ATP Announces ``Home Sweet Home'' Employee Challenge

HOUSTON--(Business Wire)--
ATP Oil & Gas Corporation (NASDAQ:ATPG) today challenged all of
its U.S., U.K. and Netherlands employees to achieve ambitious goals by
July 1, 2009:

-- Reduce by $600 million the company's outstanding debt by
monetizing value already created in property, platform and
infrastructure assets;

-- Commence production at ATP's Telemark Hub by completing
construction of the floating triple hull deepwater vessel,
installing drilling/processing facilities, drilling the well,
and laying pipeline at Mississippi Canyon Block 941 in the
deepwater Gulf of Mexico;

-- Secure the Field Development Plan for Cheviot in the North
Sea, initiate hull construction and commence topsides of the
floating drilling/processing facilities.

The reward to each of its valuable 66 employees, if the goals are
attained: ATP will pay their home mortgage costs for one year in
accordance with the terms of the Employee Challenge plan.

"It is imperative to attract, retain and motivate essential
employees. ATP's clear-cut focus is to continue to effectively execute
its strategic business plan, including a significant reduction of its
debt. The best way to do that is by setting aggressive goals and
incentivizing each employee to perform at the highest level," stated
T. Paul Bulmahn, Chairman and President of ATP. "In 2006, ATP
employees were awarded a 2006 Volvo S60 when the company met its
publicly announced aggressive production and reserves goals. In fact,
the company nearly tripled its previous annual production rate in the
Gulf of Mexico and North Sea and also surpassed its reserve
replacement goal of 200% with a superlative 1,367%."

"By going public with this present challenge, though the target is
daunting, ATP is once again telling the world that we are a company
which will effectively rise to meet challenges. When we meet the
goals, and I firmly believe we can achieve them, the company will be
stronger and ATP will be proud of its commitment to each employee to
enjoy an enhanced quality of life."

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 President
T. Paul Bulmahn, 713-622-3311
or
Chief Financial Officer
Albert L. Reese Jr., 713-622-3311
www.atpog.com

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