Al Reese, Jr.

Chief Financial Officer

JP Morgan High Yield & Leveraged Finance Conference
Miami, Florida
February 27, 2012

1
Certain statements included in this presentation contain "forward-looking statements" within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934. ATP cautions that assumptions, expectations,
projections, intentions, plans, beliefs or similar expressions used to identify forward-looking statements about future
events may, and often do, vary from actual results and the differences can be material from those expressed or
implied in such forward looking statements. Some of the key factors which could cause actual results to vary from
those ATP expects include, without limitation, volatility in commodity prices for crude oil and natural gas prices,
condition of the capital markets generally, as well as ability to access them, the timing of planned capital
expenditures, availability of acquisitions, uncertainties in estimating reserves and forecasting production results,
operational factors affecting the commencement or maintenance of producing wells, the and uncertainties regarding
environmental regulations or litigation and other legal or regulatory developments affecting its business. ATP
assumes no obligation and expressly disclaims any duty to update the information contained herein except as
required by law. ATP generally discloses, in filings made with the SEC, only proved reserves that can demonstrate by
actual production or conclusive formation tests to be economically and legally producible under existing economic
and operating conditions. ATP and its independent third party reservoir engineers use the term "probable" to
describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's
guidelines prohibit a company from including in proved reserves. These estimates are by their nature more
speculative than estimates of proved reserves. Any estimates of probable reserves in this presentation are based on
the December 31, 2010 or preliminary December 31, 2011 reports of our independent third party engineers. Any
estimates of reserves from ATPs preliminary year-end 2011 reserve report are subject to change prior to filing of
ATPs year-end 2011 annual report on Form 10-K. PV-10 is a non-GAAP financial measure because it excludes income
tax effects. Management believes that the presentation of PV-10 provides useful information to investors because it
is widely used by professional analysts and sophisticated investors to evaluate oil and gas companies. PV-10 is not a
measure of financial or operating performance under GAAP. The most directly comparable GAAP financial measure is
the standardized measure of discounted future net cash flows. PV-10 should not be considered a substitute for the
standardized measure of discounted future net cash flows as defined under GAAP, which is calculated at year end
under accounting rules by applying pricing assumptions of the SEC to its proved reserves. More information about the
risks and uncertainties relating to ATP's forward-looking statements is found in the companys SEC filings or website
www.atpog.com.
Corporate Headquarters
4600 Post Oak Place, Suite 100
Houston, TX
77027- 9726
Telephone: (713) 622 3311
IR Fax: (713) 622 6829
Forward Looking Statements
Investor Relations
Al Reese, Jr.
Chief Financial Officer

Tom Kucera, CFA
Director of Financial Analysis

Henry Coulter, CPA
Financial Analyst

Isabel Plume
Chief Communications Officer

Sheila Thornton
Communications & Corporate
Affairs Specialist

atpinvest@atpog.com
www.atpog.com
NASDAQ: ATPG
2
ATP Overview
Engaged in the acquisition, development and production of oil and natural gas in the Gulf of Mexico,
North Sea and Mediterranean Sea
Strategy focused primarily on oil-weighted reservoirs with low risk conversion of PUDs and
Probables into PDPs
ATPs estimates of future production growth are from existing proved reserves, not from risk-
weighted exploration success
ATP at a glance
Enterprise Value
(1)
: $3.3 billion
Production in 2011: 9.0 MMBoe, 68% oil
Proved & Probable PV-10
(2)
: $7.3 billion
ATP Titan Telemark Hub
(1) As of 2/24/2012, pro forma for closing of $140MM first lien expansion. Corporate adjustments include value of preferred stock at liquidation preference.
(2) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
3
Low Risk Development Portfolio
Large inventory of proved and probable reserves to develop
Known hydrocarbons with no exploration risk
98% success rate converting undeveloped properties to production
Development projects drive long-term production growth

Oil
66%
U.K. Gas
15%
U.S. Gas
19%
Proved and Probable = 194.4 MMBoe
Proved and Probable SEC PV-10 = $7.3 billion
Proved reserves = 118.9 MMBoe
Proved reserves SEC PV-10 = $4.2 billion
2011YE Proved reserve
composition
(1)

2011YE Proved and Probable reserve
composition
(1)

Pre-tax PV-10 of 2011YE proved reserves increased 60%+ over 2010
Oil
65%
U.K. Gas
14%
U.S. Gas
21%
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
4 4
Core Areas of Operation
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.

