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ATP Oil & Gas Corporation

NASDAQ: ATPG

ATPOil & Gas

Corporation

ATP Oil & Gas

Friedland Capital’s

Oil, Gas, and Energy Luncheon

London

January 16, 2003

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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.

ATPOil & Gas

Corporation

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Company Overview

Development and production company

Offshore solution

provider for exploration

oriented majors and

independents

Unique, repeatable strategy

ATPOil & Gas

Corporation

SMI 189/190

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Our D&P Strategy Works ATPOil & 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

Area of Operations

Over 50 blocks in Gulf of Mexico7 blocks in North Sea

ATPOil & Gas

Corporation

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Company Profile

3-year reserve replacement: 374%

3-year F&D costs:$0.96/Mcfe

ATPOil & Gas

Corporation

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Company History ATPOil & Gas

Corporation

1995 2002200219971991

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

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ATPOil & Gas

Corporation

History of Producing ResultsProduction and Reserve Growth

PRODUCTION CAGR

95%

37%3-year ('98-'01)

5-year ('96-'01)

RESERVES CAGR

43%

67%3-year ('98-'01)

5-year ('96-'01)

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History of Producing ResultsCash flow and Revenue Growth

ATPOil & Gas

Corporation

REVENUE CAGR

97%

63%3-year ('98-'01)

5-year ('96-'01)

CASH FLOW CAGR

89%

91%3-year ('98-'01)

5-year ('96-'01)

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Focus in 2002 ATPOil & 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 ATPOil & Gas

Corporation

Gross Margin and EBITDA Margin

85%82% 82%

65%62%

67%

2000 2001 2002 (thru - 9/30/02)

Gross Margin EBITDA Margin

Gross Margin = (Net Realized Oil & Gas Revenue - LOE) / (Net Realized Oil & Gas Revenue)EBITDA Margin = (Company-w ide Net Revenue - LOE - Transportation - G&A - Other Cash Expenses) / (Company-w ide Net Revenue)

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Financial Metrics ATPOil & 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

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Recent Developments ATPOil & Gas

Corporation

• 3Q02 ActivityRecompletion of EC 240, SM 7 and WC 462

• Production to contribute in 4Q02

• 4Q02 Development of 5 projectsWC 1014 recompletions and stimulations

• Production to contribute in 1Q03

• 1Q03 Development WC 284 and EI 71

Current Developments ATPOil & Gas

Corporation

WC 101 WC 284 EI 71

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Future Developments (2003 – 2005)

Future developments

100% of development projects are ATP operated

ATPOil & Gas

Corporation

North Sea Developments ATPOil & Gas

Corporation

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UK Southern Gas Basin ATPOil & Gas

Corporation

The Tors

Helvellyn

Venture

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HelvellynATPOil & 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 1985Tested 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

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Helvellyn Field ATPOil & Gas

Corporation

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Helvellyn DevelopmentWellhead Protection Structure

ATPOil & Gas

Corporation

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Helvellyn Field ATPOil & Gas

Corporation

Tested January 2003 at 60 MMcfpd by ATP

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VentureATPOil & 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

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Venture ATPOil & Gas

Corporation

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The Tors ATPOil & Gas

Corporation

Garrow Kilmar

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The Tors – Garrow and KilmarATPOil & 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 MMcfpd43/22-2 (Kilmar) Tested 33 MMcfpd43/21-2 (Garrow) Tested 19 MMcfpd

Total gas column: Kilmar >150mGarrow – 80m

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The Tors 1 - Garrow ATPOil & Gas

Corporation

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The Tors 2 - Kilmar ATPOil & Gas

Corporation

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SummaryATPOil & 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 ATPOil & Gas

Corporation

NASDAQ: ATPG

ATP Oil & Gas Corporation4600 Post Oak Place,

Suite 200Houston, TX 77027-9726

713-622-3311

ATP Oil & Gas (UK) LimitedVictoria House, London Square, Cross

LanesGuildford, Surrey GU1 1UJ

United Kingdom44 (0) 1483 307200

www.atpog.com