ATP - JPM Presentation High Yield Conference 2012.(Final)

Al Reese, Jr.

Chief Financial Officer

JP Morgan High Yield & Leveraged Finance Conference

Miami, Florida

February 27, 2012

1

Certain statements included in this presentation contain "forward-looking statements" within the meaning of the safe

harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934. ATP cautions that assumptions, expectations,

projections, intentions, plans, beliefs or similar expressions used to identify forward-looking statements about future

events may, and often do, vary from actual results and the differences can be material from those expressed or

implied in such forward looking statements. Some of the key factors which could cause actual results to vary from

those ATP expects include, without limitation, volatility in commodity prices for crude oil and natural gas prices,

condition of the capital markets generally, as well as ability to access them, the timing of planned capital

expenditures, availability of acquisitions, uncertainties in estimating reserves and forecasting production results,

operational factors affecting the commencement or maintenance of producing wells, the and uncertainties regarding

environmental regulations or litigation and other legal or regulatory developments affecting its business. ATP

assumes no obligation and expressly disclaims any duty to update the information contained herein except as

required by law. ATP generally discloses, in filings made with the SEC, only proved reserves that can demonstrate by

actual production or conclusive formation tests to be economically and legally producible under existing economic

and operating conditions. ATP and its independent third party reservoir engineers use the term "probable" to

describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's

guidelines prohibit a company from including in proved reserves. These estimates are by their nature more

speculative than estimates of proved reserves. Any estimates of probable reserves in this presentation are based on

the December 31, 2010 or preliminary December 31, 2011 reports of our independent third party engineers. Any

estimates of reserves from ATPs preliminary year-end 2011 reserve report are subject to change prior to filing of

ATPs year-end 2011 annual report on Form 10-K. PV-10 is a non-GAAP financial measure because it excludes income

tax effects. Management believes that the presentation of PV-10 provides useful information to investors because it

is widely used by professional analysts and sophisticated investors to evaluate oil and gas companies. PV-10 is not a

measure of financial or operating performance under GAAP. The most directly comparable GAAP financial measure is

the standardized measure of discounted future net cash flows. PV-10 should not be considered a substitute for the

standardized measure of discounted future net cash flows as defined under GAAP, which is calculated at year end

under accounting rules by applying pricing assumptions of the SEC to its proved reserves. More information about the

risks and uncertainties relating to ATP's forward-looking statements is found in the companys SEC filings or website

www.atpog.com.

Corporate Headquarters

4600 Post Oak Place, Suite 100

Houston, TX

77027- 9726

Telephone: (713) 622 3311

IR Fax: (713) 622 6829

Forward Looking Statements

Investor Relations

Al Reese, Jr.

Chief Financial Officer

Tom Kucera, CFA

Director of Financial Analysis

Henry Coulter, CPA

Financial Analyst

Isabel Plume

Chief Communications Officer

Sheila Thornton

Communications & Corporate

Affairs Specialist

[email protected]

www.atpog.com

NASDAQ: ATPG

2

ATP Overview

Engaged in the acquisition, development and production of oil and natural gas in the Gulf of Mexico, North Sea and Mediterranean Sea

Strategy focused primarily on oil-weighted reservoirs with low risk conversion of PUDs and Probables into PDPs

ATPs estimates of future production growth are from existing proved reserves, not from risk-weighted exploration success

ATP at a glance

Enterprise Value(1): $3.3 billion

Production in 2011: 9.0 MMBoe, 68% oil

Proved & Probable PV-10(2): $7.3 billion

ATP Titan Telemark Hub

(1) As of 2/24/2012, pro forma for closing of $140MM first lien expansion. Corporate adjustments include value of preferred stock at liquidation preference.

(2) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.

3

Low Risk Development Portfolio

Large inventory of proved and probable reserves to develop Known hydrocarbons with no exploration risk 98% success rate converting undeveloped properties to production Development projects drive long-term production growth

Oil66%

U.K. Gas15%

U.S. Gas19%

Proved and Probable = 194.4 MMBoe Proved and Probable SEC PV-10 = $7.3 billion

Proved reserves = 118.9 MMBoe Proved reserves SEC PV-10 = $4.2 billion

2011YE Proved reserve composition(1)

2011YE Proved and Probable reserve composition(1)

Pre-tax PV-10 of 2011YE proved reserves increased 60%+ over 2010

Oil65%

U.K. Gas14%

U.S. Gas21%


4 4

Core Areas of Operation


MMBoe % of Reserves

GOM Deepwater: 125.2 64%

GOM Shelf: 5.3 3%

North Sea: 63.9 33%

Mediterranean Sea: - -

Total Proved & Probable 194.4 100%

PV-10 $7.3 billion(1)

