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ATP Files Voluntary Petition for Chapter 11 Reorganization and Receives Commitment for $617.6 Million in DIP Financing
ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. ATP has taken this action in order to undertake a comprehensive financial restructuring. ATP expects its oil and gas operations to continue in the ordinary course throughout the reorganization process and sees the reorganization as a helpful step towards deleveraging the company to position it for future development of its assets. ATP believes that the rights and protections afforded it by a court-supervised reorganization process, including the ability to access new financing, will provide ATP with the time and flexibility it needs to fully address its financial challenges and position ATP for long-term viability.

ATP Announces Completion of MC 941 A-2 Telemark Well
ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced the completion of the workover at its Mississippi Canyon (“MC”) Block 941 A-2 well located in the Mirage Field at the Telemark Hub. The well was completed with 3 ½ inch tubing at a measured depth of 17,140 to 17,401 feet to add the Miocene B Sand completion to the wellbore for field development optimization. Initial test flow rates are at 4,000 barrels equivalent per day (Boe/d) of which 90% is oil. The A-2 well will be tied back to the facility immediately and is expected to produce at a rate of 4,000 to 5,000 Boe/d.

ATP Announces Success at Shimshon Well in the Mediterranean Sea
ATP Oil & Gas Corporation (NASDAQ: ATPG) and its wholly-owned subsidiary ATP East Med B.V. (“ATP East Med”) today announced success at the Shimshon well in the Levant Basin of offshore Israel.

ATP Resumes Production at Telemark Hub; Continues Workover Operation on MC 941 A-2
ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has resumed production at the ATP Titan platform which services the company’s Telemark Hub. Production from the ATP Titan, shut-in since May 14, resumed after the operator of the Mars pipeline temporarily shut in the pipeline to allow for the tie-in of a new offsetting platform which has now been completed. Production at the ATP Titan is proceeding as expected and will ramp up over the next few days.

GE Receives $80 Million Contract from ATP Oil & Gas for Cheviot Oilfield Project in the North Sea
GE Oil & Gas (NYSE: GE) will supply ATP Oil & Gas (UK) Limited with subsea production equipment, ancillary systems and related services for ATP’s signature Cheviot oilfield project in the North Sea, under the terms of an $80 million contract. ATP is a unit of Houston, Texas-based ATP Oil & Gas Corporation (NASDAQ: ATPG).

ATP Begins Drilling at Shimshon Well in the Mediterranean Sea
ATP Oil & Gas Corporation (NASDAQ:ATPG) and its wholly-owned subsidiary ATP East Med B.V. (“ATP East Med”) have initiated drilling at the Shimshon well in the Levant Basin of offshore Israel with the Ensco 5006 drilling unit. The Shimshon well is in a water depth of 3,622 feet with a target depth of 14,764 feet. After spudding, several protective casing strings will be set until the well has penetrated the salt layer. A full set of electric logs will be run at total depth to assist in evaluation of target reservoirs. ATP expects to announce results during the third quarter of 2012. ATP through ATP East Med operates with a 40% working interest.

ATP Announces Production Rates at Fourth Well at Telemark Hub
ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced initial production rates at its Mississippi Canyon (“MC”) Block 942 A-3 (#2) well in excess of 7,000 barrels equivalent per day (Boe/d), of which 85% is oil. When drilled, the MC 942 A-3 well encountered 239 feet of net pay.

ATP Marks Successful Clipper Well Test
ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced the successful completion and testing of the second Clipper well at rates of 9,000 Bbls per day and 4.6 MMcf per day. When combined with the first Clipper well this brings the total test rates to approximately 13.7 MBbls of oil per day and 50.2 MMcf of natural gas per day or 22 MBbls equivalent per day (62% oil).

ATP Provides Update on Offshore Israel Deepwater Licenses
ATP Oil & Gas Corporation (NASDAQ: ATPG) and its wholly-owned subsidiary ATP East Med B.V. ("ATP East Med") have acquired the Shimshon, Daniel East and Daniel West licenses in offshore Israel and the Israeli government has approved these licenses. Based on the acquired licenses, ATP through ATP East Med anticipates spending between $3 and $5 million in 2011 in offshore Israel for acquisition costs, seismic and preliminary exploration plans.