August 9 – 13, 2009
Forward Looking Statement
Certain s ta tements included in this news release are “forwa rd‐looking sta tements ” under the Pri va te
Investor Relations Securi ties Liti ga tion Reform Act of 1995. ATP cautions that assumptions , expecta tions , projections ,
Al Reese, Jr.
Chief Financial Officer intentions, or beliefs about future events ma y, and often do, va ry from a ctual resul ts and the differences can
Brian Nelson
be material . Some of the key fa ctors which could cause a ctual resul ts to va ry from those ATP expects include
Vice President, Finance changes in natural gas and oil pri ces , the timing of planned capital expendi tures , a vailability of a cquisitions ,
Isabel Plume uncertainties in esti mating proved reserves and forecas ting production results , opera tional fa ctors a ffecting
Chief Communications Officer
the commencement or maintenance of producing wells , the conditi on of the capi tal ma rkets generall y, as
Sheila Thornton well as our abili ty to a ccess them, and uncertainties rega rding envi ronmental regula tions or li ti gation and
Communications & Corporate
Affairs Specialist other legal or regulatory devel opments affecting our business . The SEC has generally permi tted oil and gas
atpinvest@atpog.com
companies , in filings made with the SEC, to disclose onl y proved reserves tha t a company has demons tra ted
by a ctual producti on or conclusi ve forma tion tes ts to be economi call y and legally producible under existing
economi c and opera ting condi tions . We and our independent thi rd pa rty reservoi r engineers use the terms
Corporate Headquarters
"probable" and “possible” and we use the term “recoverable hydroca rbons ” to des cribe volumes of reserves
4600 Post Oak Place, Suite 200
Houston, TX potentially recovera ble through additi onal drilling or recovery techniques tha t the SEC's guidelines ma y
77027‐ 9726
prohibi t us from including in filings wi th the SEC. These es tima tes a re by thei r na ture more speculati ve than
Telephone: (713) 622 3311
IR Fax: (713) 622 6829 es tima tes of proved reserves . All es tima tes of probable and possible reserves in this news release ha ve been
prepa red by our independent thi rd pa rty engineers and all es tima tes of recoverable hydroca rbons ha ve been
prepa red by management. More informa tion about the risks and uncertainties rela ting to ATP's forwa rd‐
looking sta tements are found in our SEC filings . Unless otherwise indica ted, all reserve fi gures a re per the
reserve report from the appropria te yea r.
www.atpog.com
NASDAQ ‐ ATPG
│2
│
Corporate Strategy
Create value through low‐cost, low risk PUD conversion
Focus on acquiring properties with proved but undeveloped reserves
From 12/31/04 to 12/31/08, 57% of reserve growth from upside associated with revisions,
extensions, and discoveries (see appendix slide 29)
Operate substantially all projects in development
“Hub” concept improves economics and growth opportunities
North Sea
37%(1)
GOM Shelf
10%(1)
GOM Deepwater
53%(1)
98% success rate converting properties from undeveloped to producing
│3│
(1) Based on Proved Reserves a t December 31, 2008, using independent third‐party reserve engineers.
What Makes ATP a Compelling Value?
Fundamental Valuation as of June 30, 2009
PV‐10 at June 30, 2009 $5.3 billion(1)
Plus estimated infrastructure investment $1.0 billion
Less net debt $(1.2) billion
Net Asset Valuation (NAV) for shareholders $5.1 billion
Shares outstanding August 6, 2009 44.5 million
NAV per share at PV10 $114.61 $114.61
NAV at
PV10
$45.51
NAV at
(2) PV30
$8.54
Development
d ed Program
Ad
Implemented
lue Engineering
Va & Field
Procurement Enhancement
&
Development Additional
Plan Acquisition
Acquisition
Octabouy
ATP has monetized value throughout all stages of the
development cycle and expects to continue this value creation │5
│
What Makes ATP a Compelling Value?
