1 ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation ATP Oil & Gas Friedland Capital’s Oil, Gas, and Energy Luncheon London January 16, 2003.

Presentation on theme: "1 ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation ATP Oil & Gas Friedland Capital’s Oil, Gas, and Energy Luncheon London January 16, 2003."— Presentation transcript:

1 1 ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation ATP Oil & Gas Friedland Capital’s Oil, Gas, and Energy Luncheon London January 16, 2003

2 2 Forward-looking Statement 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 a 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. ATP Oil & Gas Corporation

3 3 Company Overview  Development and production company  Offshore solution provider for exploration oriented majors and independents  Unique, repeatable strategy ATP Oil & Gas Corporation SMI 189/190

4 4 Our D&P Strategy Works ATP Oil & Gas Corporation For the Sellers Eliminates future capital risk Allows them to recover some sunk costs Diverts capital to other core projects For ATP Eliminates exploration risk Reduces acquisition & development costs Shortens duration of risked capital

5 Area of Operations Over 50 blocks in Gulf of Mexico 7 blocks in North Sea ATP Oil & Gas Corporation

6 6 Company Profile 3-year reserve replacement:374% 3-year F&D costs:$0.96/Mcfe ATP Oil & Gas Corporation

7 7 Company History ATP Oil & Gas Corporation 1995 2002 1997 1991 ATP incorporated on August 8th ATP completes its first sub-sea development ATP acquires all Statoil’s properties on the Outer- Continental Shelf ATP is one of the first companies to utilize horizontal drilling offshore 1998 ATP acquires additional UKCS Blocks and begins first North Sea development ATP was founded in 1991 and completed an initial public offering in February 2001

8 8 ATP Oil & Gas Corporation History of Producing Results Production and Reserve Growth

9 9 History of Producing Results Cash flow and Revenue Growth ATP Oil & Gas Corporation

10 10 Focus in 2002 ATP Oil & Gas Corporation Increasing financial flexibility  Reduced bank debt $14 million in 2002  Increased working capital $30 million in 2002  Overall capital liquidity improvement $44 million Meeting operating goals  Beat first, second, and third quarter production guidance in 2002  Expect to achieve full year 2002 production guidance, despite curtailed production associated with Hurricanes

11 11 Operating Performance ATP Oil & Gas Corporation

12 12 Financial Metrics ATP Oil & Gas Corporation  Bank & Subordinated Debt/Proven Reserves (1) $0.40 / Mcfe  LTM EBITDA / Interest Expense (1) 6.6x  Bank & Subordinated Debt / LTM EBITDA (1) 1.5x  YTD 3Q02 Discretionary Cash Flow / Mcfe (1) $1.96/Mcfe (1)At September 30, 2002

13 13 Recent Developments ATP Oil & Gas Corporation 3Q02 Activity  Recompletion of EC 240, SM 7 and WC 462 Production to contribute in 4Q02 4Q02 Development of 5 projects  WC 101  4 recompletions and stimulations Production to contribute in 1Q03 1Q03 Development  WC 284 and EI 71

14 Current Developments ATP Oil & Gas Corporation WC 101 WC 284 EI 71

15 15 Future Developments (2003 – 2005) Future developments 100% of development projects are ATP operated ATP Oil & Gas Corporation

16 North Sea Developments ATP Oil & Gas Corporation

17 17 UK Southern Gas Basin ATP Oil & Gas Corporation The Tors Helvellyn Venture

18 18 Helvellyn ATP Oil & Gas Corporation Water Depth: 90’ Working Interest: 50% Net Revenue Interest: 50% Platform/Wells:One subsea well, tied back to Amethyst Field First Production:First Half 2003 Producing Sands: Rotliegend and Carboniferous Total gas column:200 meters Discovery well drilled:47/10-1 in 1985 Tested at 29.4 MMcfpd by BP Development well:47/10-7 drilled 4Q02; 1800’ of horizontal Rotliegend and Carboniferous penetration Tested January 2003 at 60 MMcfpd by ATP

19 19 Helvellyn Field ATP Oil & Gas Corporation

20 20 Helvellyn Development Wellhead Protection Structure ATP Oil & Gas Corporation

21 21 Helvellyn Field ATP Oil & Gas Corporation Tested January 2003 at 60 MMcfpd by ATP

22 22 Venture ATP Oil & Gas Corporation Working Interest: 50% Net Revenue Interest: 50% Platform/Wells:Subsea/unmanned platform First Production:2004 Producing Sands: Rotliegend Two wells drilled:49/12-6 tested 15 & 20 MMcfpd from 2 zones 49/12-8 tested 27 & 47 MMcfpd from 2 zones Total gas column:In excess of 120 meters

23 23 Venture ATP Oil & Gas Corporation

24 24 The Tors ATP Oil & Gas Corporation Garrow Kilmar

25 25 The Tors – Garrow and Kilmar ATP Oil & Gas Corporation Working Interest: 75% Net Revenue Interest: 75% Platform/Wells:Kilmar platform, Garrow subsea First Production:2005 Producing Sands: Rotliegend and Carboniferous Wells drilled:43/22-1 (Kilmar) Tested 12.5 MMcfpd 43/22-2 (Kilmar) Tested 33 MMcfpd 43/21-2 (Garrow) Tested 19 MMcfpd Total gas column:Kilmar >150m Garrow – 80m

26 26 The Tors 1 - Garrow ATP Oil & Gas Corporation

27 27 The Tors 2 - Kilmar ATP Oil & Gas Corporation

28 28 Summary ATP Oil & Gas Corporation  “D&P” strategy produces strong operational and financial results, while reducing risk  Successful operator in two core areas Gulf of Mexico U.K. Southern Gas Basin  Robust U.S. and U.K. development inventory  Rapid growth since inception in 1991

29 29 ATP Oil & Gas Corporation ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation 4600 Post Oak Place, Suite 200 Houston, TX 77027-9726 713-622-3311 ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0) 1483 307200 www.atpog.com