ATP Hits 300 MMcfe/d Production Target

Business Wire, Dec 20, 2007

HOUSTON, Texas & SURREY, England -- ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced that the 300 MMcfe per day net production goal by year-end 2007, which ATP first announced to the public in 2006, has been achieved and exceeded. In consecutive years, ATP advanced an aggressive production target and met it. In 2006, ATP nearly tripled its year-end daily production level over its 2005 exit rate, and now in 2007, ATP has nearly doubled its 2006 year-end production rate with the completion of material projects in the deepwater Gulf of Mexico and the North Sea. T. Paul Bulmahn, ATP Chairman and President noted, "Everyone at ATP feels great pride in the company's performance during 2007 with the completion of 10 wells in the U.S. and U.K. Our stronger balance sheet from recent financings, the material development portfolio on hand, coupled with the ATP Innovator capacity upgrade gives ATP meaningful financial strength and production capabilities for 2008. From Gomez (U.S. Gulf deepwater), Tors and Wenlock (U.K. Southern Gas Basin North Sea), ATP will deliver solid extended production and from our inventory of development projects with potential which are already underway, will come supplementary reserves adds and additional production."

Leland E. Tate, ATP Chief Operating Officer said, "We achieved significant production growth as a result of the upgrade at the Gomez Hub in the Gulf of Mexico. At the end of 2007, there are five wells producing near facility limits compared with only two wells at the end of 2006. Four wells were completed in 2007 at Ship Shoal 351 in the Gulf of Mexico which are also producing near the facilities' limits. In the North Sea, ATP completed robust wells at Wenlock and two more wells at Tors including the recently announced K3 well. Construction of the Telemark Hub MinDOC production facility is on track for late summer 2008 float out for installation, and our Gulf of Mexico shelf program enters the year with two projects in active development."

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 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 are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved 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 our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings.