ATP Brings Mirage Well Online in GOM

- ATP Brings Mirage Well Online in GOM

Wednesday, August 24, 2011
ATP O&G Corp.

ATP announced first oil production at its Mississippi Canyon (MC) Block 941 A-2 (#4) well in the deepwater Gulf of Mexico. The MC Block 941 A-2 well is located on the Mirage Field and is the third well brought on production at the Telemark Hub location utilizing the ATP Titan floating drilling and production platform. The well delivered on ATP's original expectations with an initial rate exceeding 7,000 Boe per day. When drilled, the A-2 well encountered four Miocene sands that are approximately 500 feet structurally higher than the same sands in the MC 941 A-1 well. The A-2 well is completed at a measured depth of 17,600 feet in the C and D sands. All permits to immediately begin drilling the fourth well, MC 942 #2, have been approved with production projected later this year. Company-wide production now exceeds 31,000 Boe per day.

"Bringing the third Telemark Hub well to first production again demonstrates ATP's technical expertise and safe operations in the deepwater Gulf of Mexico," said T. Paul Bulmahn, ATP Chairman and CEO. "We have finally realized the planned material production revenue of this well that has been much anticipated for 16 months. This well was already drilled to 12,000 feet and cased prior to the Macondo spill and became subject to the moratorium. The greater-than-a-billion-dollar investment at Telemark reflects ATP's continuing commitment to develop America's energy resources."

ATP operates the deepwater Telemark Hub in approximately 4,000 feet of water with a 100% working interest and holds a 100% ownership in ATP Titan LLC which owns the ATP Titan and associated pipelines and infrastructure.

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ATP Sees Revenue Increase in 2Q 2011

- ATP Sees Revenue Increase in 2Q 2011

Tuesday, August 09, 2011
ATP O&G Corp.

ATP announced second quarter 2011 results.

Results of Operations

Revenues from oil and gas production were $172.9 million for the second quarter 2011, compared to $101.1 million for the second quarter 2010. Increased revenues from production were attributable to higher production volumes and higher oil prices. Oil and gas production for the second quarter 2011 was 2.1 MMBoe (23.6 MBoe/d) compared to 1.9 MMBoe (21.3 MBoe/d) for the second quarter 2010, an 11% increase. Average prices were up 68% over the same period a year ago. Oil represented 68% of total production for the second quarter 2011, compared to 48% of total production for the second quarter 2010.

ATP recorded a net loss attributable to common shareholders of $56.9 million or $(1.11) per basic and diluted share for the second quarter 2011, compared to $82.9 million or $(1.63) per basic and diluted share for the same 2010 period. The net loss attributable to common shareholders for the second quarter of 2011 was impacted by several items analysts often exclude from their published estimates. Those items include impairment expense of $45.7 million, workover expenses of $17.3 million and $1.2 million of drilling interruption costs associated with the Gulf of Mexico moratorium. Also, the items include $45.1 million related to the unrealized derivative income for the quarter. As a result of production increases and higher oil prices, ATP reduced its estimate of the time required to repay a dollar-denominated Override at Gomez. This change in estimate resulted in our recognizing $21.9 million in incremental interest expense related to this Override in the second quarter of 2011 compared to the first quarter of 2011.

The impairment expense of $45.7 million during the second quarter of 2011 related primarily to South Timbalier (“ST”) Block 77 (acquired in 2005), due to ATP's decision not to move forward with a capital expenditure on this property in the second half of 2011. The workover expense is related to the Gomez MC 711 #5 well, which was placed back on production late in the second quarter.

Capital Resources and Liquidity

In the second quarter 2011, ATP conveyed dollar-denominated Overrides and NPI's in the Gomez Hub and the Telemark Hub for net proceeds of $70.3 million. These Overrides and NPI's obligate ATP to deliver a percentage of the proceeds from the future sale of hydrocarbons in the specified proved properties until the purchasers achieve a specified return.

In June 2011 ATP closed a perpetual preferred equity offering that provided net proceeds of $123.3 million, net of discount, related option contract costs and issuance costs. Shares of the preferred are convertible into common shares at $22.20 per share.

During July 2011, ATP entered into a crude oil prepaid swap transaction for 274,500 barrels at a net price of $111.84 per barrel. ATP received $30.7 million at closing. A schedule summarizing ATP's outstanding oil and gas derivatives can be found near the end of this press release.

ATP incurred $220.5 million of capital expenditures ($209 million, excluding capitalized interest) on oil and gas properties during the first half of 2011, of which $34.8 million was funded through vendor deferral and net profit interest programs. These capital expenditures were predominantly related to the Gomez and Telemark Hubs, and the Octabuoy production platform. In the remainder of 2011, ATP anticipates incurring $250 million to $300 million in total capital expenditures, excluding capitalized interest, of which $150 million to $200 million will be contributed by vendors through existing NPI programs or deferral programs.

