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ATP Oil & Gas Corporation

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ATP Oil & Gas Corporation

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  1. A T P Oil & Gas Corporation ATP Oil & Gas Corporation ATP Oil & Gas Friedland Capital’s Oil, Gas, and Energy Luncheon London January 16, 2003 NASDAQ: ATPG

  2. A T P Forward-looking Statement Oil & Gas Corporation This presentation contains projections and other forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company’s current view with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company documents filed with the Securities and Exchange Commission. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.

  3. A T P Oil & Gas Corporation SMI 189/190 Company Overview • Development and production company • Offshore solution • provider for exploration • oriented majors and • independents • Unique, repeatable strategy

  4. For ATP For the Sellers Eliminates future capital risk Eliminates exploration risk Reduces acquisition & development costs Allows them to recover some sunk costs Shortens duration of risked capital Diverts capital to other core projects A T P Our D&P Strategy Works Oil & Gas Corporation

  5. A T P Oil & Gas Corporation Area of Operations Over 50 blocks in Gulf of Mexico 7 blocks in North Sea

  6. A T P Oil & Gas Corporation Company Profile • 3-year reserve replacement: 374% • 3-year F&D costs: $0.96/Mcfe

  7. A T P Company History Oil & Gas Corporation ATP was founded in 1991 and completed an initial public offering in February 2001 ATP acquires additional UKCS Blocks and begins first North Sea development ATP completes its first sub-sea development ATP incorporated on August 8th 2002 1991 1995 1997 1998 ATP acquires all Statoil’s properties on the Outer-Continental Shelf ATP is one of the first companies to utilize horizontal drilling offshore

  8. A T P Oil & Gas Corporation History of Producing Results Production and Reserve Growth

  9. History of Producing Results Cash flow and Revenue Growth A T P Oil & Gas Corporation

  10. A T P Focus in 2002 Oil & Gas Corporation Increasing financial flexibility • Reduced bank debt $14 million in 2002 • Increased working capital $30 million in 2002 • Overall capital liquidity improvement $44 million Meeting operating goals • Beat first, second, and third quarter production guidance in 2002 • Expect to achieve full year 2002 production guidance, despite curtailed production associated with Hurricanes

  11. A T P Operating Performance Oil & Gas Corporation

  12. Financial Metrics A T P Oil & Gas Corporation • Bank & Subordinated Debt/Proven Reserves(1) $0.40 / Mcfe • LTM EBITDA / Interest Expense(1) 6.6x • Bank & Subordinated Debt / LTM EBITDA(1) 1.5x • YTD 3Q02 Discretionary Cash Flow / Mcfe(1) $1.96/Mcfe • At September 30, 2002

  13. A T P Recent Developments Oil & Gas Corporation • 3Q02 Activity • Recompletion of EC 240, SM 7 and WC 462 • Production to contribute in 4Q02 • 4Q02 Developmentof 5 projects • WC 101 • 4 recompletions and stimulations • Production to contribute in 1Q03 • 1Q03 Development • WC 284 and EI 71

  14. A T P Oil & Gas Corporation Current Developments WC 101 WC 284 EI 71

  15. A T P Oil & Gas Corporation Future developments Future Developments (2003 – 2005) 100% of development projects are ATP operated

  16. North Sea Developments A T P Oil & Gas Corporation

  17. A T P Oil & Gas Corporation UK Southern Gas Basin The Tors Helvellyn Venture

  18. A T P Helvellyn Oil & Gas Corporation Water Depth: 90’ Working Interest: 50% Net Revenue Interest: 50% Platform/Wells: One subsea well, tied back to Amethyst Field First Production: First Half 2003 Producing Sands: Rotliegend and Carboniferous Total gas column: 200 meters Discovery well drilled: 47/10-1 in 1985 Tested at 29.4 MMcfpd by BP Development well: 47/10-7 drilled 4Q02; 1800’ of horizontal Rotliegend and Carboniferous penetration Tested January 2003 at 60 MMcfpd by ATP

  19. Helvellyn Field A T P Oil & Gas Corporation

  20. Helvellyn Development Wellhead Protection Structure A T P Oil & Gas Corporation

  21. Helvellyn Field A T P Oil & Gas Corporation Tested January 2003 at 60 MMcfpd by ATP

  22. A T P Venture Oil & Gas Corporation Working Interest: 50% Net Revenue Interest: 50% Platform/Wells: Subsea/unmanned platform First Production: 2004 Producing Sands: Rotliegend Two wells drilled: 49/12-6 tested 15 & 20 MMcfpd from 2 zones 49/12-8 tested 27 & 47 MMcfpd from 2 zones Total gas column: In excess of 120 meters

  23. Venture A T P Oil & Gas Corporation

  24. The Tors A T P Oil & Gas Corporation Kilmar Garrow

  25. A T P The Tors – Garrow and Kilmar Oil & Gas Corporation Working Interest: 75% Net Revenue Interest: 75% Platform/Wells: Kilmar platform, Garrow subsea First Production: 2005 Producing Sands: Rotliegend and Carboniferous Wells drilled: 43/22-1 (Kilmar) Tested 12.5 MMcfpd 43/22-2 (Kilmar) Tested 33 MMcfpd 43/21-2 (Garrow) Tested 19 MMcfpd Total gas column: Kilmar >150m Garrow – 80m

  26. The Tors 1 - Garrow A T P Oil & Gas Corporation

  27. The Tors 2 - Kilmar A T P Oil & Gas Corporation

  28. A T P Summary Oil & Gas Corporation • “D&P” strategy produces strong operational and financial results, while reducing risk • Successful operator in two core areas • Gulf of Mexico • U.K. Southern Gas Basin • Robust U.S. and U.K. development inventory • Rapid growth since inception in 1991

  29. A T P ATP Oil & Gas Corporation Oil & Gas Corporation NASDAQ: ATPG ATP Oil & Gas Corporation4600 Post Oak Place, Suite 200Houston, TX 77027-9726713-622-3311 ATP Oil & Gas (UK) Limited Victoria House, London Square, Cross Lanes Guildford, Surrey GU1 1UJ United Kingdom 44 (0) 1483 307200 www.atpog.com