ATP Oil & Gas Secures 4 Drilling Rigs for GOM, North Sea Work

ATP Oil & Gas Corporation recently secured four more drilling rigs for 2008 and 2009 in addition to two rigs, the Nabors 202 and Diamond Ocean Confidence, which were previously committed. The additional rigs are the Seadrill Americas' West Sirius, the Hercules Rig 211, the Ensco 72 and the Diamond Ocean Victory.

George Morris, ATP's COO said, "These recent and existing commitments allow us to maintain our schedule for developing our key properties. We now have secured rigs for our entire 2008 scheduled drilling program and for all but one well of our 2009 drilling program. Our development capital budget includes the cost of all of the 18 well operations to be commenced in 2008 and 2009. These rigs will be used to drill proved and probable undeveloped reserve locations that were on our books in the beginning of 2008, plus additional logged hydrocarbons and significant upside potential not yet on our books at several of our key properties including Clipper, which was acquired earlier this year."

Gulf of Mexico Deepwater

Telemark Hub – The Seadrill West Sirius, a dynamically positioned rig, is expected to be on location over the Telemark Hub for a 90-day period commencing before the end of July 2008. The West Sirius will drill and run casing on the upper sections of two wells at Mirage (Mississippi Canyon Block 941) and, if time permits, take a third well to completion at Morgus (Mississippi Canyon Block 942). The bottom section of the remaining wells will be drilled and completed with the Nabors 202 platform rig, to be installed on the ATP MinDOC I, a floating drilling and production facility that will be moored at Mirage/Morgus early in 2009.

ATP has recently entered into a letter of intent with contract signing anticipated for the semi-submersible Diamond Ocean Victory to drill and run casing in four wells at Telemark (Atwater Valley Block 63) beginning in mid-2009. Similar to the operation at Mirage/Morgus, after the pre-drilling is complete, ATP will move on location its second MinDOC, the MinDOC II. The Nabors 202 platform rig will then be transferred to the MinDOC II where it will be used to finalize drilling and complete the four wells. ATP has a 100% working interest in and operates the Telemark Hub, which is in 4000' to 4500' of water.

Clipper (Green Canyon Block 299 and Block 300) – ATP acquired Clipper in June 2008. The Diamond Ocean Victory, a moored rig, is scheduled to sidetrack and complete one well and complete a second well on the property during the first half of 2009 after the rig concludes its current assignment. Previous drilling at Clipper has identified logged hydrocarbons at the targeted sands and these reserves are not included in ATP’s 2007 year-end reserve report. ATP expects to add the undeveloped reserves at Clipper to its proved and probable Canyon Express Hub – The Diamond Ocean Confidence, a dynamically positioned rig, is scheduled to arrive in the second quarter of 2009. During a 150-day period, ATP expects to sidetrack/drill and complete two development wells, one at King’s Peak (Mississippi Canyon Block 217) and one at Aconcagua (Mississippi Canyon Block 305). After completing these two wells the Ocean Confidence will depart for another job and return after approximately one year to sidetrack/drill and complete two additional wells, one each at Aconcagua and De Soto Canyon Block 133. The Canyon Express Hub is in water depths of 6,400’ to 7,000’. ATP has working interests ranging from 50% to 66.67% on the various properties comprising the Canyon Express Hub and operates the wells and the Canyon Express Pipeline System.

Gulf of Mexico Shelf

West Cameron Block 462 – After installation of a tripod platform, the Hercules 211, a shallow-water jackup rig, is scheduled to be on location at West Cameron Block 462 during August 2008. It is scheduled to complete two previously drilled wells and prepare them to commence production during the third quarter 2008. West Cameron 462 is located in 125’ of water. ATP has a 100% working interest in and operates West Cameron 462.

U.K. North Sea

Wenlock and Tors (U.K. North Sea) – The Ensco 72, a mid-sized jackup, is scheduled to arrive at Wenlock during the fourth quarter of 2008. In December 2007, ATP completed and placed on production its first well in the Rotliegend formation at Wenlock. The Ensco 72 is scheduled to drill a second development well into the Rotliegend reservoir as well as a new appraisal/development well in another section of the block. ATP holds an option for a third well to be drilled with the Ensco 72. If exercised, the third well could be drilled at ATP’s developments at Tors or Wenlock, both of which are operated by ATP in the Southern Gas Basin in the U.K. North Sea.

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