ATP had unrestricted cash of $185.9 million and restricted cash of $47.4 million at June 30, 2011.

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ATP Primes Bit for Shimshon Prospect Offshore Israel

- ATP Primes Bit for Shimshon Prospect Offshore Israel

Monday, August 08, 2011
ATP O&G Corp.

ATP O&G announced an operations update for its properties in the Gulf of Mexico, the North Sea and Offshore Israel. Company-wide production continues to be 24-25 MMBoe/d.

Clipper

ATP commenced well operations with the Diamond Ocean Victory drilling vessel at the Green Canyon (“GC”) Block 300 (“Clipper”) #2 ST#1 during the second quarter of 2011. In July 2011, ATP successfully completed and flow tested the well at 45.6 MMcf per day plus condensate of 4,656 Bbls per day. The well is scheduled to be placed on production in the middle of 2012 after completion of the pipeline and tie-back to existing infrastructure.

After completion of the GC #2 ST #1, the Diamond Ocean Victory will move to the GC #4 well, re-enter and sidetrack the well to the targeted oil zone. All required permit applications have been submitted to the BOEMRE.

ATP operates Clipper and presently owns a 100% working interest.

Gomez Hub

During June 2011, ATP completed and returned to production the Mississippi Canyon (“MC”) Block 711 #5 well bringing to six the number of wells producing at Gomez. The development drilling plan (“DOCD”) for MC 711 #9 and MC 711 #10 were deemed submitted to the BOEMRE on June 8, 2011. Upon approval of the DOCD and the well permits, ATP expects to commence drilling at MC 711 #9 and #10 with first production expected mid-2012. The exploration plan has also been submitted for MC Block 710, a block immediately adjacent to MC 711 which displays similar seismic and technical characteristics to MC Block 711. Original proved reserve estimates of the Gomez Hub accounted for 14.8 MMBoe. Since commencement of production through June 2011 the Gomez Hub has already produced gross volumes of 24.8 MMBoe (66% oil).

ATP operates the deepwater Gomez Hub, has a 100% working interest in MC 711, 710 and 755, a 75% working interest in MC 754 and owns 51% of the ATP Innovator through a partnership with GE.

Telemark Hub

The MC Block 941 A-1 (#3) continues to produce as expected from the commingled C and D sands. Since inception, October 2010 through June 2011, the well has produced gross volumes of 2.8 MMBoe (85% oil and 15% gas). Based on the strong performance of the #3 well to-date, ATP expects to recover from the #3 and #4 wells all of the reserves that were initially projected from the C and D sands. Current water production of approximately 950 barrels per day is from the D sand which is to be expected since the downdip well, originally drilled by Vastar, was wet. Water cut is expected to increase until the D sand in the well, which represents less than 2% of the total proved and probable reserves of the Telemark Hub, is depleted, at which time the D sand sleeve will be closed. The ATP Titan, the floating production facility that services the Telemark Hub, has the capacity to process 25,000 Bbls of oil/day, 50 MMcf of gas/day and 15,000 Bbls of water/day.

Currently the MC Block 941 A-2 (#4) well is being completed; productive intervals in the C and D sands have been perforated and independently frac-packed. All remaining permits to complete this well have been approved, and remaining operations include running tubing, reconfiguring to allow flow testing the well and turning the A-2 to sales. First sales from the MC Block 941 A-2 are expected in the third quarter.

The MC Block 942 #2 well, which is already drilled to approximately 12,000 feet, will be drilled to total depth upon approval of the drilling permit by the BOEMRE and following the completion of the MC Block 941 A-2 well. ATP plans to complete drilling the well in the fourth quarter and expects first production by year-end.

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

UK North Sea

During the second quarter, the work on the Octabuoy floating production facility continued in the shipyard. Hull construction is on schedule and completion is expected early in 2012. Platform topsides are under construction in China (the utility module) and the US (the processing module). Upon completion of the processing module it will be shipped to China to be joined with the utility module. The hull and topsides will then sail to Norway for final commissioning and on to the Cheviot field in the North Sea where production is expected to begin in 2014.

In addition to Cheviot, ATP is working on its Skipper and Blythe projects in the UK North Sea. At Skipper, an oil project, an appraisal well to test production rates is scheduled for next year. At Blythe, predominately a gas project, discussions are ongoing to determine the most economic offtake route for the gas from this field. Development at Blythe is expected to commence in 2013. Skipper is located in the central UK North Sea in water depths of approximately 300 feet. Blythe is located in the Southern Gas Basin in water depths of approximately 100 feet. ATP operates both Skipper and Blythe and has a 50% working interest ownership in each.

Israel Expansion

During June 2011, through its subsidiary ATP East Med B.V., ATP acquired interests in three deepwater licenses in the Mediterranean Sea offshore Israel. ATP will operate its licenses, Shimshon, Daniel East and Daniel West, with a working interest of 40%. In the Mediterranean Sea, ATP licenses relate to exploratory prospects where drilling has occurred nearby and hydrocarbons have been discovered by others. ATP capital investment in the Mediterranean Sea is expected to be minimal for the remainder of 2011 as ATP prepares its exploratory and development plans for drilling in 2012.

ATP East Med, as operator of the licenses, has assumed the drilling contract with Transocean Drilling Israel Ltd. for the Sedco Express drilling unit at the Shimshon location where it anticipates initial drilling during the second quarter 2012. ATP expects to spend between $24 and $29 million during 2012 related to the initial exploratory well on the Shimshon license for its 40% working interest.

ATP notes that Isramco Negev, its partner in Shimshon, on March 6, 2011 reported that it received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural gas reserves at Shimshon. According to Isramco Negev, "Lockwood & Associates considers the calculated assessment of the total geological and geophysical exploration probability of success of 20 percent to be reasonable. Lockwood said its high estimate was for 3.4 TCF, the low estimate was 1.5 TCF and its best estimate was 2.3 TCF."

Additional information on the Daniel East and Daniel West licenses will be provided as drilling and exploration plans are approved. ATP East Med is also party to two other licenses in offshore Israel which are awaiting approval by the Israeli Ministry of National Infrastructure. ATP continues to evaluate acquiring other licenses in the Mediterranean Sea.

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Beach, Icon Enter Farmin Agreement for ATP 855P

- Beach, Icon Enter Farmin Agreement for ATP 855P

Friday, July 15, 2011
Beach Energy Ltd.

Beach and Icon have resolved their dispute in relation to the prospective ATP 855P tenement, and have agreed to work together under a Farmin Agreement executed today.

Under the terms of their agreement:

• The Federal Court proceedings will be discontinued;
• Icon has now transferred a 40% interest in ATP 855P to Beach (subject to Ministerial approval);
• Beach will drill a horizontal pilot unconventional well into one of the strata comprising the Roseneath, Epsilon & Murteree sequence, then case and suspend the well, suitable for fracture stimulation, which is expected to occur within 30 days of rig release from the well;
• Beach will fund Icon's share of the farmin operations at an estimated cost of $16 million (gross), with the exception of a $1.75 million contribution to be made by Icon;
• the cost of fracture stimulation, completing and flow testing the well will be paid by the Joint Venture parties in proportion to their Participating lnterest shares;
• Beach will be recommended by Icon to be the operator of the ATP 855 permit;
• Icon will be recommended by Beach to undertake the management of coal seam gas operations in both ATP 855P and PEL 218 Post Permian Joint Ventures; and
• Beach will effect the assignment of Icon's Phase 2 Post Permian PEL 218 interest upon Ministerial consent to the transfer of a 40% interest to Beach in ATP 855P, giving Icon a 33.333% interest in the PEL 218 Post Permian Joint Venture.

The interests of the parties in ATP 855P following this agreement are:

• Beach Energy Limited (40%)
• Icon Energy Limited (40%)
• Deka Resources Pty Ltd (10%)
• Well Traced Pty Ltd (10%)

Both Beach and Icon are pleased with this agreement, and look forward to working closely together with each other and the other ATP 855P participants to develop the exciting prospects offered in the emerging shale gas play in the Nappamerri Trough in southwest Queensland.

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ATP Commences Public Offering

- ATP Commences Public Offering

Tuesday, June 14, 2011
ATP O&G Corp.

ATP O&G has commenced a public offering of approximately $150 million of convertible perpetual preferred stock. The underwriters for the offering will also have a 30-day option to purchase up to 225,000 additional shares of convertible perpetual preferred stock to cover any over-allotments. We intend to use a portion of the net proceeds of this offering to pay the cost of a capped call transaction to cover all shares convertible in this transaction and our outstanding preferred shares, 13.1 million shares. The capped call transaction can prevent any dilution of outstanding common shares as long as the share price is below $27.50.

The convertible perpetual preferred stock has a liquidation preference of $100 per share and will be convertible into shares of ATP common stock at a $22.20 conversion price. ATP intends to use the net proceeds from this offering to fund capital expenditures and for general corporate purposes.

