ATP Anduin Package: Major Gomez Expansion.

HOUSTON -- ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced a major expansion of interests and operations at Mississippi Canyon ("MC") 711 ("Gomez") where ATP is presently producing greater than 100 MMcfe/d. ATP acquired interests in a package of properties including a 100% working interest in a successful discovery well in the northwest quarter of MC 755 ("Anduin") located in an adjacent block south of Gomez. The MC 755 #2 discovery well of Anduin was drilled in 2005 and encountered material logged hydrocarbons in both a down-dip and up-dip location. ATP intends to establish production at Anduin later this year by side tracking and completing the MC 755 #2 well and tying it back to ATP's floating production facility at MC 711.

Upon the successful completion of the MC 755 #2 well, ATP will also earn interests in two prospects: a 50% working interest in MC 754 and a 25% working interest in MC 800 ("Gladden"). Gladden is scheduled to be drilled later this year with MC 754 planned for 2008. As part of the purchase and sale agreement, ATP will process hydrocarbons from MC 754 and/or MC 800 at its floating production facility at MC 711.

T. Paul Bulmahn, ATP's Chairman and President stated, "This acquisition was a home run for ATP since it included a material expansion of reserves in the Gomez area and underscores the value of our floating production facility. This should further enable ATP to achieve projections of our production ramp-up for 2007 and beyond. The transaction also allows third party access to the Gomez facility and thus our production facility should operate at close to maximum capacity for a substantially longer period of time than previously expected." Gerald W. Schlief, ATP's Senior Vice President added, "The acquisition of additional working interests in these three blocks near Gomez significantly increases our presence in this region of the Gulf of Mexico. ATP continues to acquire interests in offshore blocks that are near our existing infrastructure."

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.

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 are found in our SEC filings.