ATP Oil & Gas

Capex

Production

In January 2008, ATP Oil & Gas announced expected 2007 record production of 63.5 Bcfe or approximately 10.6 MMBOE, a 26% increase over 2006 production with actual production figures to be announced on or about February 29, 2008 in conjunction with ATP's year-end report of financial results and oil and gas reserves. Initial estimates of ATP oil and gas production for the 2007 calendar year show the following:

- Gulf of Mexico oil production increased 36% to approximately 4.5 MMBbls. Oil production in 2006 was 3.3 MMBbls and in 2005 was 0.7 MMBbls;
- Gulf of Mexico gas production increased 30% to 24.9 Bcf. Gas production in 2006 was 19.2 Bcf and in 2005 was 14.4 Bcf;
- North Sea gas production was voluntarily curtailed to approximately 12.1 Bcf in 2007 compared with 12.0 Bcf in 2006 and 1.3 Bcf in 2005.

ATP also set production records for the fourth quarter 2007 with early production estimates for Gulf of Mexico oil of 1.6 MMBbls, Gulf of Mexico gas of 6.5 Bcf and North Sea gas of 4.2 Bcf. In total for the fourth quarter 2007, ATP expects to record an estimated 20.0 Bcfe or 3.3 MMBOE, the largest single quarter in ATP's history.

In 2006 production increased 155% to a record 50.9 Bcfe and fourth quarter production was up 186% to 15.4 Bcfe

Reserves

ATP reported independent third-party year-end 2007 total proved plus probable reserves of 181.7 MMBoe with a pre-tax PV-10 value of approximately $5.3 billion. Proved reserves were 119.3 MMBoe, an increase of 13.1 MMBoe (+12%), with a pre-tax PV-10 value of approximately $3.5 billion. Equally important was the growth in proved developed reserves, increasing 5.7 MMBoe (+16 %) to 41.3 MMBoe. ATP's 181.7 MMBoe of proved and probable reserves are located 57% in the Gulf of Mexico Deepwater, 4% on the Gulf of Mexico Shelf and 39% in the North Sea.

ATP achieved a 223% reserve replacement ratio for 2007 with additions of 23.8 MMBoe to its proved reserves. Acquisitions resulted in 5.2 MMBoe, while revisions, extensions and discoveries to properties previously owned accounted for 18.6 MMBoe. ATP coupled these additions with record production of 10.7 MMBoe, including 8.6 MMBoe in the Gulf of Mexico and 2.0 MMBoe in the North Sea.

ATP reported 636.9 Bcfe of proved reserves (+21%) and 213.8 Bcfe of proved developed reserves (+67%) at 2006 year-end. The company replaced 315% of production, exceeding the company's target of 200%.

At December 31, 2005, the Company's year-end natural gas and oil proved reserves were 527.5 Bcfe (67% natural gas) with a pre-tax PV-10 of $2.7 billion, compared to 275.2 Bcfe and a $733 million pre-tax PV-10 at year-end 2004.

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