5

Proven Offshore Operator with Experienced Management

99% of all proved reserves on a PV-10 basis are operated by ATP

Ability to control costs and timing of expenditures by operating properties

Ability to manage operating risks through sell down of interests

Demonstrated track record of developing assets

Experienced and incentivized management and technical teams

Deep technical team with average experience of over 25 years

Key members of senior management team have worked together since 1984

Senior management and directors own ~15% of ATP

Every employee has an ownership stake in ATP

6 6

53

40

28

18 18 17 1614

9 8 7 7 6 5 4 4 3 3 2 2 1 1 1 1 1 1

Deepwater Operating Expertise

ATP ranks 4th overall in deepwater Gulf of Mexico wellbores

This expertise has provided ATP new global opportunities

Source: BOEM website.

Majors

Independents

Deepwater Gulf of Mexico Wellbores (including Majors)

ATP (Independent)

7

Deepwater Math

The value of deepwater is that reserves tend to increase alongside production

Note: All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.

7.1 8.2

4.3

5.4

2010 2011

Proved reserves (MMBoe) Probable reserves (MMBoe)

13.6

11.4

14.8 19.5

7.9

8.9

22.2

2003 (Inception) 2011

Proved reserves (MMBoe) Probable reserves (MMBoe) Production (MMboe)

50.6

22.7

22.5

38.8

8.4

16.7

5.3

2006 (Inception) 2011

Proved Reserves (MMBoe) Probable Reserves (MMBoe) Production (MMBoe)

30.9

60.8

Gomez Hub Telemark Hub Clipper Project

8

16.1

21.0

24.6

2009 average rate 2010 average rate 2011 average rate

(est.)

Production Growth Expected to Continue

Note: Receipt of permits for, and commencement of production at, wells that are not yet operational are subject to a number of meaningful risks.

Furthermore, production rates and the Companys related cash margins may be affected adversely by numerous factors, some of which are beyond the Companys control, including risks and uncertainties relating to the Companys business, industry performance and general business and economic conditions, changes in natural gas and oil prices, operational factors affecting the maintenance of producing wells and uncertainties regarding environmental regulations or

litigation and other legal and regulatory developments. See "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010

for risks that could impact the Companys production rates and cash margins.

New 2012 scheduled production

Production in Avg. MBoe/d

Upcoming wells

Telemark MC 942 #2

1Q2012

Clipper

Late 3Q2012 / Early 4Q2012 (2 wells tested at 16 MBoe/d net)

9

Hub Concept Improves Economics & Growth

ATPs Hub Concept is a low-risk, cost-effective development strategy with significant growth opportunities

Low-risk development strategy

Hubs encourage development of neighboring projects

Proved undeveloped reserves with logged hydrocarbons and extensive seismic

Staged hub development and operating control provide timing and cost flexibility

Cost effective development plan aided by infrastructure

Infrastructure assets complementary to strategy

Application of award-winning innovations and technologies, include 16 patents awarded and 5 pending and 5 additional filings awaiting first action for a total of 26 inventions and systems

Long-lived re-locatable assets (20 - 50 years)

10 10

Fleet of Re-usable Floating Deepwater Infrastructure

ATP owns substantial infrastructure assets in operation today and additional assets are under construction with deployment scheduled in 2014

Long-lived re-useable assets (20 - 50 years) are key to ATPs hub strategy

ATP will continue to operate and control its assets

ATP Innovator - Gomez Hub ATP Titan Telemark Hub Octabuoy - Cheviot Hub

Complete & Producing Under Construction

Reusable Floating Deepwater Infrastructure

Initial Installation Gomez Hub Telemark Hub Cheviot Hub

Capacity 20 MBbls/d / 100 MMcf/d 25 MBbls/d / 50 MMcf/d(1)

25 MBbls/d / 50 MMcf/d

In Service / Utility 2006 / >20 yrs 2009 / >40 yrs 2014 / >50 yrs

Water Depth Range 300' - 3,500' 1,500' - 9,500' 500' - 9,500'

% Ownership 51%(2)(3)

100%(3)

100%

(1) Expandable to 100 MMcf/d. (2) Created an SPV by selling 49% ownership in the ATP Innovator to GE Financial Services for $150 million. (3) Ownership held in ATP-owned SPV.

11 11

Deepwater Gulf of Mexico Operations

Canyon Express

Telemark

Gomez

Clipper

Entrada Hub strategy improves

economics and growth opportunities.

