ATP Acquires Stake in West Cameron 432

ATP Oil & Gas has acquired a portion of West Cameron 432 located in approximately 109 feet of water in the Gulf of Mexico. The discovery well on West Cameron 432 was drilled in 1990 with proved hydrocarbons at approximately 2900 feet measured depth. ATP holds a 100% working interest in this property and is the operator. This is the second Gulf of Mexico property acquired by ATP this year.

ATP is in the process of bringing production to the West Cameron 432 platform from another ATP operated property in the West Cameron area. In addition, ATP will begin development plans at West Cameron 432 in late 2003 or early 2004 from the existing platform located on West Cameron 432. T. Paul Bulmahn, Chairman & President of ATP stated, "With both developments, ATP will be able to fully utilize the capabilities of the West Cameron 432 platform. An integrated development with operational efficiencies will contribute increased value for ATP shareholders."