revenue Interest: 50% Platform/Wells:One subsea well tied back to Amethyst Field Development well:Drilled 4Q02; 1800’ of horizontal Rotliegend and Carboniferous penetration First Production:First Half 2003 Producing Sands: Rotliegend and Carboniferous Total gas column:200 meters Discovery well drilled:47/10-1 in 1985 Tested at 29.4 MMcfpd

17 Helvellyn Field ATP Oil & Gas Corporation Tested January 2003 at 60 MMcfpd by ATP

18 Venture Development ATP Oil & Gas Corporation Working Interest: 50% Net Revenue Interest: 50% Platform/Wells:Subsea/unmanned platform First Production:2004 Producing Sands: Rotliegend Two wells drilled:49/12-6 tested 15 & 20 MMcfpd from 2 zones 49/12-8 tested 27 & 47 MMcfpd from 2 zones Total gas column:In excess of 120 meters

19 The Tors – Garrow and Kilmar Development ATP Oil & Gas Corporation Working Interest: 75% Net Revenue Interest: 75% Platform/Wells:Kilmar platform, Garrow subsea First Production:2005 Producing Sands: Rotliegend and Carboniferous Wells drilled:43/22-1 (Kilmar) Tested 12.5 MMcfpd 43/22-2 (Kilmar) Tested 33 MMcfpd 43/21-2 (Garrow) Tested 19 MMcfpd Total gas column:Kilmar >150m Garrow – 80m

20 ATP Oil & Gas ATP Oil & Gas Corporation Peer Group Comparison

21 Peer Group Introduction ATP Oil & Gas Corporation Peers selected based on Gulf of Mexico focus

22 Peer Group Comparison ATP Oil & Gas Corporation Small-caps have similar production profiles

23 Peer Group Comparison ATP Oil & Gas Corporation Long-term debt comfortably serviced by production

24 Peer Group Comparison ATP Oil & Gas Corporation Enterprise value to reserves suggests upside potential

25 Peer Group Comparison ATP Oil & Gas Corporation ATP’s cash flow per share suggests upside potential

26 Summary ATP Oil & Gas Corporation  Proven operator in two core areas Gulf of Mexico North Sea  Robust U.S. and U.K. development inventory  Active U.S. and U.K. acquisition market  Relative valuation suggest price appreciation in 2003

27 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 (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0)