ATP Sells Deep Rights at Telemark Hub

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HOUSTON--(BUSINESS WIRE)-- ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced it sold its interest in the deep rights (below 23,499 TVDSS) in one of its Telemark Hub properties to a third party for an undisclosed amount resulting in an estimated gain of $26 million. In addition to the cash proceeds, ATP retained a 1% overriding royalty interest.

Leland E. Tate, President, stated, “ATP is eager to encourage exploration into deeper horizons at ATP’s Telemark Hub and in close proximity to ATP’s existing infrastructure, the ATP Titan. The ATP Titan has a design capacity of 25 MBbls/d of oil and 50 MMcf/d of gas and can accommodate additional production.”

ATP operates the deepwater Telemark Hub with a 100% working interest and owns 100% of the subsidiary that owns the ATP Titan and associated pipelines and infrastructure.

About ATP Oil & Gas Corporation

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico, Mediterranean Sea and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com .

Forward-looking Statements

Certain statements included in this news release contain "forward-looking statements" within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. ATP cautions that assumptions, expectations, projections, intentions, plans, beliefs or similar expressions used to identify forward-looking statements about future events may, and often do, vary from actual results and the differences can be material from those expressed or implied in such forward looking statements. Some of the key factors which could cause actual results to vary from those ATP expects include, without limitation, volatility in commodity prices for crude oil and natural gas, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting its business. ATP assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in the company's SEC filings or website, www.atpog.com.

ATP Oil & Gas Corporation, HoustonChairman and CEOT. Paul Bulmahn, 713-622-3311orChief Financial OfficerAlbert L. Reese Jr., 713-622-3311www.atpog.com

Source: ATP Oil & Gas Corporation

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