Lease Award Expands ATP's Canyon Express Hub

ATP Oil & Gas Corporation announced that the Minerals Management Service has awarded to ATP the offshore lease at Mississippi Canyon 304 block. ATP submitted a bid for this deepwater property at the Central Gulf of Mexico Offshore Lease Sale 206 in New Orleans in March, 2008.

Mississippi Canyon Block 304 is located directly adjoining the Aconcagua field connected to the ATP-operated Canyon Express pipeline system constructed to develop King's Peak, Aconcagua and Camden Hills, three ATP-owned and operated deepwater properties. ATP plans to re-develop King's Peak and Aconcagua beginning in the second quarter 2009. ATP acquired a 100% working interest in the block for a total cost of $257,000 and will serve as operator of the block.