ATP Oil & Gas Corporation provides update on its ongoing development activities, reserves, production and capital expenditures estimates.

In the North Sea, ATP drilled the Wenlock #2 well to a total depth of 15,200'. The well successfully encountered the targeted reservoir sands and was completed with a 3,000' horizontal section. Completion and connection operations are underway with initial production expected before the end of the first quarter 2009. Following completion of the Wenlock #2 well ATP will commence drilling a well in the Bodbury prospect, an exploratory offset immediately northwest of Wenlock. ATP has a 20% working interest (WI) and is operator of Bodbury and both Wenlock wells.

On the Gulf of Mexico shelf, two wells at High Island A-589 (HI A-589) were drilled, completed and placed on production during December 2008. The wells were completed in the 9,800' and 10,000' sands. At South Marsh Island 190 (SMI 190), ATP is working on final pipeline connections for one new well. First production at SMI 190 is projected in the third quarter 2009. Connection and completion of HI A-589 and SMI 190 were delayed because of third-party pipeline outages as a result of Hurricane Ike. ATP has a 100% WI in HI A-589, a 75% WI in SMI 190, and is operator of all three wells.

In the deepwater Gulf of Mexico, development activities continue at ATP's Telemark Hub. Construction of the ATP Titan - a floating drilling and production platform and ATP's first MinDOC - is nearly complete and it is scheduled for sail-out and mooring in mid-2009.

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