ATP Advances Asset Monetization for GOM, UK North Sea Properties

ATP Oil & Gas Corp.

ATP Oil & Gas Corporation announced that its asset monetization process resulted in multiple bids, and ATP is negotiating with potential purchasers for selected properties. On August 28, 2008, ATP closed the data rooms established with Scotia Waterous (USA) Inc. for the offering and potential sale of a portion of ATP's working interests in several properties located in the Gulf of Mexico and the UK North Sea.

Leland E. Tate, President of ATP, stated, "We have been very pleased with the number of companies that have participated in this process and the quality of the bids. We received interest from a number of companies, allowing us to be selective in our decisions. We are in active negotiations with companies to prepare the necessary agreements, and we are continuing discussions with other companies for transactions that are acceptable to ATP and its potential new partners. ATP will provide further updates as more information becomes available and transactions are solidified."