ATP Updates Major Projects and Conference Schedule

HOUSTON--ATP Oil & Gas Corporation today announced continued progress with construction in China on the U.K. Cheviot Octabuoy hull, and with the Gulf of Mexico installation of the ATP Titan, the multi-hull drilling and production unit which will serve the Telemark Hub. ATP further announces a conference scheduling change. The ATP Titan, on location at Mississippi Canyon 941, now has both topside modules installed and all 12 mooring lines are connected. Hookup and commissioning work is ongoing to prepare the facility to produce and process oil and gas. At Atwater Valley 63, the Ocean Victory drilling rig is completing the previously drilled well that will connect to the ATP Titan. The well with a total depth of 24,181 feet has been perforated and gravel packed in the first of three intervals, and the flow lines have also been installed from the well head to the ATP Titan.

Three additional wells at Mississippi Canyon 941 and 942 will be completed with a platform drilling rig to be installed on the ATP Titan. The first of the three, MC 941 #3, has already been previously drilled to total depth of 20,043 feet encountering 266 feet of net pay sands, approximately triple the 87 feet of net pay sands found in the original discovery well. Once all wells are connected and flowing, the Telemark project is designed to more than double ATP’s existing company production. The project remains on schedule for first production in late first quarter 2010. ATP owns a 100% working interest and is the operator of the Telemark Hub.

Construction continues in China on the vessel hull of the Octabuoy designed to produce reserves in the Cheviot project in the North Sea. The hull block construction for ATP’s re-usable floating production facility is approaching 50% completion and remains scheduled for completion in 2011. The octagonal ring pontoon is assembled and pontoon outfitting has been initiated. The Octabuoy will service ATP’s U.K. North Sea Cheviot property with first production scheduled in 2012. Approximately 50 MMboe of remaining proved and probable reserves are expected. ATP owns a 100% working interest and will be the operator of the facility.

ATP was scheduled to participate in the Pritchard Capital Partners – Energize 2010 Conference in San Francisco beginning Thursday, January 7. However, due to back surgery, unexpectedly slated for the same day for CFO Al Reese, Jr. the scheduled presenter for ATP, and the previous commitments of other presenters for ATP, ATP will not be able to participate in the conference this year. Scheduled and requested one-on-ones with Mr. Reese will be honored upon his return from medical leave.

About ATP Oil & Gas Corporation

ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.

Forward-looking Statements

Certain statements included in this news release are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about 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 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, 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 generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We and our independent third party reservoir engineers use the terms "probable" and "possible" and we use the term "recoverable hydrocarbons" 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 are by their nature more speculative than estimates of proved reserves. All estimates of probable and possible reserves in this news release have been prepared by our independent third party engineers and all estimates of recoverable hydrocarbons have been prepared by management. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in our SEC filings.

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