ATP Oil & Gas Gains Success at High Island 74

ATP Oil & Gas has successfully drilled the High Island 74 #1 (HI 74 #1) well and thus has earned a 75% working interest in the property. After reaching total depth of 8,599' TVD at HI 74 #1 and logging the well, ATP reported that it had effectively encountered 18' of total vertical depth natural gas pay in the Rob L Sand. The HI 74 #1 well is expected to commence production by the end of the first half of 2005 following completion operations and the installation of a caisson, production deck, and pipeline.

Stated T. Paul Bulmahn, Chairman and President of ATP, "We are pleased to add another quality property to our growing inventory of development projects. The proved reserves at High Island 74 provide ATP an excellent start on our 2005 Volvo Challenge Program. The company employee challenge has targets which include a 200% reserve replacement of production, an overall company production goal of 160 MMcfe/d, and the development of projects in both the Gulf of Mexico and in the North Sea with proved and as yet undeveloped reserves."