Ladybug

Future Development

Producing

Producing + Future Development

12 12

Gomez Hub Properties

MC 666 MC 667

100% WI

MC 668

100% WI

MC 710 MC 711

100% WI MC 712

MC 754

75% WI MC 756

MC 798 MC 799 MC 800

MC 755

100%

100% WI

ATP blocks

ATP Innovator

13 13

Gomez Hub

Summary

Acquired in 2003

First production in 2006

Still producing from initial zones

Water depth ~3,000 ft

ATP operates

Six wells on production

DOCD for MC 711#9 and #10 approved January 20, 2012. Wells planned in late 2012-early 2013

Exploration upside

MC 710 Exploration Plan approved November 15, 2011

2011YE: 19.5 MMBoe Proved Reserves(1) (64% Oil)

28.4 MMBoe Proved & Probable Reserves(1) (69% Oil)

ATP Innovator - Gomez Hub


14 14

Telemark Hub Properties

Mirage (MC 941) Vastar discovery well drilled in 1999 Morgus (MC 942) Shell discovery well drilled in 2000 Telemark (AT 63) Texaco discovery well drilled in 2001

Shell/ StatoilHydro/ Anadarko Vito discovery, July 29, 2009: Well encountered more than 250 net feet of oil pay in subsalt Miocene sands

ATP blocks

ATP Titan

943

15 15

Telemark Hub Property Overview

Summary:

Acquired MC 941, MC 942 & AT 63 in 2006

Acquired AT 19 & AT 62 in 2008

ATP operates with a 100% WI

Initial production started March 2010 at the Telemark Hub


Three wells on production

MC 942#2 well drilling completed; in final stages of completion

First production scheduled during 1Q2012



ATP Titan - Telemark Hub


16 16

Summary

Acquired by ATP in 2008

Discovered in 2005 by Pioneer Natural Resources



GC 300#2 well completed in July 2011

Flow-tested at 45.6 MMcf/d plus 4.7 MBbls condensate/d (12.3 MBoe/d)

GC 300#4 well completed in December 2011

Flow-tested at 9.0 MBbls oil/d plus 4.6 MMcf/d (9.8 MBoe/d)

Pipeline to 3rd party platform scheduled in 3Q2012 (lay barge contracted for July)

First production expected from both wells late 3Q2012 / early 4Q2012

Combined test: 22.1 MBoe/d (16.4 MBoe/d net; 62% oil)

Clipper (Green Canyon Block 300)




17

Entrada Garden Banks Block 782

Acquired in 2010


Previous drilling found logged hydrocarbons in 7 wellbores

ATP operates with 100% WI

Development currently scheduled for 2013 2014

Application for Development Plan in process in accordance with recent regulations

Expect probable reserves to convert to proved upon drilling of first well


12.2 MMBoe Proved & Probable Reserves (49% Oil)


18 18

North Sea Operations

Cheviot

Skipper

Helvellyn

Wenlock

Blythe

L-6d

Tors

Future Development

Producing

Producing + Future Development

19 19

Cheviot Hub

First oil expected in 2014

Anticipated peak production of 25 MBbls/d and 50 MMcf/d


Extensive technical analysis, including reservoir simulation, performed by ATP

Filed field development plan 4/15/2011

Cheviot Octabuoy (Under Construction) - Cheviot Hub



COSCO Shipyard, Nantong, China, November 2011


20

Mediterranean Licenses

20

Daniel East Shimshon

Daniel West

Discoveries

ATP Acreage

Leviathan Tamar

Dalit

Cyprus

Block 12

Tanin

21 21


Anticipate initial drilling to begin 2Q2012

ATPs portion: $24 - $29 million

ATPs partner in Shimshon, Isramco Negev, has received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential

natural gas reserves at Shimshon to be 2.5 - 3.4 TCF (net 0.9 1.2 TCF)

Shimshon Property Overview

For low costs ATP will evaluate ~1 TCF net

0

4

8

12

16

Leviathan

Israel

Tamar 1

Israel

Dhirubhai 1

Indonesia

Posiden 1

Australia

Dhirubhai 3

Indonesia

Arous El Bahar

Libya

Pluto

Australia

Clio 1

Australia

Windjammer 2

Mozambique

Chandon 1

Australia

Top 10 Deepwater Gas Discoveries Worldwide (2001 2010) Large Potential in Israel

Recovera

ble

Natu

ral

Gas

(Tcf)

Long-Term Patient Corporate Leverage Structure

High yield bonds (April 2010)