Infrastructure Investment at Hubs
Since March 2009, ATP has received $150 million from strategic partners to participate in
ATP’s infrastructure projects
ATP is actively seeking investors for an additional $300 ‐ $700 million within the next year
By adding partners to its infrastructure projects, ATP recoups a significant portion of its
investment, reduces its outstanding debt, owns all of the reserves, and continues to control
the infrastructure
From 12/31/04 to 6/30/09, ATP’s investment in infrastructure is similar to ATP increase in
long‐term debt
$1,200 $1,200
Octabouy
$800 $800
30.0
25.0
20.0
15.0
ATP Titan Reloca tion
10.0
5.0
‐
IP 5 Yea rs
(1) Based on independe nt third‐party prepa red reserves │7
│
Financial Position – June 30, 2009
Long‐term debt(1)(2)
Balance of $600 million
asset sale facility due 2011 $ 273 million
Revolver due 2013 $ 31 million
Term note due 2014 $1,040 million
Total long‐term debt $1,344 million
(1) No near‐term maturities
(2) No borrowing base redeterminations │8
│
Debt Compliance – June 30, 2009
Debt Coverage
Net Debt at 6/30/09 $1,244 million
Proved & Probable reserves(1) 193 million Boe
PV‐10 at 6/30/09(2) $5.3 billion
PV‐10 for loan covenants at 6/30/09(3) $4.1 billion
PV‐10 for loan covenants to Net Debt 3.6x (debt compliance >2.5x)
TTM EBITDAX at 6/30/09(4) $485 million
Net Debt to TTM EBITDAX 2.3x (debt compliance <3.0x)
(1) Based on roll‐forward of year‐end reserves report prepared by independent third‐party reserve engineers
(2) Based on three‐year strip pricing at 6/30/09
(3) Based on three‐year strip pricing at 6/30/09 and includes 100% of Proved PV‐10 and 50% of Probable PV‐10
(4) See Appendix for more detail
│9
│
Re‐usable Floating Infrastructure Summary
ATP Innovator ATP Titan Octabouy
Gomez Hub (Gulf of Mexico)
ORRI sold for $82 million (~$102 / Bbl and ~$9 / Mcf)
Limited to 5.76 Bcfe
Closed June 9, 2008
Wenlock & Tors (U.K. North Sea)
Sale of 80% of ATP’s interest for £265 million or approximately $400 million at closing
Sale represented ~8% of ATP’s total Proved Reserves(1)
ATP remains operator
Closed December 17, 2008
Vendors Participating in Development of Telemark Hub
Through the exchange of services for a limited net profits interest, over $200 million of
CAPEX participation will be contributed by Diamond Offshore and other vendors
Future payments to vendors to come from production
ATP Titan and Telemark Hub Pipelines
Initial discussions with interested parties have begun
$554 million invested through June 2009 in the ATP
Titan and $160 million in the pipelines
│12│
Proved & Probable Reserves
As of June 30, 2009
Proved & Probable Reserves of 193 MMBoe(1)
PV‐10 of Proved & Probable Reserves $5.3 billion
Proved Reserves of 119 MMboe(1)
PV‐10 of Proved Reserves $2.9 billion
Proved & Probable Reserves
Proved Reserves
2009 Property / Well Status
Gomez #8 sidetrack on production
Wenlock #2 on production
Wenlock #3 (Bodbury) on production
South Marsh Island 190 #2 well on production
Gomez Hub (tie‐back of MC 754/800) scheduled 2010
Canyon Express scheduled late 2009
Morgus / Mirage / Telemark Hub progressing rapidly (refer to slides 15‐18)
│14│
Telemark Hub ‐ Overview
Potential to more than double existing production in 2010 through Telemark Hub
development
Telemark Hub is a development project, not an exploration venture
Operate with 100% W.I.
Eight wells previously drilled encountered 16 hydrocarbon bearing sands
Develop four wells ‐ two wells at Mirage (MC 941), one well at Morgus (MC 942), and
one at Telemark (AT 63) ‐ during Phase 1 and 3 to 4 additional wells at AT 63 in Phase
II
ATP Titan (MinDOC) installation expected to commence October 2009
Diamond Offshore and other vendors to join ATP by contributing an estimated $200
million towards completing theTelemark Hub
First production late 2009 or early 2010
Total third‐party Proved and Probable reserves of 42 MMBoe (76% oil)
│15│
Telemark Hub – Development Project
Morgus / Mirage (MC 941 & MC 942)
Three wells previously drilled by others at Morgus / Mirage in 1999
to depths of 14,000’ to 18,000’
The wells encountered four sands, which were evaluated with logs,
cores and fluid samples MC 941 MC 942 MC 943
100% WI 100% WI 100% WI
Using the Ocean Victory, ATP has drilled two new wells to 12,000’
and a third new well should reach total depth in August 2009
MC 985 MC 986 MC 987
22 MMBoe Proved and Probable reserves (78% oil)
AT19
Telemark (AT 63) AT 17 AT 18
100% WI
Five wells previously drilled by others at Telemark in 2000 ‐ 2003
AT62 AT63
to depths 20,000’ to 24,000’ AT61
100% WI 100% WI
The wells encountered 12 sands, which were evaluated with logs, Note: AT 62, AT 63, AT 19 (Telema rk); MC
