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ATP Oil & Gas Corporation

A. T. P. Oil & Gas Corporation. ATP Oil & Gas Corporation. Denver Presentations September 16-17, 2002. A. T. P. Forward-looking Statement. Oil & Gas Corporation.

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ATP Oil & Gas Corporation

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  1. A T P Oil & Gas Corporation ATP Oil & Gas Corporation Denver Presentations September 16-17, 2002

  2. A T P Forward-looking Statement Oil & Gas Corporation 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. A T P Oil & Gas Corporation Area of Operations Over 50 blocks in Gulf of Mexico 7 blocks in North Sea

  4. A T P Oil & Gas Corporation Company Profile • Ticker: ATPG • Production: • 2001 Actual: 25.7 Bcfe • 2002 Guidance: 26.5 Bcfe • Proven reserves 2001: 235 Bcfe • 3-year reserve replacement: 374% • 3-year F&D costs: $0.96/Mcfe

  5. A T P Oil & Gas Corporation SMI 189/190 Company Overview • Development and production company • Offshore solution • provider for exploration • oriented majors and • independents • Unique, repeatable strategy

  6. For ATP For the Sellers Eliminates future capital risk Eliminates exploration risk Reduces acquisition & development costs Allows them to recover some sunk costs Shortens duration of risked capital Diverts capital to other core projects A T P Our D&P Strategy Works Oil & Gas Corporation

  7. ATP awarded UKCS Blocks by DTI in a rare Out- of-Round license ATP completes its first sub-sea development ATP incorporated on August 8th 2002 1991 1995 1997 1998 ATP acquires all Statoil’s properties on the Outer-Continental Shelf ATP is one of the first companies to utilize horizontal drilling offshore A T P Company History Oil & Gas Corporation ATP was founded in 1991 and completed an initial public offering in February 2001

  8. A T P Recent Focus Oil & Gas Corporation • Increasing financial flexibility • Reduced debt $28 million • Increased liquidity $22 million • Exceeding operating goals • Decreased second quarter LOE / Mcfe 17% • Beat first half 2002 production guidance by 17% • Developing North Sea reserves • Pipeline installed and well drilling at Helvellyn • First production in 2003 • Making money • Discretionary cash flow increased from $4 to $48 million (‘97-’01) • Profitable in second quarter 2002

  9. 2002 Development Activity A T P Oil & Gas Corporation Gulf of Mexico South Marsh Island 189 PDNP to PDP Projected start date April 2002 Actual first production March 18, 2002 Eugene Island 71 PUD to PDP Initial production Feb 2002 Increased production June 2002 West Cameron 101 PUD to PDP Projected start date 4th Quarter 13 workovers PDNP to PDP

  10. A T P Oil & Gas Corporation Development Activity Gulf of Mexico ATP is moving 32 Bcfe from non-producing to proven developed producing properties (PDP) for less than $20 million, while increasing total PDP reserves 15% to 42 Bcf.

  11. A T P Oil & Gas Corporation Area of Operations WC 101

  12. A T P West Cameron 101 Oil & Gas Corporation Water Depth: 43’ Working Interest: 100% Net Revenue Interest: 73.33% Platform/Wells: One well caisson. First Production: 4th Q 2002 (proposed) Producing Sands: Miocene Marg A 53 thru 55 Sands at 13,000’ TVD Current Status: Caisson waiting on completion Location: Offset Mobil L-2 well -555 MBO 2 BCFG Superior C-3, C-7 wells also prod. 53 and 55 sands.

