ATP Launches $140 Million Expansion of First Lien Facility

ATP Oil & Gas Corporation

today announced it has commenced the process to expand its First Lien Senior Secured Term Loan facility. Based on preliminary estimates of its year-end 2011 reserve report, ATP believes its SEC pre-tax PV-10 of proved reserves will be no less than $4.0 billion and that, as a result, ATP expects it can add borrowings of approximately $140 million to its existing facility, which currently stands at $208 million. ATP expects to have commitments from lenders to participate in the expanded facility no later than early March with the additional funds available after the filing in mid-March of its year-end 2011 annual report on Form 10-K and reserve report.