ATP Acquires 3 Gulf of Mexico Producing Properties

ATP Oil & Gas Corporation (Nasdaq: ATPG), an acquisition-oriented development company producing more than 60 MMcfe net per day of natural gas from its 21 platforms in the Gulf of Mexico, today announced it has entered into a Purchase and Sale Agreement with a large independent. Through this acquisition, ATP will become the operator (100% working interest) of three additional producing platforms, all located in less than 100 feet of water in the Outer Continental Shelf of the Gulf of Mexico. Immediately accretive to earnings and EBITDA, the company expects to begin an aggressive development program in 2001's third quarter to more than triple production on the blocks. The company paid less than $0.60/Mcfe for the proven reserves. Other terms of the acquisition were not disclosed. ATP expects to close on these properties by February 28, 2001.

About ATP Oil & Gas Corporation

Houston-based ATP Oil & Gas is one of the fastest growing energy companies focused on acquisition, development and production of natural gas. ATP, during the period 1995 through 1999, increased proved net reserves at a compound annual growth rate (CAGR) of 262%, increased production at a 206% CAGR, and adjusted EBITDA at a 371% CAGR. The company was listed by Inc. 500 as the fifth fastest growing private company in 2000, up from its ranking of 21st in 1999, and the fastest growing energy company for both years. The company trades as ATPG on the NASDAQ National Market.

Forward-looking Statements

Certain statements included in this news release including the expected impact of this acquisition on earnings are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions or beliefs about future events may and often do vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures and availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP's forward-looking statements are found in our SEC filings.