Understanding Conan (AP)&(BDR)

Conan Exiles General Discussion Players Helping Players
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I’ve been playing Conan Exiles for a little since it went free to play for PS4. I am really enjoying it and now want to dive deeper into the more technical aspect of the game. I am currently planning a Dreg Raid and I am analyzing my Clans weapons and Armor. I have realized that I don’t understand the Armor Penetration (AP) Stats nor how Bleeding works (i know how to cause Bleeding just not how to calculate how much i am causing). I am looking for max Bleed Damage and max Armor Penetration (AP) out of what I currently have.

Can Anyone Help Me Understand:

  1. Why The AP Stat Is A Percentage, and What Is It A Percentage Of?
    AND
  2. What Is The Bleed Damage Rate? or How To Calculate You Weapons Bleed Damage Rate
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