  13. West Cameron 101 #2 Log A T P Oil & Gas Corporation

  14. A T P Oil & Gas Corporation Future developments Future Development (2003 – 2005) 100% of properties ATP operated

  15. A T P ATP Oil & Gas Corporation North Sea Developments Oil & Gas Corporation

  16. A T P Oil & Gas Corporation Southern Gas Basin of North Sea The Tors Helvellyn Venture

  17. A T P Helvellyn Oil & Gas Corporation Water Depth: 90’ Working Interest: 100% Net Revenue Interest: 100% Platform/Wells: Subsea First Production: Projected 2003 Producing Sands: Rotliegend/Carboniferous First well drilled: 1985 First well tested: 47/10-1 well tested at 29.4 MMcfepd ATP proposed well: 2,000 foot horizontal section through both producing sands

  18. Helvellyn Development A T P Oil & Gas Corporation Development 2002 Projected production 2003

  19. Helvellyn Development August 2002 Pipeline Lay A T P Oil & Gas Corporation

  20. Helvellyn Development Wellhead Protection Structure A T P Oil & Gas Corporation Well Spudded September 8, 2002

  21. Venture A T P Oil & Gas Corporation Development 2003 Projected production 2004

  22. The Tors A T P Oil & Gas Corporation 10km Development 2004 Projected production 2005

  23. A T P Oil & Gas Corporation Financial Overview

  24. Debt Reduction Program A T P Oil & Gas Corporation ($ in millions)

  25. First Half 2002 Capital Liquidity Improvement A T P Oil & Gas Corporation Working Capital Increased $12.2 million + Bank and Subordinated DebtDecreased $10.0 million = Overall Capital Liquidity Improvement $22.2 million

  26. 2002 Operating Performance A T P Oil & Gas Corporation ($ in millions) Gross Margin 87% 2Q02 Note: Revenue reflect the effects of settled hedging activity

  27. Financial Strength A T P Oil & Gas Corporation • Long-term debt / proven reserves(1) $0.38 / Mcfe • EBITDA / Interest(2) 7.7X • Bank credit facility(1) $62 million • 1H02 Discretionary cash flow $29 million • Capex(3) • 1st half 2002 $12 million • 2002 E $20 million • At June 30, 2002 • Based on 2Q02 results • Gulf of Mexico only

  28. A T P Oil & Gas Corporation Why Should ATP Be In Your Portfolio? • Comparable to larger Gulf of Mexico operators

  29. A T P Oil & Gas Corporation Our Peers

  30. A T P Why Should ATP Be In Your Portfolio? Oil & Gas Corporation • Comparable to larger Gulf of Mexico operators • Attractive valuation

  31. Attractive Valuation P/CFPS significantly below peers A T P Oil & Gas Corporation

  32. Attractive Valuation EV trades at a discount to NAV A T P Oil & Gas Corporation

  33. A T P Oil & Gas Corporation Why Should ATP Be In Your Portfolio? • Comparable to larger Gulf of Mexico operators • Attractive valuation • Efficient Gulf of Mexico operator

  34. A T P Oil & Gas Corporation Efficient Gulf of Mexico Operator Lowest production costs in the group

  35. A T P Why Should ATP Be In Your Portfolio? Oil & Gas Corporation • Comparable to larger Gulf of Mexico operators • Attractive valuation • Efficient Gulf of Mexico operator • Rate of return focused

  36. Rate of Return Focused 3-year F&D costs under $1/Mcf A T P Oil & Gas Corporation

  37. Rate of Return Focused Capital Efficiency A T P Oil & Gas Corporation

  38. A T P Oil & Gas Corporation Why Should ATP Be In Your Portfolio? • Comparable to larger Gulf of Mexico operators • Attractive valuation • Efficient Gulf of Mexico operator • Rate of return focused • History of producing results

  39. History of Producing Results 6 years of cash flow and revenue growth A T P Oil & Gas Corporation Discretionary Cash Flow Revenue ($ in millions)

  40. History of Producing Results 6 years of production and reserve growth A T P Oil & Gas Corporation OIL GAS Production (BCFE) Proven Reserves (BCFE) 2Q02 Production 71% natural gas

  41. A T P ATP Oil & Gas Corporation Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation4600 Post Oak Place, Suite 200Houston, TX 77027-9726713-622-3311 ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0) 1483 307200 www.atpog.com

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