ATP Oil & Gas Completes 2004 Development Program

ATP Oil & Gas reports the successful drilling of a well at West Cameron 432 and Eugene Island 71. These two wells were a part of the Company's 2004 development program which included 14 well completions. The 2004 development program included Helvellyn, the company's first North Sea project, and Gulf of Mexico projects at Ship Shoal 358, Garden Banks 186, Matagorda Island 704/709, West Cameron 237, Eugene Island 30, Eugene Island 71, West Cameron 101 and West Cameron 432.

The well at West Cameron 432 (WC 432), the WC 432 A-2, is located in approximately 106 feet of water. The well encountered 17' of total vertical depth natural gas pay in the 2900' Sand. This well will be tied back to the company's existing platform at WC 432 and is expected to be online before the end of January 2005. ATP holds a 75% working interest in this property and is the operator.

ATP has completed the successful up dip operation at Eugene Island 71 (EI 71) at the A-1 ST-2 well. The A-1 ST-2 well, in 22 feet of water, encountered 56' of total vertical depth natural gas pay in two zones. This well is tied back to the Company's existing platform at Eugene Island 30 and is currently producing. ATP operates EI 71 with a 75% working interest.

ATP also announced preliminary production estimates for 2004 of 22.3 to 22.7 Bcfe, an increase of approximately 32% over 2003. The 2004 production estimate is slightly below previous estimates due to hurricane and weather delays and equipment access experienced in the fourth quarter which delayed final drilling and completions into 2005. With 10 developments slated for 2005, including the Company's Mississippi Canyon 711 project which was recently successfully tested, ATP expects production in 2005 to exceed production from 2004.

"The 32% increase in production in 2004 was the largest annual production increase since ATP went public in 2001," stated T. Paul Bulmahn, Chairman and President of ATP. "In 2005 our development plan includes 10 significant projects, several of them with great upside potential, in the Gulf of Mexico and the North Sea."