$1.5 billion aggregate principal amount with an 11.875% interest rate and May 2015 maturity

First lien term loan (June 2010 and March 2011)

$210 million senior secured term loan

March 2011 increased amount from $150 million to $210 million, decreased rate from 11% to 9% and extended maturity from October 2014 to January 2015

Based on estimated PV-10 at SEC pricing at 12/31/11, first lien loan capacity expected to expand by $140MM in March 2012

22

23

Net profit interests (NPIs) - $350 million(1)

Overriding royalty interests (ORRIs) - $38 million(1), additional ORRIs of $15 million added in December 2011 and $25 million in January 2012

ATP began granting NPIs & ORRIs to a combination of vendors and financial firms in 2009

Attractive from a liquidity standpoint because payments are proportional to ATP production and pricing from a given property or properties

Higher prices, higher production = Faster payoff

Lower prices, lower production = Smaller payments

Expect to pay off a large majority of the NPIs and ORRIs by year-end 2012

ATP retains control and residual interest in properties after payoff

(1) As of 9/30/2011. 23

Summary of Other Long-Term Obligations: NPIs & ORRIs

24 24

2012 Capital Outlook

Project 2012 Cost

Telemark Completion of MC 942#2. Planned sliding sleeve at MC 941#3. Possible workover of MC 941#4.

~$25 million

Israel Shimshon well. Targets ~1TCF @ $0.03/MCF. $24 $29 million

GOM Clipper pipeline. Expect pipeline to be largely financed by partner(s) and/or SPV.

~$125 million gross /

~$0 million - $25 million

net after partner contribution

2012 Committed Capital

Project

GOM - Gomez #9 and #10 wells. Start in late 2012. Primarily a 2013 development.

North Sea Octabuoy topsides. Schedule being finalized. Chinese component essentially carried by contractor.

North Sea Cheviot, initial reservoir work. Primarily a 2013/2014 development.

Projects Considered for 2012

ATP has significant flexibility to adjust 2012 capital spending

25 25

Options For Funding 2012 Capital Budget

Operating Cash Flow Expect strong improvement after ATP completes MC 942#2 well (4th Telemark

well), which is expected in 1Q2012

Expect further improvement after Clipper production commences, which is expected in late 3Q2012 / early 4Q2012

First Lien Expansion ~$140 million in additional capacity in 1Q2012 due to growth in PV-10

Partnerships Remain in active discussions regarding partners for Clipper and Cheviot

projects

Continue to Tap NPI / ORRI Market In active discussions with potential financial partners

Infrastructure Monetizations Potential to finance Clipper pipeline (~$100 million) in SPV Numerous options to finance Octabuoy

$4,200

$3,100

$1,000

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

SEC

Proved PV-10 Probable PV-10 Infrastructure

10.6x First Lien

26

Substantial Asset Coverage

12/31/11 PV-10(1)

($ in millions)

$2,765 First Lien, Second Lien, & Other Obligations(2)

12.1x Proved Only Coverage

1.5x Proved Only Coverage

$348 PF 1st lien debt(2)

$8,300 3.0x Total Coverage

(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K.

(2) See appendix for computation.

27

Key Investment Considerations

ATP is a low-risk development focused Company

ATP acquires/develops properties in the Gulf of Mexico, Mediterranean Sea and North Sea which contain existing reserves and opportunities, providing assets for development & production

98% success rate converting undeveloped properties into producing properties since inception

Substantial asset value and coverage

Proved and probable reserves of 194.4 MMBoe (65% oil) with strip PV-10 of $7.3 billion at 12/31/11(1)

Proved only pre-tax SEC PV-10 at 12/31/11 estimated $4.2 billion(1)

Infrastructure investment of over $1.0 billion

Growing production and cash flow

Produced 24.6 MBoe/d in 2011 and expect significant uplift in production in 2012 with key new wells at Telemark and Clipper

Production 70% liquids in 4Q11 and benefits from attractive realizations

Higher oil prices coupled with higher production expected to result in cash flow growth over time in addition to increased per unit margins

Deepwater operating expertise

ATP ranks 4th overall in deepwater Gulf of Mexico wellbores; this expertise has provided ATP new global opportunities

Fleet of Re-usable Floating Deepwater Infrastructure

ATP owns substantial infrastructure assets in operation today; additional assets under construction with deployment scheduled in 2014

ATP will continue to operate and control its assets

Every employee is an owner of ATP

Management and Directors own ~15% of ATP

Key management members have worked together since 1984


28 28

ATP Oil & Gas Corporation (NASDAQ: ATPG)