MMBoe % of Reserves
GOM Deepwater: 125.2 64%
GOM Shelf: 5.3 3%
North Sea: 63.9 33%
Mediterranean Sea: - -
Total Proved & Probable 194.4 100%
PV-10 $7.3 billion
(1)

5
Proven Offshore Operator with Experienced
Management
99% of all proved reserves on a PV-10 basis are operated by ATP
Ability to control costs and timing of expenditures by operating properties
Ability to manage operating risks through sell down of interests
Demonstrated track record of developing assets
Experienced and incentivized management and technical teams
Deep technical team with average experience of over 25 years
Key members of senior management team have worked together since 1984
Senior management and directors own ~15% of ATP
Every employee has an ownership stake in ATP
6 6
53
40
28
18 18
17
16
14
9
8
7 7
6
5
4 4
3 3
2 2
1 1 1 1 1 1
Deepwater Operating Expertise
ATP ranks 4
th
overall in deepwater Gulf of Mexico wellbores
This expertise has provided ATP new global opportunities
Source: BOEM website.
Majors
Independents
Deepwater Gulf of Mexico Wellbores (including Majors)
ATP (Independent)
7
Deepwater Math
The value of deepwater is that reserves tend to increase alongside production
Note: All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
7.1
8.2
4.3
5.4
2010 2011
Proved reserves (MMBoe) Probable reserves (MMBoe)
13.6
11.4
14.8
19.5
7.9
8.9
22.2
2003 (Inception) 2011
Proved reserves (MMBoe) Probable reserves (MMBoe) Production (MMboe)
50.6
22.7
22.5
38.8
8.4
16.7
5.3
2006 (Inception) 2011
Proved Reserves (MMBoe) Probable Reserves (MMBoe) Production (MMBoe)
30.9
60.8
Gomez Hub Telemark Hub
Clipper Project
8
16.1
21.0
24.6
2009 average rate 2010 average rate 2011 average rate
(est.)
Production Growth Expected to Continue



Note: Receipt of permits for, and commencement of production at, wells that are not yet operational are subject to a number of meaningful risks.
Furthermore, production rates and the Companys related cash margins may be affected adversely by numerous factors, some of which are beyond the
Companys control, including risks and uncertainties relating to the Companys business, industry performance and general business and economic conditions,
changes in natural gas and oil prices, operational factors affecting the maintenance of producing wells and uncertainties regarding environmental regulations or
litigation and other legal and regulatory developments. See "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2010
for risks that could impact the Companys production rates and cash margins.
New 2012
scheduled
production

Production in Avg. MBoe/d
Upcoming
wells
Telemark MC 942 #2
1Q2012

Clipper
Late 3Q2012 / Early
4Q2012 (2 wells
tested at 16 MBoe/d
net)

9
Hub Concept Improves Economics & Growth
ATPs Hub Concept is a low-risk, cost-effective development strategy with significant
growth opportunities
Low-risk development strategy
Hubs encourage development of neighboring projects
Proved undeveloped reserves with logged hydrocarbons and extensive seismic
Staged hub development and operating control provide timing and cost flexibility
Cost effective development plan aided by infrastructure
Infrastructure assets complementary to strategy
Application of award-winning innovations and technologies, include 16 patents awarded and 5
pending and 5 additional filings awaiting first action for a total of 26 inventions and systems
Long-lived re-locatable assets (20 - 50 years)

