"ATP Titan" Hull Christening.

HOUSTON -- ATP Oil & Gas Corporation (NASDAQ:ATPG) will officially name its new floating deepwater drilling and production facility the ATP Titan during a formal ceremony on Wednesday, August 26th at the Gulf Marine Fabricators yard near Aransas Pass, Texas.

"When installed on site, this will be the first deepwater U.S.-built multi-column, deep draft, floating drilling and production platform in the Gulf of Mexico," commented T. Paul Bulmahn, ATP's Chairman and CEO. "At an installed cost of $600 million the ATP Titan is approximately 726 feet from its base to the top of its derrick or roughly the height of a 70-story building. It features ample deck space for third party growth and initially will have a design capacity of 25 MBbls/d of oil and 50 MMscf/d of gas to service ATP's Telemark Hub. After fully producing at ATP's Mirage (Mississippi Canyon 941) and Morgus (Mississippi Canyon 942) reserves, the ATP Titan will later be redeployed to ATP's development at Atwater Valley Block 63. The ATP Titan allows for installation in water depths of 1,500 to 9,500 feet. With an expected life of 40 years, it is anticipated that the ATP Titan will be reused and redeployed multiple times during its life span."

About ATP Oil & Gas Corporation

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.

Forward-looking Statements

Certain statements included in this news release are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in our SEC filings.

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