ATP Oil & Gas Corporation at December 31, 2005, ATP achieved a record reserve replacement ratio of 1,367% for 2005. The Company's year-end natural gas and oil proved reserves were 527.5 Bcfe (67% natural gas) with a pre-tax PV-10 of $2.7 billion, compared to 275.2 Bcfe and a $733 million pre-tax PV-10 at year-end 2004. Proved developed reserves more than doubled (up 112%) to a record 128.4 Bcfe during 2005. At December 31, 2005, proved and probable reserves were 758.3 Bcfe (68% natural gas) with a pre-tax PV-10 of $4.2 billion.
ATP's 2005 proved and probable reserve reports were prepared by independent third-party reservoir engineers. The proved reserve quantities and classifications contained in the reports prepared by the independent reservoir engineers conform to the definition as set forth in the in accordance with parameters established by the Securities and Exchange Commission ("SEC") Regulation S-X Part 210.4-10 (a) as clarified by subsequent Commission Staff Accounting Bulletins.
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