ATP Production Rate Tops 160 MMcfe/d; Employees Awarded Volvos.

HOUSTON -- ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced the achievement of an overall Company production rate of 160 MMcfe/d which fulfilled the sole remaining target of its 2005 Employee Volvo Challenge as extended one quarter for Katrina delays. ATP met or exceeded every goal. The 1Q production exit rate of 160 MMcfe/d nearly tripled the ATP 2004 production rate. ATP also surpassed its reserve replacement goal of 200% with the superlative ratio of 1,367%. In recognition of these accomplishments, a unique Company incentive plan has awarded ATP U.S., U.K. and Netherlands employees a 2006 Volvo S60 and delivery of his or her vehicle in Europe under the Volvo Overseas Delivery Plan (U.S.) with direct delivery to the U.K. and Holland.

To achieve the ATP Employee Volvo Challenge, ATP accomplished the following:

--  Recorded an overall Company production rate of 160 MMcfe/d;

    --  Brought to production the U.S. deepwater project at
        Mississippi Canyon 711 ("Gomez");

    --  Completed five additional Gulf of Mexico projects:

            --  West Cameron 432

            --  Matagorda Island 709 A4

            --  High Island 74

            --  Brazos Area 578

            --  South Marsh Island 166;

    --  Brought to production its first project in the Netherlands,
        Block L-06;

    --  Secured approval of the Field Development Plan ("FDP") and
        brought to production the U.K. project at Tors in less than
        nine months from the issuance of the FDP approval;

    --  Established and booked 182 Bcfe of proved reserves in the
        North Sea at Cheviot (U.K.);

    --  Acquired interests in 34 Gulf of Mexico properties; and

    --  Replaced 2005 production with proved reserves by 1,367%.

"Achievement of these ambitious objectives has taken ATP to a new level of dramatic increases in producing properties, production and reserves," stated T. Paul Bulmahn, Chairman and President of ATP. "ATP has built a dynamic, innovative, and growth-oriented Company with an experienced and technologically creative staff willing to address challenges. The ability of our staff to understand complex technologies combined with their years of practical offshore oilfield experience enables them to look beyond traditional development methods. As such, this creative incentive initiative was provided for our employees."

ATP, an international Company with an American parent, is similar to Volvo, a Swedish company owned by Ford Motor Company. Volvo is known for its quality design, engineering, innovation and safety excellence. ATP similarly takes pride in its operational safety and the attainment of the highest environmental standards and has won awards for its innovative engineering solutions to technological complexities.

About ATP Oil & Gas Corporation

ATP Oil & Gas is a development and production Company of natural gas and oil in the Gulf of Mexico and the North Sea. The Company trades publicly as ATPG on the NASDAQ National 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.