ATP Oil

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ATP Oil Gas Corporation
NASDAQ ATPG
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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 Companys 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.
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Area of Operations
Over 50 blocks in Gulf of Mexico 7 blocks in
North Sea
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Company Overview

• Development and production company
• Offshore solution
• provider for exploration
• oriented majors and
• independents
• Unique, repeatable strategy

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Our DP Strategy Works
Oil Gas Corporation
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Company History
Oil Gas Corporation
ATP was founded in 1991 and completed an initial
public offering in February 2001
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Company Profile

• Production
• 2001 Actual 25.7 Bcfe
• 2002 Guidance 26.5 Bcfe
• Actual Through 9/30/02 21.4 Bcfe
• Proven reserves 2001 235 Bcfe
• 3-year reserve replacement 374
• 3-year FD costs 0.96/Mcfe

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Recent Focus
Oil Gas Corporation

• Increasing financial flexibility
• Reduced bank debt 14 million in 2002
• Increased working capital 30 million in 2002
• Discretionary cash flow increased from 4 to 48
  million (97-01)
• Profitable in second and third quarter 2002
• Exceeding operating goals
• Beat first, second, and third quarter production
  guidance
• Developing North Sea reserves
• Pipeline installed and well drilling at Helvellyn
• First production in 2003

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2002 Development Activity
Gulf of Mexico ATP is moving 32 Bcfe from
non-producing to proven developed producing
properties (PDP) for less than 20 million
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3Q02 Production and Development Highlights

• Production
• 3Q02 6.536 Bcfe
• increase over 3Q01
• increase over announced guidance of 6.500 Bcfe
• 2002 YTD 21.5 Bcfe
• increase of 16 over 2001
• record for first nine months
• Development
• 25 Bcfe moved to PDP
• Larger PDP component of reserves at 9/30/02 than
  12/31/01

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Near Term 2002 Development
Oil Gas Corporation

• Q3 Activity
• Recompletion of EC 240, SM 7 and WC 462
• Production to contribute in 4Q02
• Q4 Development of 7 projects
• WC 101, WC 284, EI 71
• 4 recompletions and stimulations
• Production to contribute in 1Q 03
• Production on schedule for the 7th consecutive
  year of increase

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4th Quarter 2002 Development Operations
WC 101
WC 284
EI 71
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West Cameron 101
Oil Gas Corporation
Water Depth 43 Working Interest 100 Net
Revenue Interest 73.33 Platform/Wells One
well caisson. Producing Sands Miocene Marg A 53
thru 55 Sands at 13,000 TVD Current
Status Caisson waiting on completion
of WC 101 2 well WC 204 (at left)
facilities to be used at WC 101
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West Cameron 101 2 Log
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Future Development (2003 2005)
100 of properties ATP operated
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North Sea Developments
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Oil Gas Corporation
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Southern Gas Basin of North Sea
The Tors
Helvellyn
Venture
2002 Out of Round Award
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Water Depth 90 Working Interest 50 Net
Revenue Interest 50 Platform/Wells Subsea Fir
st Production Projected 2003 Producing Sands
Rotliegend/Carboniferous First well
drilled 1985 First well tested 47/10-1 well
tested at 29.4 MMcfepd Current Status Well
drilling at 11,000 /- feet (measured depth)
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Development 2002 Projected production 2003
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Helvellyn Development August 2002 Pipeline Lay
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Oil Gas Corporation
Development 2003 Projected production 2004
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Development 2004 Projected production 2005
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Development 2004 Projected production 2005
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Third Quarter 2002 Financial Overview
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Debt Reduction Program
( in millions)
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Working Capital Increased 30 million
Bank and Subordinated Debt Decreased
12 million Overall Capital
Liquidity Improvement 42 million
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( in millions)
Gross Margin 82 YTD 02
Note Revenues reflect the effects of settled
hedging activity
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• Bank subordinated debt/proven reserves(1) 0.40
  / Mcfe
• LTM EBITDA / Interest Expense 6.6x
• Bank subordinated debt / LTM EBITDA 1.5x
• YTD 3Q02 Discretionary cash flow 42 million
• At September 30, 2002

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Why Should ATP Be In Your Portfolio?

• Compares favorably to other offshore operators

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Our Peers
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• Compares favorably to other offshore operators
• Attractive valuation

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Attractive Valuation P/CFPS significantly below
peers
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Attractive Valuation EV trades at a discount to
NAV
Note Debt as of 9/30/02 share price as of
11/26/02
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Why Should ATP Be In Your Portfolio?

• Compares favorably to other offshore operators
• Attractive valuation
• Efficient offshore operator

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Efficient Offshore Operator Lowest production
costs in the group
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• Compares favorably to other offshore operators
• Attractive valuation
• Efficient offshore operator
• Rate of return focused

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Why Should ATP Be In Your Portfolio?

• Compares favorably to other offshore operators
• Attractive valuation
• Efficient offshore operator
• Rate of return focused
• History of producing results

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Discretionary Cash Flow
Revenue
( in millions)
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Production (BCFE)
Proven Reserves (BCFE)
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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