ATP Outlines 2004 Development Plans

ATP has budgeted a total of $60-70 million for development operations in 2004, consisting of approximately $55-60 million on nine properties in the Gulf of Mexico and $5-10 million on three North Sea projects.

T. Paul Bulmahn, Chairman and President of ATP, stated "We were very successful in our acquisition program during 2003. In total, we acquired an interest in seven blocks and increased our interest in two blocks in the Gulf of Mexico through lease sales and private transactions. Further, ATP acquired three licenses in the UK Sector of the North Sea and a 50% working interest in the L-06d block in the Dutch Sector of the North Sea. These acquisitions primarily consist of properties with proved undeveloped reserves and have positioned ATP for further growth. The expertise of our skilled technical staff has enabled ATP to bring 33 of 34 (97%) proved undeveloped properties to commercial production since ATP began offshore operations in 1994."

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