1 ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation

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 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

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

4 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

5 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

6 Company History ATP Oil & Gas Corporation 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 awarded UKCS Blocks by DTI in a rare Out- of-Round license ATP was founded in 1991 and completed an initial public offering in February 2001

7 Company Profile Production: 2001 Actual:25.7 Bcfe 2002 Guidance:26.5 Bcfe Actual Through 9/30/02:21.4 Bcfe Proven reserves 2001: 235 Bcfe 3-year reserve replacement:374% 3-year F&D costs:$0.96/Mcfe ATP Oil & Gas Corporation

8 Recent Focus ATP Oil & Gas Corporation Increasing financial flexibility –Reduced bank debt $14 million in 2002 –Increased working capital $30 million in 2002 –Discretionary cash flow increased from $4 to $48 million (‘97-’01) –Profitable in second and third quarter 2002 Exceeding operating goals –Beat first, second, and third quarter production guidance Developing North Sea reserves –Pipeline installed and well drilling at Helvellyn –First production in 2003

Development Activity Gulf of Mexico ATP is moving 32 Bcfe from non- producing to proven developed producing properties (PDP) for less than $20 million ATP Oil & Gas Corporation

10 3Q02 Production and Development Highlights Production 3Q Bcfe increase over 3Q01 increase over announced guidance of Bcfe 2002 YTD 21.5 Bcfe increase of 16% over 2001 record for first nine months Development 25 Bcfe moved to PDP Larger PDP component of reserves at 9/30/02 than 12/31/01 ATP Oil & Gas Corporation

11 Near Term 2002 Development ATP Oil & Gas Corporation Q3 Activity –Recompletion of EC 240, SM 7 and WC 462 –Production to contribute in 4Q02 Q4 Development of 7 projects –WC 101, WC 284, EI 71 –4 recompletions and stimulations –Production to contribute in 1Q 03 Production on schedule for the 7th consecutive year of increase

4 th Quarter 2002 Development Operations ATP Oil & Gas Corporation WC 101 WC 284 EI 71

13 West Cameron 101 ATP Oil & Gas Corporation Water Depth: 43’ Working Interest: 100% Net Revenue Interest: 73.33% Platform/Wells:One well caisson. Producing Sands: Miocene Marg A 53 thru 55 Sands at 13,000’ TVD Current Status: Caisson waiting on completion of WC 101 #2 well WC 204 (at left) facilities to be used at WC 101

14 West Cameron 101 #2 Log ATP Oil & Gas Corporation

15 Future Development (2003 – 2005) Future developments 100% of properties ATP operated ATP Oil & Gas Corporation

North Sea Developments ATP Oil & Gas Corporation

17 Southern Gas Basin of North Sea ATP Oil & Gas Corporation The Tors Helvellyn Venture 2002 Out of Round Award

18 Helvellyn ATP Oil & Gas Corporation Water Depth: 90’ Working Interest: 50% Net Revenue Interest: 50% Platform/Wells:Subsea First Production:Projected 2003 Producing Sands: Rotliegend/Carboniferous First well drilled:1985 First well tested:47/10-1 well tested at 29.4 MMcfepd Current Status:Well drilling at 11,000 +/- feet (measured depth)

19 Helvellyn Development ATP Oil & Gas Corporation Development 2002 Projected production 2003

20 Helvellyn Development August 2002 Pipeline Lay ATP Oil & Gas Corporation

21 Helvellyn Development Wellhead Protection Structure ATP Oil & Gas Corporation

22 Venture ATP Oil & Gas Corporation Development 2003 Projected production 2004

23 The Tors 1 - Garrow ATP Oil & Gas Corporation Development 2004 Projected production 2005

24 The Tors 2 - Kilmar ATP Oil & Gas Corporation Development 2004 Projected production 2005

25 Third Quarter 2002 Financial Overview ATP Oil & Gas Corporation

26 Debt Reduction Program ATP Oil & Gas Corporation ($ in millions)

27 First Nine Months 2002 Liquidity Improvement ATP Oil & Gas Corporation Working Capital Increased $30 million + Bank and Subordinated DebtDecreased $12 million = Overall Capital Liquidity Improvement $42 million

Operating Performance ATP Oil & Gas Corporation ($ in millions) Gross Margin 82% YTD ‘02 Note: Revenues reflect the effects of settled hedging activity

29 Financial Strength ATP Oil & Gas Corporation Bank & subordinated debt/proven reserves (1) $0.40 / Mcfe LTM EBITDA / Interest Expense 6.6x Bank & subordinated debt / LTM EBITDA 1.5x YTD 3Q02 Discretionary cash flow $42 million (1)At September 30, 2002

30 Why Should ATP Be In Your Portfolio? ATP Oil & Gas Corporation Compares favorably to other offshore operators

31 Our Peers ATP Oil & Gas Corporation

32 Why Should ATP Be In Your Portfolio? ATP Oil & Gas Corporation Compares favorably to other offshore operators Attractive valuation

33 Attractive Valuation P/CFPS significantly below peers ATP Oil & Gas Corporation

34 Attractive Valuation EV trades at a discount to NAV ATP Oil & Gas Corporation Note: Debt as of 9/30/02; share price as of 11/26/02

35 Why Should ATP Be In Your Portfolio? ATP Oil & Gas Corporation Compares favorably to other offshore operators Attractive valuation Efficient offshore operator

36 Efficient Offshore Operator Lowest production costs in the group ATP Oil & Gas Corporation

37 Why Should ATP Be In Your Portfolio? ATP Oil & Gas Corporation Compares favorably to other offshore operators Attractive valuation Efficient offshore operator Rate of return focused

38 Rate of Return Focused 3-year F&D costs under $1/Mcf ATP Oil & Gas Corporation

39 Rate of Return Focused Capital Efficiency ATP Oil & Gas Corporation Dollars Invested vs. EBITDA Returned (1) 0% 50% 100% 150% 200% 250% 300% NFXEPLMedianPQUEATPGREM (1) 3Q02 EBITDA per unit of production divided by 3 yr. ('99-'01) F&D costs.

40 Why Should ATP Be In Your Portfolio? ATP Oil & Gas Corporation Compares favorably to other offshore operators Attractive valuation Efficient offshore operator Rate of return focused History of producing results

41 History of Producing Results 6 years of cash flow and revenue growth ATP Oil & Gas Corporation Discretionary Cash Flow Revenue ($ in millions)

42 ATP Oil & Gas Corporation Production (BCFE)Proven Reserves (BCFE) History of Producing Results 6 years of production and reserve growth OIL GAS

43 ATP Oil & Gas Corporation ATP Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation 4600 Post Oak Place, Suite 200 Houston, TX ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0)