ATP Oil & Gas Corporation

Global Executive Finance for

Oil & Gas2002

May 13-14, 2002

Al Reese, Jr.

Senior Vice President

& Chief Financial Officer

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Maintaining Balance ThroughA Focused Exploration, Development

And Divestiture Strategy

ATP Oil & Gas Corporation

A Corporate

Case Study

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

The E&P FocusFrontier Exploration

High risk and reward,5+ years to initial return

Step-out ExplorationMedium-high risk and reward,2-5 years to initial return

DevelopmentLower-medium risk and reward,less than 2 years to initial return

ProductionLowest risk and reward, immediate initial return

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Perceived Risk/RewardATPOil & Gas

Corporation

Risk

Rew

ard

0%

ATP Oil & Gas Corporation

Actual Risk/RewardATPOil & Gas

Corporation

Risk

Rew

ard

0%

ATP Oil & Gas Corporation

The Issues

•Corporate focus

•Assessing and acquiring properties for growth

•Continuous evaluation

•Monetizing value

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

ATPA case study in exploration and development in a company that

does no exploration

ATPOil & Gas

Corporation

Taking abusiness approach

to the oil and gas business.

ATPOil & 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

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Company History

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

1995 200220021997 199919961993 1994

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

1998 2000 2001

ATP awarded UKCS Blocks 42/25a and

43/21a by DTI as an Out of

Round License

ATPOil & 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

ATPOil & 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

ATPOil & 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 planning 12

Extensive Subsea Expertise Subsea Wells Operated 10 Subsea Development Wells Planned 7 Industry Leader in Long Reach Subsea Tiebacks

- Ladybug 18 miles

100% of properties under development are operated, allowing control of the timing and amount of capital expenditure

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Proved Reserves

(Bcfe)

235

125

104

5046

1997 1998 1999 2000 2001

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Production Oil/Natural Gas

(Bcfe) 25.724.5

17.3

9.9

2.8

1997 1998 1999 2000 2001

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Reserve Replacement

Average Reserve Replacement:

1997-2000 259%

2001527%

ATPOil & 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

ATPOil & 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

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Historical Operating Performance

($ in millions)

1997 1998 1999 2000 2001

68% 72% 62% 65%

62%

$94

$84

$55

$43

$27$20

$15$8$5

EBITDA REVENUES

$58

Margin

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

ATP Future

Outer Continental Shelf

Shallow Deepwater GOM

North Sea

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Property Overview

Gulf of MexicoShelf Program

WC 101

WC 152

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Garden Banks 409 (Ladybug)

Gulf of MexicoShallow Deepwater

WC 101

WC 152

Ladybug•ATP Operated•1 million barrels produced after 135 days

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Southern Gas Basin of North Sea

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Southern Gas Basin of North Sea

ATP Acquisition Blocks

Other Opportunities

The Tors

Helvellyn

Venture

ATPOil & Gas

Corporation

ATP Oil & Gas Corporation

Summary

Six straight years of increases ofProductionReservesRevenuesEBITDACash Flow

12 projects, 100% operated by ATP

Continued focus on our core areas

ATPOil & 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 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 result of certain factors. A discussion of these factors is included in the Company documents filed with the Securitiesand 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

ATP Oil & Gas Corporation

NASDAQ: ATPGATP Oil & Gas Corporation

4600 Post Oak Place, Suite 200Houston, TX 77027-9726

713-622-3311www.atpog.com

ATPOil & Gas

Corporation