1

ATP Oil & Gas Corporation

NASDAQ: ATPG

ATPOil & Gas

Corporation

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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 1934. 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.

ATPOil & Gas

Corporation

Area of Operations

Over 50 blocks in Gulf of Mexico7 blocks in North Sea

ATPOil & Gas

Corporation

4

Company Overview

• Development and production company

• Offshore solution

provider for exploration

oriented majors and

independents

• Unique, repeatable strategy

ATPOil & Gas

Corporation

SMI 189/190

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Our D&P Strategy Works ATPOil & Gas

Corporation

For the Sellers

Eliminates future capital risk

Allows them to recover some sunk

costs

Diverts capital to other core projects

For ATP

Eliminates exploration risk

Reduces acquisition &

development costs

Shortens duration of risked capital

6

Company History ATPOil & Gas

Corporation

1995 2002200219971991

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 awarded UKCS Blocks by DTI in a rare Out- of-Round license

ATP was founded in 1991 and completed an initial public offering in February 2001

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Company Profile

• Production:• 2001 Actual: 25.7

Bcfe• 2002 Guidance: 26.5 Bcfe• Actual Through 9/30/02: 21.4

Bcfe

• Proven reserves 2001: 235 Bcfe

• 3-year reserve replacement: 374%

• 3-year F&D costs:$0.96/Mcfe

ATPOil & Gas

Corporation

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Recent Focus ATPOil & Gas

Corporation

• Increasing financial flexibility – Reduced bank debt $14 million in 2002– Increased working capital $30 million in 2002– Discretionary cash flow increased from $4 to $48 million

(‘97-’01)– Profitable in second and third quarter 2002

• Exceeding operating goals– Beat first, second, and third quarter production guidance

• Developing North Sea reserves– Pipeline installed and well drilling at Helvellyn– First production in 2003

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2002 Development Activity

Gulf of Mexico ATP is moving 32 Bcfe from

non-producing to proven developed producing properties (PDP) for less than $20 million

ATPOil & Gas

Corporation

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3Q02 Production and Development Highlights

Production • 3Q02 6.536 Bcfe

• increase over 3Q01 • increase over announced guidance of 6.500

Bcfe

• 2002 YTD 21.5 Bcfe

• increase of 16% over 2001• record for first nine months

Development

• 25 Bcfe moved to PDP• Larger PDP component of reserves at

9/30/02 than 12/31/01

ATPOil & Gas

Corporation

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Near Term 2002 Development ATPOil & Gas

Corporation

• Q3 Activity– Recompletion of EC 240, SM 7 and WC 462– Production to contribute in 4Q02

• Q4 Development of 7 projects– WC 101, WC 284, EI 71– 4 recompletions and stimulations– Production to contribute in 1Q 03

Production on schedule for the 7th consecutive year of increase

4th Quarter 2002Development Operations

ATPOil & Gas

Corporation

WC 101

WC 284 EI 71

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West Cameron 101 ATPOil & Gas

Corporation

Water Depth: 43’Working Interest: 100%Net Revenue Interest: 73.33%Platform/Wells: One well caisson.Producing Sands: Miocene Marg A 53 thru 55 Sands at

13,000’ TVD

Current Status:

Caisson waiting on completion of WC 101 #2 well

WC 204 (at left) facilities to be used at WC 101

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West Cameron 101 #2 Log ATPOil & Gas

Corporation

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Future Development (2003 – 2005)

Future developments

100% of properties ATP operated

ATPOil & Gas

Corporation

North Sea Developments ATPOil & Gas

Corporation

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Southern Gas Basin of North Sea ATPOil & Gas

Corporation

The Tors

Helvellyn

Venture

2002 Out of Round Award

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HelvellynATPOil & Gas

Corporation

Water Depth: 90’Working Interest: 50%Net Revenue Interest: 50%Platform/Wells: SubseaFirst Production:Projected 2003

Producing Sands: Rotliegend/Carboniferous

First well drilled: 1985First well tested: 47/10-1 well tested at 29.4

MMcfepd

Current Status: Well drilling at 11,000 +/- feet(measured depth)

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Helvellyn Development ATPOil & Gas

Corporation

Development 2002Projected production

2003

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Helvellyn Development August 2002 Pipeline Lay

ATPOil & Gas

Corporation

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Helvellyn DevelopmentWellhead Protection Structure

ATPOil & Gas

Corporation

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Venture ATPOil & Gas

Corporation

Development 2003Projected production

2004

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The Tors 1 - Garrow ATPOil & Gas

Corporation

Development 2004Projected production

2005

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The Tors 2 - Kilmar ATPOil & Gas

Corporation

Development 2004Projected production

2005

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Third Quarter 2002 Financial Overview

ATPOil & Gas

Corporation

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Debt Reduction Program ATPOil & Gas

Corporation

$86

$116

$100$90

$88

$0

$20

$40

$60

$80

$100

$120

$140

2000 2001 2Q02 3Q02 Nov-02

($ in millions)

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First Nine Months 2002 Liquidity Improvement

ATPOil & Gas

Corporation

Working Capital Increased $30 million

+Bank and Subordinated Debt Decreased $12 million

=Overall Capital LiquidityImprovement $42 million

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2002 Operating Performance

ATPOil & Gas

Corporation

($6)

$3 $2

$13

$22

$11

$18

$26

$20

($10)

($5)

$0

$5

$10

$15

$20

$25

$30

1Q02 2Q02 3Q02

Net Income

Discretionary Cash Flow

Revenue

($ in millions)

Gross Margin

82% YTD ‘02

Note: Revenues reflect the effects of settled hedging activity

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Financial Strength ATPOil & Gas

Corporation

• Bank & subordinated debt/proven reserves(1)

$0.40 / Mcfe

• LTM EBITDA / Interest Expense 6.6x

• Bank & subordinated debt / LTM EBITDA 1.5x

• YTD 3Q02 Discretionary cash flow $42

million

(1) At September 30, 2002

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Why Should ATP Be In Your Portfolio?

ATPOil & Gas

Corporation

• Compares favorably to other offshore operators

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Our Peers ATPOil & Gas

Corporation

Proven Reserves Ticker Company % GOM

ATPG ATP Oil & Gas Corp. 66%

EPL Energy Partners Ltd. 100%

NFX Newfield Exploration Co. 58%

PQUE Petroquest Energy, Inc. 52%

REM Remington Oil & Gas Corp. 82%

SGY Stone Energy Corp. 91%

Median 74%

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Why Should ATP Be In Your Portfolio?

ATPOil & Gas

Corporation

• Compares favorably to other offshore operators

• Attractive valuation

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Attractive ValuationP/CFPS significantly below peers

ATPOil & Gas

Corporation

2002E P/CFPS 1.7X vs. Median 4.3X

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

ATPG SGY EPL Median NFX PQUE REM

Note: FC-CFPS $2.43; Price 11/26/02 $4.11

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Attractive ValuationEV trades at a discount to NAV

ATPOil & Gas

Corporation

Note: Debt as of 9/30/02; share price as of 11/26/02

Enterprise Value / Proven Reserves ($/Mcfe)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

ATPG SGY EPL Median PQUE REM NFX

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Why Should ATP Be In Your Portfolio?

ATPOil & Gas

Corporation

• Compares favorably to other offshore operators

• Attractive valuation

• Efficient offshore operator

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Efficient Offshore OperatorLowest production costs in the

group

ATPOil & Gas

Corporation

Production Costs(1) / Mcfe

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

REM ATPG NFX Median PQUE EPL

(1) 3Q02 YTD 2002 LOE / 3Q02 YTD 2002 Production

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Why Should ATP Be In Your Portfolio?

ATPOil & Gas

Corporation

• Compares favorably to other offshore operators

• Attractive valuation

• Efficient offshore operator

• Rate of return focused

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Rate of Return Focused3-year F&D costs under $1/Mcf

ATPOil & Gas

Corporation

($/Mcfe) = (Costs - divestitures - cap int. - cap g&a)

delta proven reserves + prod.

3-Year F&D Costs 1999-2001

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

ATPG EPL REM Median PQUE NFX SGY

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Rate of Return FocusedCapital Efficiency

ATPOil & Gas

Corporation

Dollars Invested vs. EBITDA Returned(1)

0%

50%

100%

150%

200%

250%

300%

NFX EPL Median PQUE ATPG REM

(1) 3Q02 EBITDA per unit of production divided by 3 yr. ('99-'01) F&D costs.

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Why Should ATP Be In Your Portfolio?

ATPOil & Gas

Corporation

• Compares favorably to other offshore operators

• Attractive valuation

• Efficient offshore operator

• Rate of return focused

• History of producing results

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History of Producing Results6 years of cash flow and revenue

growth

ATPOil & Gas

Corporation

Discretionary Cash Flow

2

49+4843

17

74

Revenue

90+

3

8884

43

208

($ in millions)

42

ATPOil & Gas

Corporation

261+235

126104

504739

Production (BCFE) Proven Reserves (BCFE)

26.5+

1 3

10

17

24 26

History of Producing Results6 years of production and reserve

growthOILGAS

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ATP Oil & Gas Corporation ATPOil & Gas

Corporation

NASDAQ: ATPG

ATP Oil & Gas Corporation4600 Post Oak Place,

Suite 200Houston, TX 77027-9726

713-622-3311

ATP Oil & Gas (UK) LimitedVictoria House, London Square, Cross

LanesGuildford, Surrey GU1 1UJ

United Kingdom44 (0) 1483 307200

www.atpog.com