Jbay76 (< 20)

ATPG vs Obama

December 01, 2010 – Comments (2) | RELATED TICKERS: ATPAQ , BP

Fools,

Does anyone know how many new drilling permits ATPG was able to get approved before todays announcement that Obama will be banning new drilling in the Gulf?  I know they submitted quite a few but am not familiar with the process and don't know if this new mandate will adversely affects those drilling permits.  The article didnt' expand on how this will effect approved operations that have not already begun drilling or those that are in the process of starting.  What timing...

" President Barack Obama will not be allowing new drilling in the eastern Gulf of Mexico for at least seven years, Interior Secretary Ken Salazar announced Wednesday.

The exploration of drilling possibilities in sensitive areas of the Arctic will proceed "with utmost caution," he said.

Obama's decision effectively reverses White House plans announced at the end of March to open the Gulf region -- along with other large swaths of U.S. coastal waters -- to oil and natural gas drilling."

http://www.cnn.com/2010/POLITICS/12/01/obama.gulf.drilling/index.html?hpt=T2