cores and fluid samples 941 (Mi rage); MC 942 (Morgus)
Upside potential as no water contact was found
ATP will use the Ocean Victory to re‐enter and complete the AT 63 Telemark well in the Revised
Phase I Development Plan, after the Morgus / Mirage wells are drilled
Well to be completed sub‐sea and tied into the ATP Titan in Phase I
3 to 4 development wells to be drilled in Phase II Development Plan
│16│
20 MMBoe Proved and Probable Reserves (73% oil)
Telemark Hub – Infrastructure
ATP Titan
ATP Titan over 95% complete with christening scheduled for
August 26, 2009
ATP Titan – 4,000’ water
Installation scheduled at MC 941 October 2009, after the Ocean
Victory finishes drilling the one Morgus well and two Mirage wells
Completion of the one Morgus well and two Mirage wells to be
accomplished using the platform rig on the ATP Titan
Production capacity of 25 MBbls/d and 50 MMcf/d
Pipelines
62‐mile 10‐inch gas pipeline to Grand Isle 115 into the Discovery
gas system = Installed
20‐mile 10‐inch oil pipeline to Mississippi Canyon 718 into the
Shell Mars oil system = Installed
│17│
Telemark Hub – Financial Plan
Approximately $1 billion invested by ATP through June 2009
~$554 million in the ATP Titan, ~$160 million in pipelines, and
~$250 million in drilling and other
Total remaining Revised Phase I Development CAPEX estimate of
approximately $500 to $600 million through the end of 2010,
includes Mirage (MC 941), Morgus (MC 942) and Telemark (AT 63)
AT19
AT 17 AT 18
100% WI
AT62 AT63
AT61
100% WI 100% WI
Note: AT 62, AT 63, AT 19 (Telema rk);
MC 941 (Mirage); MC 942 (Morgus) │18│
Summary
Tors
Oil development focused E&P company with Gulf of Mexico Deepwater and
North Sea exposure
98% success rate converting undeveloped properties to developed
producing properties
Large inventory of reserves drive growth in 2009‐2012
ATP Titan
Potential to more than double existing production in 2010 through
Telemark Hub development
Infrastructure portfolio adds a potential $1 billion in value not reflected in
share price
Approximately $800 million of value generated in the past six months through
asset monetizations, plus other monetizations in active negotiations
ATP Innovator
Compelling fundamental value – Discounted NAV many times greater
than current share price
│19│
ATP Oil & Gas Corporation NASDAQ: ATPG
ATP Oil & Gas Corporation
4600 Post Oak Place, ATP Innovator
Suite 200
Houston, TX 77027‐9726
713‐622‐3311
ATP Oil & Gas (UK) Limited
Victoria House, London Square, Cross Lanes
Guildford, Surrey GU1 1UJ
United Kingdom ATP Titan Octabuoy
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
www.atpog.com
│20│
Appendix ‐ Gomez Hub
#8 well completed, online and producing March 2009
Five wells on production
Additional zone change scheduled with a potential
sleeve shift for a well later in 2009
Anduin West and Gladden scheduled production start
2010 (development operator – Newfield)
Property Economics
First production March 2006
Cash on cash payout August 2008 MC 667 MC 668
MC 666
100% WI 100% WI
Pipelines MC 711
MC 710 MC 712
~$85 million installed cost 100% WI
Note: MC 711, MC 667, MC 668 (Gomez); MC 755
(Anduin); MC 754 (Anduin West); MC 800 (Gladden) │21│
Appendix ‐ Wenlock
August 2009 Property Update Wenlock Platform
Wenlock #2 well on production March 2009 with a
~3,000’ horizontal section
Bodbury well (Wenlock #3) encountered targeted
sands and was placed on production June 23, 2009
Operate with a 20% working interest Wenlock Field Map
│22│
Appendix – EBITDAX
│23│
Appendix – Vendor Participation
As stated in Diamond Offshore’s June 3, 2009 rig status update:
Revised Ocean Victory Contract
On 22 May 2009 the Company entered into a drilling contract amendment with ATP Oil & Gas with
respect to the Ocean Victory in the Gulf of Mexico. This contract was amended to provide that for a
minimum of the first 240 days of the initial one‐year period, the dayrate will be $560,000, $75,000 of
which will be paid in cash. The remaining dayrate of $485,000 will be payable from the proceeds of a
net profits interest granted pursuant to the operator's conveyance of an overriding royalty interest in
certain leases on which six contract development wells are expected to be drilled.
Payment of the proceeds pursuant to the overriding royalty interest is currently estimated to require
approximately one year after production on such wells begins. Such production is currently expected
to begin in late 2009 or early 2010. Payment of the remaining amounts, and the timing of such
payments, are contingent upon such production and upon commodity sale prices.
Remaining days under the initial one‐year contract period will be deferred until approximately the
fourth quarter of 2011, when the contract provides that the rig will be utilized by the operator at a
dayrate of $540,000 payable in cash.
The appropriate accounting treatment for the deferrals is currently being determined.
│24│
Appendix – Hedge Schedule
2009 2010 2011
3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
Gulf of Mexico
Fixed Forwards & Swaps
Natural Gas
Volumes (MMMBtu) 1,912 1,912 3,824 1,800 905 910 910 4,525
Price ($/MMBtu) $ 4.70 $ 4.93 $ 4.81 $ 5.37 $ 5.73 $ 5.73 $ 5.73 $ 5.58
Crude O il
Volumes (MBbls) 305 460 765 450 455 184 184 1,273 90 91 181
Price ($/Bbl) $ 67.60 $ 67.60 $ 67.60 $ 67.60 $ 67.60 $ 70.00 $ 70.00 $ 68.29 $ 72.00 $ 72.00 $ 72.00
Reparticipation calls ($/Bbl) $ 97.50 $ 97.50 $ 97.50 $ 97.50 $ 97.50 $ 110.00 $ 110.00 $ 101.11 $ 115.00 $ 115.00 $ 115.00
Collars
Natural Gas
Volumes (MMMBtu) 460 460 920 450 1,365 1,380 1,380 4,575 1,350 1,350
Floor Pri ce ($/MMBtu) $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.75 $ 4.75 $ 4.75 $ 4.68 $ 4.75 $ 4.75
Ceiling Price ($/MMBtu) $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 7.95 $ 7.95 $ 7.95 $ 7.86 $ 7.95 $ 7.95
Puts
Crude O il
Volumes (MBbls) 460 460 920 90 91 92 92 365
Floor Pri ce ($/Bbl) $ 29.75 $ 29.75 $ 29.75 $ 24.70 $ 24.70 $ 24.70 $ 24.70 $ 24.70
North Sea
Fixed Forwards & Swaps
Natural Gas
Volumes (MMMBtu) 759 759 270 273 276 276 1,095
(1)
Price ($/MMBtu) $ 6.51 $ 6.51 $ 7.27 $ 7.27 $ 7.27 $ 7.27 $ 7.27
Collars
Natural Gas
Volumes (MMMBtu) 450 455 460 460 1,825 270 270
(1)
Floor Pri ce ($/MMBtu) $ 6.28 $ 6.28 $ 6.28 $ 6.28 $ 6.28 $ 6.28 $ 6.28
(1)
Ceiling Price ($/MMBtu) $ 9.42 $ 9.42 $ 9.42 $ 9.42 $ 9.42 $ 9.42 $ 9.42
The above are ATP's outstandi ng financial and physical commodity contracts.
Additional hedges, derivatives and fixed price contracts, if any, will be announced during the year.
(1 ) As sumes USD $1.65 to GBP 1.00 currency trans lation rate.
│25│
ATP’s Five Year Reserve Growth and Performance
250
200
Cumulative
Production
Net MMB oe
150
Asset Sales
100
Probable
50
Proved
-
2004 2005 2006 2007 2008
Revisions,
Acquisitions extensions
51 MMBoe and
(43%) discoveries
Acquisitions 45 MMBoe 68 MMBoe
(97%) (57%)
Shelf‐focused Deepwater‐focused
2000 ‐2004 2004 ‐2008
With the move to deepwater, revisions, extensions and discoveries has
increased from 3% of reserve growth to 57%
│27│
August 2006 Estimate of Additional Reserves
At the EnerCom Oil & Gas Conference in August 2006, ATP estimated an additional 60
MMBoe (360 Bcfe) of additional reserves not reflected in third‐party reserve reports
By year‐end 2007 over 114% of these estimates had been produced or included by
ATP’s third‐party engineers in proved and probable reserves
68 MMBoe
Probable - 18 MMBoe
18 months
Evaluated by
third-party
reservoir
60 MMBoe Proved- 40 MMBoe
engineers
Produced- 10 MMBoe
Management estimates of additional Actual 12/31/07
reserves at August 2006
│28│
July 2008 Estimate of Additional Reserves
At the EnerCom Oil & Gas Conference in August 2008, ATP announced an additional 76
MMBoe not reflected in third‐party reserve reports
After only 6 months ATP has already booked 62% of the management estimate in
Proved and Probable Reserves
29 MMboe (38%)
estimate under
evaluation
76 MMBoe
6 months 47 MMBoe (62%)
booked by third‐
party reservoir
engineers in Proved
and Probable
Reserves at
12/31/08
Management estimates of additional Actual 12/31/08
reserves at July 2008 │29│