ATP Announces Minimal Hurricane Impact

HOUSTON--(Business Wire)--
ATP Oil & Gas Corporation (NASDAQ:ATPG) today announced minimal
impact from Hurricane Gustav based on preliminary inspections of its
production and drilling operations in the Gulf of Mexico. Hurricane
Gustav's path was about 12 miles east of the ATP Innovator, moored at
ATP's Mississippi Canyon Block 711 "Gomez" Hub; however, the Innovator
held position and initial assessments found no significant damage.

Prior to Gustav's arrival all ATP personnel were evacuated from
producing platforms expected to be in the path of the storm. In
addition, various platforms, production facilities and pipelines
operated by others which process and transport ATP production were
similarly shut-in and evacuated. As a result of these temporary
shut-ins, approximately 1-2 Bcfe of ATP's production will be deferred
from the third quarter. The total duration of the shut-in production
is unknown; however, ATP has reestablished production at a number of
its facilities including Canyon Express, Garden Banks 409, and East
Cameron 299. ATP will provide updates as more information becomes
available.

About ATP Oil & Gas Corporation

ATP Oil & Gas is an international offshore oil and gas development
and production company with operations 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. More information about the risks
and uncertainties relating to ATP's forward-looking statements are
found in our SEC filings.

ATP Oil & Gas Corporation, Houston
Chairman and CEO
T. Paul Bulmahn, 713-622-3311
or
Chief Financial Officer
Albert L. Reese, Jr., 713-622-3311
www.atpog.com

Copyright Business Wire 2008