The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission (“SEC”). This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the shares will be made exclusively by means of a prospectus supplement and accompanying prospectus.

Credit Suisse Securities (USA) LLC will act as book-running manager for the offering. A copy of the preliminary prospectus supplement and related base prospectus for the offering may be obtained on the SEC website at http://www.sec.gov. Alternatively, the underwriter will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010.

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ATP Acquires Licenses Offshore Israel

- ATP Acquires Licenses Offshore Israel

Monday, June 13, 2011
ATP O&G Corp.

ATP O&G and its wholly-owned subsidiary ATP East Med have acquired the Shimshon, Daniel East and Daniel West licenses in offshore Israel and the Israeli government has approved these licenses. Based on the acquired licenses, ATP through ATP East Med anticipates spending between $3 and $5 million in 2011 in offshore Israel for acquisition costs, seismic and preliminary exploration plans.

ATP East Med, as operator of the licenses, has assumed the drilling contract with Transocean Drilling Israel Ltd. for the Sedco Express drilling unit at the Shimshon location where it anticipates initial drilling during the second quarter 2012. ATP expects to spend between $24 and $29 million during 2012 related to the initial exploratory well on the Shimshon license for its 40% working interest.

ATP notes that Isramco Negev, its partner in Shimshon, on March 6, 2011 reported that it received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural gas reserves at Shimshon. According to Isramco Negev, "Lockwood & Associates considers the calculated assessment of the total geological and geophysical exploration probability of success of 20 percent to be reasonable. Lockwood said its high estimate was for 3.4 TCF, the low estimate was 1.5 TCF and its best estimate was 2.3 TCF."

Additional information on the Daniel East and Daniel West licenses will be provided as drilling and exploration plans are approved. ATP East Med is also party to two other licenses in offshore Israel which are awaiting approval by the Israeli Ministry of National Infrastructures.

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ATP Declares Quarterly Dividend

- ATP Declares Quarterly Dividend

Friday, June 03, 2011
ATP O&G Corp.

ATP has declared a quarterly cash dividend on its 8.0% Cumulative Convertible Perpetual Preferred Stock. The dividend rate is $1.99 per share and is payable on July 1, 2011 to shareholders of record at the close of business on June 15, 2011.

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ATP Wraps Up Ops at Telemark Hub

- ATP Wraps Up Ops at Telemark Hub

Thursday, May 26, 2011
ATP O&G Corp.

ATP has completed the drilling phase of deepwater Mississippi Canyon Block 941 A-2 well located at ATP's Telemark Hub, and all pay sands in the MC 941 A-1 well were present essentially confirming pre-drill estimates. The main pay sands are approximately 500 feet structurally higher than the MC 941 A-1 well and 1000 feet above the original oil-water contact. Plans are to run casing to total depth, install temporary barriers in the well permitting removal of the drilling riser and installation of the production riser. Tie-back of the production casing to the surface and perforating and completing the initial production zones will follow. Installation of production tubing and a subsea tree will be performed prior to testing and initialization of production. First production from this well is expected in the early part of the third quarter.

ATP was the first Gulf of Mexico operator to begin drilling in the deepwater after the BOEMRE began issuing permits though the company received the third permit issued on March 18, 2011. ATP is also first to successfully achieve its drilling objective since the moratorium was lifted and of the initial ten permits issued, ATP was the only entity to receive two of the permits, demonstrative of the confidence government regulators have in the company.

T. Paul Bulmahn, Chairman and CEO stated, "Our preparedness enabled us to swiftly assemble a crew and commence testing the BOP stack within 36 hours of obtaining the permit. We look forward to production from this well during the third quarter through the state-of-the-art ATP Titan facility."

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.

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ATP Gets Go-Ahead to Complete Drilling at GOM Green Canyon Block

ATP Gets Go-Ahead to Complete Drilling at GOM Green Canyon Block

Friday, April 08, 2011

ATP O&G Corp.

ATP has received a permit to complete the previously drilled #2 well at Green Canyon (GC) Block 300 (Clipper) in the deepwater Gulf of Mexico.

"We are pleased that the BOEMRE is confident in ATP's commitment to safe and environmentally sound operations," stated T. Paul Bulmahn, ATP's Chairman and CEO. "The Gulf of Mexico is where we refined our deepwater expertise and we are looking forward to generating further production growth."

The GC 300 #2 well, located in 3,454 feet of water, was sidetracked and encountered a gas reservoir between 15,590 and 15,721 feet total vertical depth in 2006. ATP plans to commence well operations with Diamond Offshore's Ocean Victory in 2011. ATP operates GC 300 with a 55% working interest.