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A. T. P. Oil & Gas Corporation. ATP Oil & Gas Corporation. ATP Oil & Gas Friedland Capital’s Oil, Gas, and Energy Luncheon London January 16, 2003. NASDAQ: ATPG. A. T. P. Forward-looking Statement. Oil & Gas Corporation.

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Atp oil gas corporation

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Oil & Gas

Corporation

ATP Oil & Gas Corporation

ATP Oil & Gas

Friedland Capital’s

Oil, Gas, and Energy Luncheon

London

January 16, 2003

NASDAQ: ATPG


Atp oil gas corporation

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Forward-looking Statement

Oil & Gas

Corporation

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

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Oil & Gas

Corporation

SMI 189/190

Company Overview

  • Development and production company

  • Offshore solution

  • provider for exploration

  • oriented majors and

  • independents

  • Unique, repeatable strategy


Atp oil gas corporation

For ATP

For the Sellers

Eliminates future capital risk

Eliminates exploration risk

Reduces acquisition & development costs

Allows them to recover some sunk costs

Shortens duration of risked capital

Diverts capital to other core projects

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Our D&P Strategy Works

Oil & Gas

Corporation


Atp oil gas corporation

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Oil & Gas

Corporation

Area of Operations

Over 50 blocks in Gulf of Mexico

7 blocks in North Sea


Atp oil gas corporation

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Oil & Gas

Corporation

Company Profile

  • 3-year reserve replacement: 374%

  • 3-year F&D costs: $0.96/Mcfe


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Company History

Oil & Gas

Corporation

ATP was founded in 1991 and completed an initial public offering in February 2001

ATP acquires additional UKCS Blocks and begins first North Sea development

ATP completes its first sub-sea development

ATP incorporated on August 8th

2002

1991

1995

1997

1998

ATP acquires all Statoil’s properties on the Outer-Continental Shelf

ATP is one of the first companies to utilize horizontal drilling offshore


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Oil & Gas

Corporation

History of Producing Results

Production and Reserve Growth


Atp oil gas corporation

History of Producing Results

Cash flow and Revenue Growth

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Oil & Gas

Corporation


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Focus in 2002

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


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Operating Performance

Oil & Gas

Corporation


Atp oil gas corporation

Financial Metrics

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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

  • At September 30, 2002


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Recent Developments

Oil & Gas

Corporation

  • 3Q02 Activity

    • Recompletion of EC 240, SM 7 and WC 462

      • Production to contribute in 4Q02

  • 4Q02 Developmentof 5 projects

    • WC 101

    • 4 recompletions and stimulations

      • Production to contribute in 1Q03

  • 1Q03 Development

    • WC 284 and EI 71


Atp oil gas corporation

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Oil & Gas

Corporation

Current Developments

WC 101

WC 284

EI 71


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Oil & Gas

Corporation

Future developments

Future Developments (2003 – 2005)

100% of development projects are ATP operated


Atp oil gas corporation

North Sea Developments

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Oil & Gas

Corporation


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Oil & Gas

Corporation

UK Southern Gas Basin

The Tors

Helvellyn

Venture


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Helvellyn

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


Atp oil gas corporation

Helvellyn Field

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Oil & Gas

Corporation


Atp oil gas corporation

Helvellyn Development

Wellhead Protection Structure

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Oil & Gas

Corporation


Atp oil gas corporation

Helvellyn Field

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Oil & Gas

Corporation

Tested January 2003 at 60 MMcfpd by ATP


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Venture

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


Atp oil gas corporation

Venture

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Oil & Gas

Corporation


Atp oil gas corporation

The Tors

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Oil & Gas

Corporation

Kilmar

Garrow


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The Tors – Garrow and Kilmar

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


Atp oil gas corporation

The Tors 1 - Garrow

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Oil & Gas

Corporation


Atp oil gas corporation

The Tors 2 - Kilmar

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Oil & Gas

Corporation


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Summary

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


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ATP Oil & Gas Corporation

Oil & Gas

Corporation

NASDAQ: ATPG

ATP Oil & Gas Corporation4600 Post Oak Place,

Suite 200Houston, TX 77027-9726713-622-3311

ATP Oil & Gas (UK) Limited

Victoria House, London Square, Cross Lanes

Guildford, Surrey GU1 1UJ

United Kingdom

44 (0) 1483 307200

www.atpog.com