10 10
Fleet of Re-usable Floating Deepwater
Infrastructure
ATP owns substantial infrastructure assets in operation today and additional assets are under
construction with deployment scheduled in 2014
Long-lived re-useable assets (20 - 50 years) are key to ATPs hub strategy
ATP will continue to operate and control its assets
ATP Innovator - Gomez Hub ATP Titan Telemark Hub Octabuoy - Cheviot Hub
Complete & Producing Under Construction
Reusable Floating Deepwater Infrastructure
Initial Installation Gomez Hub Telemark Hub Cheviot Hub
Capacity 20 MBbls/d / 100 MMcf/d 25 MBbls/d / 50 MMcf/d
(1)
25 MBbls/d / 50 MMcf/d
In Service / Utility 2006 / >20 yrs 2009 / >40 yrs 2014 / >50 yrs
Water Depth Range 300' - 3,500' 1,500' - 9,500' 500' - 9,500'
% Ownership 51%
(2)(3)
100%
(3)
100%
(1) Expandable to 100 MMcf/d.
(2) Created an SPV by selling 49% ownership in the ATP Innovator to GE Financial Services for $150 million.
(3) Ownership held in ATP-owned SPV.
11 11
Deepwater Gulf of Mexico Operations






Canyon Express
Telemark
Gomez
Clipper
Entrada
Hub strategy improves
economics and growth
opportunities.

Ladybug
Future Development
Producing
Producing + Future Development
12 12
Gomez Hub Properties
MC 666
MC 667
100% WI
MC 668
100% WI
MC 710 MC 711
100% WI
MC 712
MC 754
75% WI
MC 756
MC 798 MC 799 MC 800
MC 755
100%
100% WI
ATP blocks
ATP
Innovator
13 13
Gomez Hub
Summary
Acquired in 2003
First production in 2006
Still producing from initial zones
Water depth ~3,000 ft
ATP operates
Six wells on production
DOCD for MC 711#9 and #10 approved January 20, 2012. Wells planned in late 2012-early 2013
Exploration upside
MC 710 Exploration Plan approved November 15, 2011
2011YE:
19.5 MMBoe Proved Reserves
(1)
(64% Oil)
28.4 MMBoe Proved & Probable Reserves
(1)
(69% Oil)
ATP Innovator - Gomez Hub
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
14 14
Telemark Hub Properties
Mirage (MC 941) Vastar discovery well drilled in 1999
Morgus (MC 942) Shell discovery well drilled in 2000
Telemark (AT 63) Texaco discovery well drilled in 2001



Shell/ StatoilHydro/ Anadarko Vito discovery, July
29, 2009: Well encountered more than 250 net
feet of oil pay in subsalt Miocene sands
ATP blocks
ATP Titan
943
15 15
Telemark Hub Property Overview
Summary:
Acquired MC 941, MC 942 & AT 63 in 2006
Acquired AT 19 & AT 62 in 2008
ATP operates with a 100% WI
Initial production started March 2010 at the Telemark Hub
Water depth ~4,000 ft
Three wells on production
MC 942#2 well drilling completed; in final stages of completion
First production scheduled during 1Q2012
2011YE:
38.8 MMBoe Proved Reserves
(1)
(79% Oil)
55.5 MMBoe Proved & Probable Reserves
(1)
(85% Oil)
ATP Titan - Telemark Hub
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
16 16
Summary
Acquired by ATP in 2008
Discovered in 2005 by Pioneer Natural Resources
Water depth ~3,450 ft
ATP operates with a 100% WI
GC 300#2 well completed in July 2011
Flow-tested at 45.6 MMcf/d plus 4.7 MBbls condensate/d (12.3 MBoe/d)
GC 300#4 well completed in December 2011
Flow-tested at 9.0 MBbls oil/d plus 4.6 MMcf/d (9.8 MBoe/d)
Pipeline to 3
rd
party platform scheduled in 3Q2012 (lay barge contracted for July)
First production expected from both wells late 3Q2012 / early 4Q2012
Combined test: 22.1 MBoe/d (16.4 MBoe/d net; 62% oil)
Clipper (Green Canyon Block 300)
2011YE:
8.2 MMBoe Proved Reserves
(1)
(72% Oil)
13.6 MMBoe Proved & Probable Reserves
(1)
(66% Oil)
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
17
Entrada Garden Banks Block 782
Acquired in 2010
Water depth ~4,550 ft
Previous drilling found logged hydrocarbons in 7
wellbores
ATP operates with 100% WI
Development currently scheduled for 2013 2014
Application for Development Plan in process in
accordance with recent regulations
Expect probable reserves to convert to proved upon
drilling of first well
2011YE:
1.9 MMBoe Proved Reserves
(1)
(82% Oil)
12.2 MMBoe Proved & Probable Reserves (49% Oil)
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
18 18
North Sea Operations






