ATP Announces Record Annual and Single Quarter Production.

HOUSTON -- ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced expected 2007 record production of 63.5 Bcfe or approximately 10.6 MMBOE, a 26% increase over 2006 production with actual production figures to be announced on or about February 29, 2008 in conjunction with ATP's year-end report of financial results and oil and gas reserves. Initial estimates of ATP oil and gas production for the 2007 calendar year show the following:

* Gulf of Mexico oil production increased 36% to approximately 4.5 MMBbls. Oil production in 2006 was 3.3 MMBbls and in 2005 was 0.7 MMBbls;

* Gulf of Mexico gas production increased 30% to 24.9 Bcf. Gas production in 2006 was 19.2 Bcf and in 2005 was 14.4 Bcf;

* North Sea gas production was voluntarily curtailed to approximately 12.1 Bcf in 2007 compared with 12.0 Bcf in 2006 and 1.3 Bcf in 2005.

ATP also set production records for the fourth quarter 2007 with early production estimates for Gulf of Mexico oil of 1.6 MMBbls, Gulf of Mexico gas of 6.5 Bcf and North Sea gas of 4.2 Bcf. In total for the fourth quarter 2007, ATP expects to record an estimated 20.0 Bcfe or 3.3 MMBOE, the largest single quarter in ATP's history.

Leland E. Tate, ATP's Chief Operating Officer stated, "Early last year we stated our goals for 2007 were to achieve significant growth in production and convert certain undeveloped properties to proved producing. We have achieved these stated goals with our record production levels and new wells in the North Sea and at Gomez. We averaged an estimated 218 MMcfe per day in the fourth quarter and achieved the previously announced peak production rate of 300 MMcfe per day in late December."

Mr. Tate further stated, "We expect another record year of production in 2008. Current production rates have averaged approximately 260 MMcfe/d in 2008. During the first part of the year, Gulf of Mexico production has averaged approximately 200 MMcfe/d. Gomez performance has exceeded our expectations and will likely result in a significant reserve increase for that property in the 2007 year-end reserve report. In the North Sea, we have averaged 60 MMcfe/d due to lower than expected production rates at our Wenlock property (40 MMcfe/d gross) which is being further evaluated. As the year progresses, we will provide further information regarding production.

"We continue to pursue new acquisition and development opportunities. Major Gulf of Mexico development activity for 2008 is scheduled at ATP's Telemark Hub, well completions are scheduled for High Island A-589 and South Marsh Island 190 and there is potential for activity at West Cameron 462 and in the Canyon Express area. ATP's development program in the North Sea for 2008 includes the addition of compression and the evaluation of additional drilling opportunities at both Tors and Wenlock. Commencement of the construction phase of the Cheviot floating production system is also projected in 2008. For the year, in both the Gulf of Mexico and the North Sea, we have scheduled facilities maintenance and repairs and anticipate weather-related curtailments."

Please refer to the company's most recent investor presentation posted January 8, 2008 at www.atpog.com for a complete listing of hedges and a more complete discussion of 2008 property developments.

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. The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We and our independent third party reservoir engineers use the terms "probable" and "possible" and we use the term "recoverable hydrocarbons" to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves. All estimates of probable and possible reserves in this news release have been prepared by our independent third party engineers and all estimates of recoverable hydrocarbons have been prepared by management. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings.