1. T. Paul Bulmahn, Chairman & CEO
MAY 18, 2010

2. Forward Looking Statements
Certain statements included in this news release are "forward‐looking statements" under the Private Securities
Investor Relations Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about
Al Reese, Jr.
Chief Financial Officer
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
Brian Nelson
Vice President, Finance timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and
forecasting production results, operational factors affecting the commencement or maintenance of producing wells,
Isabel Plume
Chief Communications Officer the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding
environmental regulations or litigation and other legal or regulatory developments affecting our business. The SEC has
Sheila Thornton
Communications & Corporate generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a
Affairs Specialist company has demonstrated by actual production or conclusive formation tests to be economically and legally
atpinvest@atpog.com producible under existing economic and operating conditions. We and our independent third party reservoir engineers
use the terms "probable" to describe volumes of reserves potentially recoverable through additional drilling or
recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates
Corporate Headquarters
are by their nature more speculative than estimates of proved reserves. All estimates of probable reserves in this
4600 Post Oak Place, Suite 200
Houston, TX news release have been prepared by management based on the preliminary December 31, 2009 reports of our
77027‐ 9726
independent third party engineers. PV‐10 is a non‐GAAP financial measure because it excludes income tax effects.
Telephone: (713) 622 3311
IR Fax: (713) 622 6829 Management believes that the presentation of the non‐GAAP financial measure of PV‐10 provides useful information
to investors because it is widely used by professional analysts and sophisticated investors in evaluating 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 as 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 our proved
www.atpog.com
reserves. More information about the risks and uncertainties relating to ATP's forward‐looking statements is found in
NASDAQ ‐ ATPG
our SEC filings.
│2│

3. Overview
ATP Oil and Gas Corporation is a development‐focused oil company which
acquires, develops, and produces oil and natural gas properties in the Gulf of
Mexico, the United Kingdom and the Dutch sectors of the North Sea.
ATP has had a 98% success rate in converting undeveloped properties to
commercial production
ATP has a large inventory of proved reserves to develop
ATP employs an experienced management team and a deep technical
team with average experience of over 20 years
│3│

4. Reserves by Areas of Operation
MMBoe % of Reserves
GOM Shelf 13 6%
GOM Deepwater 131 62%
North Sea 68 32%
Total 212 100%
14%
58% Oil 28% US Gas
UK Gas
0 20 40 60 80 100 120 140 160 180 200 220
│4│
(1) Based on proved and probable reserves at December 31, 2009 prepared by independent third‐party reserve engineers.

5. Creating Value Through Reserve Growth
Consistent Reserve Growth and Performance
Proved Probable Cumulative Asset Sales Cumulative Production
300
250 35
32
(1 )
Net MMBoe
AG R 22
C
31%
22
200 22
12 77
78
150 62
61
3
38
100
135
25 119 119
106
50 88
46
0
2004 2005 2006 2007 2008 2009
(1) Represents proved, probable, assets sales and cumulative production. │5│

6. Reserve Base
ATP has booked reserves of 212 MMBoe(1) with a PV-10(2) of $6.4 Billion
Proved Reserves
Probable Reserves
(1) Based on reports prepared by independent third‐party reserve engineers at 12/31/09.
(2) Based on strip pricing at year‐end 2009. See Appendix for price deck.

7. Hub Concept Improves Economics and Growth
│7│

8. Our Fleet of Re‐usable Floating Infrastructure
ATP Innovator ‐ Gomez Hub ATP Titan – Telemark Hub Octabuoy ‐ Cheviot Hub
Complete & Producing Complete Under Construction
Initial Installation Gomez Hub Telemark Hub Cheviot Hub
Capacity 20 MBbls/d / 100MMcf/d 25 MBbls/d / 50MMcf/d(1) 25 MBbls/d / 50MMcf/d
In Service / Useful life 2006 / >20 yrs 2009 / >40 yrs 2012 / >50 yrs
Drilling Capability No Yes Yes
Water Depth Range 300’ ‐ 3,500’ 1,500’ ‐ 9,500’ 500’ ‐ 9,500’
Total installed cost $300 million $684 million $600 million
Remaining capital cost $0 $80 million $450 million
% ownership 51%(²) 100% 100%
(1) Expandable to 100 MMcf/d
(2) Created an SPV by selling 49% ownership in the ATP Innovator to GE Financial Services for $150mm │8│

9. 2010 Development Update
Gomez Hub (Deepwater Gulf of Mexico)
MC 711 #9 and #10 well to spud 4Q10‐1Q11
Canyon Express Hub (Deepwater Gulf of Mexico)
MC 305 #3ST on location
Telemark Hub (Deepwater Gulf of Mexico)
ATP Titan commissioned
AT63# 3
MC 941 #3
MC 941 #4
MC 942 #2
Tors (North Sea)
Kilmar 43/22A‐3 well encountered targeted reservoir
Rig will then move to drill Garrow 42/25A‐G2
│9│

10. 2010E Capital Expenditures
2010E Capex breakdown
($ in millions)
ATP's portion $423
of capex (cash capex)
Vendors' portion of 149
capex (non‐cash capex)
Total capex $572
(1) Cash capex excluding vendor participation. │10│

11. Our Telemark Hub
Telemark Hub Project Status ATP Production Growth Profile (MBoe/d)
80 Base Production Telemark Hub Cheviot Hub
Completed ‐ $1,200 million
Remaining 2010 capex ‐ $317 million 70
ATP does not anticipate any impact on the 60
timing of it’s development plan from
the moratorium on drilling permits 50
40
30
Capex Spend Profile ($ millions)
20 Average 2009 production – 16.1 MBoe/d
10
(1)
0
Dec '09 Dec '10 Dec '11 Dec '12
(1) As of 12/31/09 │11│

12. What’s next for ATP?
Gulf of Mexico North Sea
Telemark Expansion Skipper
Clipper Tors Expansion
Green Canyon 37 Cheviot Hub
Gomez expansion 25th Licensing Round
Canyon Express
[12]

13. Substantial Equity Upside
($ in millions)
$9,000
$7,400
$7,500
$6,000 $2,400
$5,400 Equity
Upside = $5,299
$4,500 $1,700
Equity
Upside $4,000
= $3,299
$3,000 $2,700
Enterprise
Value(1) = $2,101
$1,500 Net Debt = $1,238
$1,000 $1,000
$0
Sensitivity Case ($70 oil / $5 gas) Current Strip (2)
Probable PV‐10 Proved PV‐10 Infrastructure
(1) Enterprise value equals net debt + market capitalization on May 13, 2010.
(2) See “Price Decks” in Appendix for more detail. │13│

14. Summary
│14│

15. 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
│15│

16. Price deck
NYMEX UK Gas
Crude Natural gas Natural gas
($/Bbl) ($/MMbtu) ($/MMbtu)
2009 SEC $61.18 $3.87 $4.95
2010 $81.94 $5.79 $5.87
2011 $85.81 $6.34 $7.79
2012 & beyond $87.83 $6.53 $8.66
│16│