Cheviot

Skipper
Helvellyn

Wenlock
Blythe
L-6d
Tors
Future Development
Producing
Producing + Future Development
19 19
Cheviot Hub
First oil expected in 2014
Anticipated peak production of
25 MBbls/d and 50 MMcf/d
ATP operates with a 100% WI
Extensive technical analysis, including
reservoir simulation, performed by ATP
Filed field development plan 4/15/2011

Cheviot
Octabuoy (Under Construction) - Cheviot Hub
2011YE:
38.9 MMBoe Proved Reserves
(1)
(66% Oil)
55.9 MMBoe Proved & Probable Reserves
(1)
(65% Oil)
COSCO Shipyard, Nantong, China, November 2011
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
20
Mediterranean Licenses
20
Daniel East
Shimshon
Daniel West
Discoveries
ATP Acreage
Leviathan
Tamar
Dalit
Cyprus
Block 12
Tanin
21 21
ATP operates with a 40% WI
Anticipate initial drilling to begin 2Q2012
ATPs portion: $24 - $29 million
ATPs partner in Shimshon, Isramco Negev, has received an independent reservoir
engineering evaluation from Lockwood & Associates estimating gross potential
natural gas reserves at Shimshon to be 2.5 - 3.4 TCF (net 0.9 1.2 TCF)
Shimshon Property Overview
For low costs ATP will evaluate ~1 TCF net
0
4
8
12
16
Leviathan
Israel
Tamar 1
Israel
Dhirubhai 1
Indonesia
Posiden 1
Australia
Dhirubhai 3
Indonesia
Arous El Bahar
Libya
Pluto
Australia
Clio 1
Australia
Windjammer 2
Mozambique
Chandon 1
Australia
Top 10 Deepwater Gas Discoveries Worldwide (2001 2010)
Large Potential in Israel
R
e
c
o
v
e
r
a
b
l
e

N
a
t
u
r
a
l


G
a
s

(
T
c
f
)

Long-Term Patient Corporate Leverage
Structure
High yield bonds (April 2010)
$1.5 billion aggregate principal amount with an 11.875% interest rate
and May 2015 maturity
First lien term loan (June 2010 and March 2011)
$210 million senior secured term loan
March 2011 increased amount from $150 million to $210 million,
decreased rate from 11% to 9% and extended maturity from October 2014
to January 2015
Based on estimated PV-10 at SEC pricing at 12/31/11, first lien loan
capacity expected to expand by $140MM in March 2012







22
23
Net profit interests (NPIs) - $350 million
(1)

