Production at Ladybug Exceeds 2 Million Barrel Mark

ATP Oil & Gas Corporation announces that gross production at its Garden Banks Block 409 project, also known as "Ladybug", has exceeded 2 million barrels as of July 15, 2002, at an average over 7,000 barrels of oil per day. In addition, cumulative gross natural gas production has exceeded 2.1 billion cubic feet (Bcf). ATP's net cumulative production amounts to approximately one million barrels of oil at an average of over 3,100 barrels of oil per day and approximately 1 Bcf of natural gas at an average of about 2.8 million cubic feet of natural gas per day.

ATP, as the operator, commenced production in September 2001 from the Ladybug field located in approximately 1360 feet of water by connecting two subsea wells with two six-inch eighteen-mile flow lines to a platform in Garden Banks Block 189. ATP and Unocal Corp. each hold a 50% working interest.

Ladybug is a project for which the Minerals Management Service granted deepwater royalty relief. The deepwater royalty relief program is administered by the MMS and is designed to encourage the development of marginal fields, such as Ladybug, in deepwater.


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