ATP Increases North Sea Presence

ATP Oil & Gas awarded two licenses in the UKCS 21st Licensing Round. "These two development opportunities continue to strengthen ATP's reserve portfolio and substantially enhance ATP's North Sea base," stated T. Paul Bulmahn, Chairman and President.

ATP will receive a 100% equity interest and operatorship of a portion of Blocks 2/10 and 3/11b which contain the Emerald oil field, several undeveloped oil and gas discoveries and additional potential upside. ATP's analysis indicates that there may be substantial remaining oil reserves in the Emerald structure. ATP intends to redevelop the Emerald field in combination with other opportunities presented within the acreage. The Emerald field in Blocks 2/10 and 3/11b in approximately 150 meters water depth was discovered in 1978 and produced hydrocarbons from 1992-1996 from an upper Jurassic reservoir sand.

ATP will also receive a 50% equity interest in North Sea Block 50/26b with the other 50% to Tullow Exploration Limited.

Block 50/26b includes part of an undeveloped gas discovery in approximately 25 meters water depth which was discovered in 1995 and contains proved hydrocarbons.

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