Overriding royalty interests (ORRIs) - $38 million
(1)
, additional ORRIs of $15
million added in December 2011 and $25 million in January 2012
ATP began granting NPIs & ORRIs to a combination of vendors and financial
firms in 2009
Attractive from a liquidity standpoint because payments are proportional to
ATP production and pricing from a given property or properties
Higher prices, higher production = Faster payoff
Lower prices, lower production = Smaller payments
Expect to pay off a large majority of the NPIs and ORRIs by year-end 2012
ATP retains control and residual interest in properties after payoff
(1) As of 9/30/2011.
23
Summary of Other Long-Term Obligations:
NPIs & ORRIs
24 24
2012 Capital Outlook
Project 2012 Cost
Telemark Completion of MC 942#2. Planned sliding
sleeve at MC 941#3. Possible workover of MC 941#4.
~$25 million
Israel Shimshon well. Targets ~1TCF @ $0.03/MCF. $24 $29 million
GOM Clipper pipeline. Expect pipeline to be largely
financed by partner(s) and/or SPV.
~$125 million gross /
~$0 million - $25 million
net after partner contribution
2012 Committed Capital
Project
GOM - Gomez #9 and #10 wells. Start in late 2012. Primarily a 2013 development.
North Sea Octabuoy topsides. Schedule being finalized. Chinese component essentially
carried by contractor.
North Sea Cheviot, initial reservoir work. Primarily a 2013/2014 development.
Projects Considered for 2012
ATP has significant flexibility to adjust 2012 capital spending
25 25
Options For Funding 2012 Capital Budget
Operating Cash Flow
Expect strong improvement after ATP completes MC 942#2 well (4
th
Telemark
well), which is expected in 1Q2012
Expect further improvement after Clipper production commences, which is
expected in late 3Q2012 / early 4Q2012
First Lien Expansion
~$140 million in additional capacity in 1Q2012 due to growth in PV-10
Partnerships
Remain in active discussions regarding partners for Clipper and Cheviot
projects
Continue to Tap NPI / ORRI Market
In active discussions with potential financial partners
Infrastructure Monetizations
Potential to finance Clipper pipeline (~$100 million) in SPV
Numerous options to finance Octabuoy
$4,200
$3,100
$1,000

$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
SEC
Proved PV-10 Probable PV-10 Infrastructure
10.6x First Lien
26
Substantial Asset Coverage
12/31/11 PV-10
(1)
($ in millions)
$2,765
First Lien, Second Lien, & Other Obligations
(2)
12.1x
Proved Only Coverage
1.5x
Proved Only Coverage
$348
PF 1
st
lien debt
(2)
$8,300
3.0x Total Coverage
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K.
(2) See appendix for computation.
27
Key Investment Considerations
ATP is a low-risk development focused Company
ATP acquires/develops properties in the Gulf of Mexico, Mediterranean Sea and North Sea which contain existing reserves and opportunities,
providing assets for development & production
98% success rate converting undeveloped properties into producing properties since inception
Substantial asset value and coverage
Proved and probable reserves of 194.4 MMBoe (65% oil) with strip PV-10 of $7.3 billion at 12/31/11
(1)
Proved only pre-tax SEC PV-10 at 12/31/11 estimated $4.2 billion
(1)
Infrastructure investment of over $1.0 billion
Growing production and cash flow
Produced 24.6 MBoe/d in 2011 and expect significant uplift in production in 2012 with key new wells at Telemark and Clipper
Production 70% liquids in 4Q11 and benefits from attractive realizations
Higher oil prices coupled with higher production expected to result in cash flow growth over time in addition to increased per unit margins
Deepwater operating expertise
ATP ranks 4th overall in deepwater Gulf of Mexico wellbores; this expertise has provided ATP new global opportunities
Fleet of Re-usable Floating Deepwater Infrastructure
ATP owns substantial infrastructure assets in operation today; additional assets under construction with deployment scheduled in 2014
ATP will continue to operate and control its assets
Every employee is an owner of ATP
Management and Directors own ~15% of ATP
Key management members have worked together since 1984
(1) All figures based on preliminary third-party estimates of year-end 2011 reserves and subject to change prior to filing of 10-K. Refer to Appendix for additional information.
28 28
ATP Oil & Gas Corporation (NASDAQ: ATPG)
ATP Oil & Gas Corporation
4600 Post Oak Place
Suite 100
Houston, TX 77027-9726
713-622-3311

ATP Oil & Gas (UK) Limited
Victoria House, London Square, Cross Lanes
Guildford, Surrey GU1 1UJ
United Kingdom
44 (0) 1483 307200

ATP Oil & Gas (Netherlands) B.V.
Water-Staete Gebouw
Dokweg 31 (B)
1976 CA IJmuiden
The Netherlands
31 (0) 255 523377