ATP Oil & Gas Corporation 4600 Post Oak Place Suite 100 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 ATP Oil & Gas (Netherlands) B.V. Water-Staete Gebouw Dokweg 31 (B) 1976 CA IJmuiden The Netherlands 31 (0) 255 523377 ATP East Med B.V. 15 Aba Even Street Herzliya Pituach 46725 Israel www.atpog.com

ATP Innovator

ATP Titan Octabuoy

29

Appendix

30

Price Deck

NYMEX UK Gas(1)

Crude

($/Bbl)

Natural gas

($/MMbtu)

Natural gas

($/MMbtu)

YE 2010 SEC pricing $79.43 $4.38 $6.58

YE 2011 SEC pricing $96.19 $4.12 $9.02

(1) Based on USD/GBP conversion rate at $1.55/GBP on 12/31/11 and $1.56/GBP on 12/31/10.

31 31

Derivatives Schedule

4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY

Gulf of Mexico

Natural Gas Swaps

Volumes (MMMBtu) 1,380 1,380 1,365 - - - 1,365 - - - - -

Price ($/MMBtu) 4.64$ 4.64$ 4.64$ - - - 4.64$ - - - - -

Natural Gas Calls

Volumes (MMMBtu) 920 920 910 910 920 920 3,660 - - - - -

Price ($/MMBtu) 5.10$ 5.10$ 5.30$ 5.30$ 5.30$ 5.50$ 5.35$ - - - - -

Crude Oil Swaps

Volumes (MBbls) 766 766 865 842 851 851 3,408 180 91 92 92 455

Price ($/Bbl) 95.53$ 95.53$ 109.56$ 97.66$ 97.66$ 97.66$ 100.68$ 98.28$ 106.15$ 106.15$ 106.15$ 103.03$

Prepaid Crude Oil Swaps (1)

Volumes (MBbls) 167 167 177 177 110 12 477 - - - - -

Price ($/Bbl) -$ -$ -$ -$ -$ -$ -$ - - - - -

Crude Oil Reparticipation Calls

Volumes (MBbls) 184 184 - - - - - - - - - -

Price ($/Bbl) 110.00$ 110.00$ - - - - - - - - - -

Crude Oil Swaptions (Calls Sold)(2)

Volumes (MBbls) - - - - - - - 270 273 276 276 1,095

Strike Price ($/Bbl) - - - - - - - 96.88$ 96.88$ 96.88$ 96.88$ 96.88$

North Sea

Natural Gas Swaps

Volumes (MMMBtu) 460 460 455 455 460 460 1,830 180 - - - 180

Price ($/MMBtu)(3)

9.49$ 9.49$ 9.49$ 8.26$ 8.26$ 10.13$ 9.03$ 11.28$ - - - 11.28$ - - -

(2) Call swaptions sold to a third party that allows the third party to exercise and enter into a swap with ATP at the strike price.

(3) Assumes currency translation rate of 1.60 USD per GBP which approximates the rate as of February 23, 2012

Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year.

(1) ATP received cash proceeds at closing averaging approximately $107.89 per barrel. During the future contract settlement months, ATP

will pay cash based on the prevailing market prices in effect at that time, which may be more or less than ATP were paid.

2011 2012

The above are ATP's financial and physical commodity contracts outstanding as of February 23, 2012

2013

Derivatives Schedule

(Unaudited)

32

Debt & Other Obligations

($ in millions)

9/30/2011 12/31/2010

Net profits interests (Telemark Hub, Gomez Hub and Clipper) $350.1 $331.8

Dollar-denominated overriding royalty interests (Gomez Hub) 77.9(1) 52.8

Other long-term obligations 179.0 174.4

Total long-term obligations 607.0 559.0

First lien term loan 348.3(1) 146.6

Second lien bonds 1,495.0 1,493.9

ATP Titan, LLC term loan 315.2 238.9

Total 2,765.5 2,438.4

(1) Pro forma values that include additional financings after 9/30/2011. See next slide for pro forma calculations.

33

Pro Forma Balance Sheet Calculations

($ in millions)

First lien as of 9/30/11 $208.3

First lien expansion currently underway 140.0

Pro forma first lien for 9/30/11 $348.3

($ in millions)

Overriding royalty interests (ORRIs) as of 9/30/11 $37.9

Announced ORRI additions since 9/30/11 40.0

Pro forma ORRIs for 9/30/11 $77.9

Documents

ATP - JPM Presentation High Yield Conference 2012.(Final)