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CIBC World Markets Annual Global Energy Conference March 19-21, 2002

CIBC World Markets Annual Global Energy Conference March 19-21, 2002. Forward-looking statement.

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CIBC World Markets Annual Global Energy Conference March 19-21, 2002

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  1. CIBC World Markets Annual Global Energy ConferenceMarch 19-21, 2002

  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 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 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.

  3. Area of Operations • Over 50 blocks in Gulf of Mexico • 7 blocks in North Sea WC 101 WC 152

  4. Company Overview • Founded in 1991 • A “D & P” company • Development and Production • Offshore solution provider for exploration-oriented majors and independents • Win/win for ATP and seller

  5. Company history ATP was founded in 1991 and completed an initial public offering in February 2001 ATP awarded UKCS Blocks 42/25a and 43/21a by DTI as an Out of Round License ATP acquires the third-party interests from its two partnerships and enters into a new financing arrangement ATP forms a second partnership and commences development activities in the Gulf of Mexico ATP acquires all properties of Statoil (US) on the outer-Continental Shelf of the Gulf of Mexico The Company is incorporated on August 8th ATP opens the U.K. office commencing operations in the Southern Gas Basin of the UK North Sea 2002 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 ATP forms its first limited partnership to provide funding for operations ATP becomes one of the first independent development companies to utilize horizontal drilling in offshore operations The Company completes its first sub-sea development ATP wins numerous awards for its outstanding technological achievements and growth record The Company completes its initial public offering in February and acquires its first properties in the UK North Sea

  6. E&P Valuation Table Sorted by Enterprise Value to 2002 EBITDA

  7. E&P Valuation Table by YTD Stock Price Performance

  8. Events Affecting ATP in 2001 2001 National Events Missed Production Target Liquidity Deficit

  9. Garden Banks 409 (Ladybug) 5 Bcfe and concurrent revenues deferred from 2001 to 2002

  10. Liquidity • Late Q2 of 2001, ATP withdrew, due to market conditions, a $150 million public debt offering. • Natural gas price falling reduced revenues • Service industry and rig costs rose during the same period • Working capital deficit: June 30, 2001 $45 million • ATP management and control • ATP as operator controls all 12 projects under development • ATP reduced development activity after June 30, 2001 • Result • Working capital deficit : 2001 2Q $45 million 2001 3Q $33 million 2001 4Q $9 million (1) 2002 Positive working capital (1) 1 Company estimates

  11. 2001 Benchmarks Production Reserves Reserve Replacement Debt Revenues EBITDA Cash Flow

  12. Production Reserves Reserve Replacement Debt Revenues EBITDA Cash Flow ATP Record Almost Doubled 527% Reduced 14% Grew by 5+% Over 62% for 6 straight years Grew by 10+% 2001 Benchmarks

  13. Production Bcfe 25.7 24 17

  14. Reserves Bcfe 235 125 104

  15. Proved Reserves Per Share Mcfe per share

  16. Reserve Replacement • Average Reserve Replacement: • 1997-2000 259% • 2001 527%

  17. Debt Reduction

  18. Historical operating performance Dollars in millions EBITDA to Revenue Margin 68% 72% 62% 65% 64+% 1 Company estimates

  19. Cash Flow Dollars in millions 1 1 Company estimates

  20. Operational Expertise of Senior Officers Name Age Background Leland E Tate 54 - President, ARCO North Africa Senior Vice President - Director General, ARCO Joint Ventures Operations - Director of Operations, ARCO British Ltd, North Sea - VP Engineering, ARCO International - Vice President, ARCO Gulf of Mexico Adrian Turner 47 - President, ARCO Middle East Managing Director - Managing Director, ARCO Asia Pacific ATP Oil & Gas (UK) Ltd. - Commercial Vice President, BP Amoco - Commercial Negotiator, ARCO UK and Conoco, North Sea G. Ross Frazer 46 - Operations and Engineering Manager, British-Borneo Exploration, Inc. Vice President - - Chairman, American Petroleum Institute Houston Chapter Advisory Board Engineering - Member, American Petroleum Institute Houston Chapter – Deep Water Operations Steering Committee Robert M. Shivers 44 - Commercial/Development Manager – Deepwater Gulf of Mexico, Texaco Vice President - - Asset and Project Team Manager – UK North Sea, Texaco Projects - Drilling Engineering Manager – Gulf of Mexico/North Sea, Texaco

  21. Strong development track record • Inception (1991) – December 31, 2001 • 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

  22. 2002 Production Guidance 2002 26.0 Bcfe 1Q02 6.2 Bcfe Recent Development South Marsh Island 189 Projected Start Date April 2002 Actual First Production March 18, 2002

  23. ATP Upside Outer Continental Shelf Shallow Deepwater GOM North Sea

  24. Strategy and property overview • Company StrategyAcquire, develop and produce proved reserves WC 101 WC 152

  25. Garden Banks 409 (Ladybug) WC 101 WC 152 • Ladybug • ATP Operated • 1 million barrels produced after 135 days

  26. North Sea - Southern Gas Basin

  27. North Sea Southern Gas Basin ATP Acquisition Blocks Other Opportunities

  28. Investment Considerations • Six straight years of increases in Production Reserves Revenues EBITDA Cash flow • ATP Upside North Sea Shallow Deepwater GOM Outer Continental Shelf

  29. Investment Considerations • 2001 per share amounts • Cash flow estimate per share $2.40+/- • Proved reserves per share 11.6 Mcfe • Stock price March 15, 2002 $3.45 • Stock price to cash flow 1 .43X • Stock price to proved reserves $0.30X

  30. Recipient of numerous oil & gas industry and business awards T. Paul BulmahnEntrepreneur of Year 2000Energy & Energy ServicesErnst & Young 2000 Inc./CiscoGrowing with Technology Award Inc. 5003 Consecutive Years 1999-2001Fastest Growing Energy CompanyEach Year Oil & Gas World 1999 Best Field ImprovementGulf of Mexico Financial Times of London2000 Finalist: Best Oil and Gas Company

  31. NASDAQ: ATPGATP Oil & Gas Corporation4600 Post Oak Place, Suite 200Houston, TX 77027-9726713-622-3311www.atpog.com

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