ATP East Med B.V.
15 Aba Even Street
Herzliya Pituach 46725
Israel

www.atpog.com
ATP Innovator
ATP Titan Octabuoy
29
Appendix
30
Price Deck
NYMEX UK Gas(1)
Crude
($/Bbl)
Natural gas
($/MMbtu)
Natural gas
($/MMbtu)
YE 2010 SEC pricing $79.43 $4.38 $6.58
YE 2011 SEC pricing $96.19 $4.12 $9.02

(1) Based on USD/GBP conversion rate at $1.55/GBP on 12/31/11 and $1.56/GBP on 12/31/10.
31 31
Derivatives Schedule
4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
Gulf of Mexico
Natural Gas Swaps
Volumes (MMMBtu) 1,380 1,380 1,365 - - - 1,365 - - - - -
Price ($/MMBtu) 4.64 $ 4.64 $ 4.64 $ - - - 4.64 $ - - - - -
Natural Gas Calls
Volumes (MMMBtu) 920 920 910 910 920 920 3,660 - - - - -
Price ($/MMBtu) 5.10 $ 5.10 $ 5.30 $ 5.30 $ 5.30 $ 5.50 $ 5.35 $ - - - - -
Crude Oil Swaps
Volumes (MBbls) 766 766 865 842 851 851 3,408 180 91 92 92 455
Price ($/Bbl) 95.53 $ 95.53 $ 109.56 $ 97.66 $ 97.66 $ 97.66 $ 100.68 $ 98.28 $ 106.15 $ 106.15 $ 106.15 $ 103.03 $
Prepaid Crude Oil Swaps
(1)
Volumes (MBbls) 167 167 177 177 110 12 477 - - - - -
Price ($/Bbl) - $ - $ - $ - $ - $ - $ - $ - - - - -
Crude Oil Reparticipation Calls
Volumes (MBbls) 184 184 - - - - - - - - - -
Price ($/Bbl) 110.00 $ 110.00 $ - - - - - - - - - -
Crude Oil Swaptions (Calls Sold)
(2)
Volumes (MBbls) - - - - - - - 270 273 276 276 1,095
Strike Price ($/Bbl) - - - - - - - 96.88 $ 96.88 $ 96.88 $ 96.88 $ 96.88 $
North Sea
Natural Gas Swaps
Volumes (MMMBtu) 460 460 455 455 460 460 1,830 180 - - - 180
Price ($/MMBtu)
(3)
9.49 $ 9.49 $ 9.49 $ 8.26 $ 8.26 $ 10.13 $ 9.03 $ 11.28 $ - - - 11.28 $
- - -
(2) Call swaptions sold to a third party that allows the third party to exercise and enter into a swap with ATP at the strike price.
(3) Assumes currency translation rate of 1.60 USD per GBP which approximates the rate as of February 23, 2012
Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year.
(1) ATP received cash proceeds at closing averaging approximately $107.89 per barrel. During the future contract settlement months, ATP
will pay cash based on the prevailing market prices in effect at that time, which may be more or less than ATP were paid.
2011 2012
The above are ATP's financial and physical commodity contracts outstanding as of February 23, 2012
2013
Derivatives Schedule
(Unaudited)
32
Debt & Other Obligations
($ in millions)

9/30/2011 12/31/2010

Net profits interests (Telemark Hub, Gomez Hub and Clipper) $350.1 $331.8

Dollar-denominated overriding royalty interests (Gomez Hub) 77.9
(1)
52.8

Other long-term obligations 179.0 174.4

Total long-term obligations 607.0 559.0

First lien term loan 348.3
(1)
146.6

Second lien bonds 1,495.0 1,493.9

ATP Titan, LLC term loan 315.2 238.9

Total 2,765.5 2,438.4


(1) Pro forma values that include additional financings after 9/30/2011. See next slide for pro forma calculations.
33
Pro Forma Balance Sheet Calculations
($ in millions)

First lien as of 9/30/11 $208.3

First lien expansion currently underway 140.0

Pro forma first lien for 9/30/11 $348.3


($ in millions)

Overriding royalty interests (ORRIs) as of 9/30/11 $37.9

Announced ORRI additions since 9/30/11 40.0

Pro forma ORRIs for 9/30/11 $77.9