longtermInvestor

Greetings,

I copied the following off the Acquire Media feed from my real time trading platform. I offer with no comment as I’ve not seen any verification or contradiction for that matter:

ATP Oil & Gas Corp. (Nasdaq: ATPG) is under heavy pressure today as President Obama announced a halt to drilling operations at 33 deep-water rigs in the Gulf of Mexico.
The President is also suspending the sale of leases in the Gulf of Mexico and the proposed sale of leases off Virginia, suspending permits for new deep-water Gulf of Mexico wells for 6 months and suspending planned exploration of two sites off Alaska.
An analyst at Natixis Bleichroeder, Curtis Trimble, told StreetInsider.com that ATP Oil & Gas is not on the list of rigs that will be impacted by the halt. However, he said the 6-month moratorium on permits could push back the company\'s Telemark well into 2011, versus the end of 2010.
Shares are down 6.8% today to $11.68 and down 44% over the last month.
Trimble called today\'s sell-off an overreaction. He has a Buy rating and $23 price target on the stock.


Regards,
Stan

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They had a press release in 3Q or 4Q last year when they drilled that well. It was a nice surprise and reserve add. Also, it means the Titan will be on location longer than anticipated. That is a good thing but it means they may finish the Mindoc II or further delay the full development on the actual Telemark field AT63.

I\'ve been searching high and low for a list of the 33 wells Obama suspended and can\'t find anything. The key word he used is exploration wells and everything ATP is doing at Telemark is development. I keep running into their MC305 well (Canyon Express/Aconcagua) which is listed as exploratory so that may be suspended. I thought they had already drilled this well but I\'m not entirely sure. Even if that well were suspended they only have 50% of it and it would have been a gas well so minimal impact at current prices.

TMFDoodlebugger