ATP Logs Pay in Three Gulf of Mexico Wells

ATP Oil & Gas has reached total depth on each of the three wells that it is currently drilling in the Gulf of Mexico and each well encountered the expected proved oil and gas reserves and one well encountered additional reserves.

Garden Banks 186/187 (Cabrito) and Garden Banks 142 (Matia)
ATP completed drilling of an extended reach directional well from its Garden Banks 142 "A" platform to proved undeveloped reserves on an adjacent block, Garden Banks 186. The Garden Banks 186 well has reached the total measured depth of 15,660' and completion operations have commenced with production expected during April of 2004. The drilling platform at Garden Banks 142 will provide the production and processing facilities for the Garden Banks 186 well, as it already does for the recently completed well on Garden Banks 142, currently producing approximately 14 million cubic feet of natural gas per day. The Garden Banks 142 "A" platform was constructed by recycling an existing tripod from the company's Vermilion 410 field in 365' of water and relocating the platform onto a newly constructed base, in 542' feet of water. ATP recycled the existing deck and installed it on the jacket at the new location. ATP also plans to tie back other nearby properties to the Garden Banks 142 "A" platform in the future. ATP has an 80% working interest in Matia and Cabrito and ATP is the operator of both developments.

Ship Shoal 358
At Ship Shoal 358, ATP is currently completing the first of two wells. The Ship Shoal 358 A-1 well reached TD at 8,855' and logged 77' of gross and 45' of net oil and natural gas pay from two expected productive sands. This well is expected to be on production later this month and drilling of the second well will commence immediately thereafter. A second platform with a 384' four-pile jacket from ATP's Vermilion 410 field was recycled, relocated and installed at this location onto a newly fabricated base, in 419' feet of water. ATP also recycled the existing deck and installed it on the jacket at the new location. ATP is the operator and has a 51% working interest.

Matagorda Island 704/709
The Matagorda Island 709 A-1 ST1 well encountered the proved undeveloped reserves that ATP had expected and ATP has commenced completion operations. The well reached total depth of 11,325' on February 29, 2004. The proved reserves in the Miocene Marg "A" sands that ATP was expecting amounted to 346' of gross and 113' of net natural gas pay. ATP additionally encountered a new pay sand with approximately 152' of gross and 64' of net natural gas pay. Production from this well is forecast at the end of the first quarter. ATP is the operator with a 62.5% working interest.

T. Paul Bulmahn, Chairman & President of ATP, stated, "ATP is looking forward to commencing production from all three of the wells being completed. These Gulf of Mexico developments demonstrate ATP's efficient use of existing assets and technology to allow for the reuse of platforms and equipment to reduce development costs."