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ATP Closes $25 Million Overriding Royalty Interest Sale, Updates Telemark Status, Announces Conference Date

HOUSTON--(BUSINESS WIRE)--Feb. 2, 2012-- ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced it has sold a $25 million dollar denominated limited term overriding royalty interest in its Gomez Hub. Similar to previous overriding royalty interests sold by ATP, the purchaser will receive a designated portion of the revenues produced at the Gomez Hub in the Gulf of Mexico until obtaining the amount of their investment plus a designated return. At the conclusion of the override all of the remaining interest will revert to ATP.

ATP also announced an update on its development activities at the Telemark Hub. As of February 2, 2012, ATP has completed the drilling of the Mississippi Canyon (“MC”) 942 #2 well to a measured depth of 21,400 feet. As previously noted, three productive sands have been logged with at total of 239 feet of pay. ATP has set 7-5/8 inch casing across the B and C Sands and a 5-1/2 inch liner through the S Sand. The S Sand, at a depth of 21,010 to 21,090 feet, has been perforated and completed.

After completion of the next regularly scheduled BOP test, ATP will move to the completion of the C Sand which will be perforated at a depth of 17,560 to 17,730 feet. As soon as the C Sand is completed, ATP will begin completing the B Sand which will be perforated at a depth of 17,410 to 17,480 feet. An additional BOP test will be required before the completion of the B Sand.

ATP estimates first production immediately upon completing these activities scheduled during first quarter 2012. Plans are to begin production in the S Sand. ATP intends to comingle the B and C Sands with the S Sand when the pressure equalizes between the three sands.

ATP’s next regularly scheduled conference presentation is at the J.P. Morgan High Yield Conference being held February 27 – 28 in Miami where additional updates on its Telemark Hub as well as a preliminary estimate of its independent third party year-end 2011 proved and probable reserves will be provided. A previously scheduled conference appearance with Credit Suisse the week of February 6 unfortunately had to be cancelled. Any previously scheduled one-on-ones may be rearranged by contacting ATP’s investor relations office. The cancellation was due to scheduling conflicts including funeral services for a family member of an ATP executive.

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. While ATP does not file reports with the SEC containing probable and possible reserve quantities, ATP occasionally will include them in news releases, presentations and discuss such reserves publicly. ATP and its independent third party reservoir engineers use the term “probable” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that, by their nature, are more speculative than estimates of proved reserves. Any estimates of reserves in this news release have been prepared by our independent third party engineers. 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.

Source: ATP Oil & Gas Corporation

ATP Oil & Gas Corporation, Houston
T. Paul Bulmahn, 713-622-3311
Chairman and CEO
or
Albert L. Reese Jr., 713-622-3311
Chief Financial Officer
www.atpog.com





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