ATP

[par_putt]

WOW they are trying to drive this stock all the way back to last years values..
July 08, 2009 was below $6.. (

Analyst Actions: Global Hunter Downgrades ATP Oil & Gas to Neutral from Buy - Shares Down 06/16 08:25 AM

09:25 AM Eastern Daylight Time, 06/16/2010 (MidnightTrader) -- Shares of ATP Oil & Gas (ATPG:$10.33,00$0.46,004.66%) were down in pre-market trading as the company was reportedly downgraded to Neutral from Buy at Global Hunter.
The firm reportedly had a price target of $12 on company shares, down from $27.
Price: 10, Change: -0.33, Percent Change: -3.19

[mrmuileh]

ATPG now up nearly 10% to $11.33 this AM.

I wonder if a buyout rumor is driving this move.

When the stock was $9+, I sold Jan 2011 7.5 puts and bought Jan 2011 12.5 calls with the proceeds.

If I can get a few more bucks out of ATPG's stock price, this will be a really nice trade.

So far, so good.

MrMuileh (Phil)

[dan_s]

I do think long-dated calls (i.e. - Jan 2012) on ATPG are a decent bet. Consider it gambling as this is not a wise move for your retirement savings.
The oil and gas under Telemark and Canyon Express has not gone anywhere.
Dan

[dan_s]

http://seekingalpha.com/article/210741- ... urce=yahoo

The article above may make ATPG investors feel a bit better about the company. ATPG made it into this year's Sweet 16 because four wells were expected to have the Titan facility at maximum capacity by year-end (25,000 bopd + 100,000 mcfpd). If the federal moritorium on GOM deep water drilling is lifted at the end of six months we can now expect that to happen by June, 2011. The oil & gas is still waiting to be harvested.

ATPG is now completing the second well to the Titan, MC 941 #3. The MC 941 #1 went on-line late in March. The #3 well was already tested and cased to TD before the moritorium so MMS has approved completion. With two wells are on-line the Titan should be handling close to 12,000 boepd. If this happens in Q3 then ATPG will be fine but nowhere near what I'd hoped for back when the company made the S-16.

I have no idea what Obama and the MMS will do next. Each of you that still hold ATPG need to determine for yourselves how to handle the "Special Situation".

Let me add that fellow S-16 member Stone Energy (SGY) has far less exposure to what's going on in the GOM. They have been required to put one development well planned for this year at their Amberjack Field on hold. SGY is a much more diversified company than ATPG.

Again, I do think ATPG will make it but what happens this year with the share price is anyone's guess.

Dan