ATP Oil & Gas Corp (NASDAQ:ATPG)
CAPS Rating:
The Company is engaged in the acquisition, development and production of natural gas and oil properties in the Gulf of Mexico and the U.K. and Dutch Sectors of the North Sea.
The Company is engaged in the acquisition, development and production of natural gas and oil properties in the Gulf of Mexico and the U.K. and Dutch Sectors of the North Sea.
Recs
Wells coming online... its a no brainer
ATPG was beat down after the BP fiasco in the gulf with no drilling permits in the Gulf of Mexico for almost a year. ATPG was one of the first to get permits. Company has a large debt load and is heavily shorted HOWEVER with a well coming online in first quarter this year and a new pipeline being built in the 3rd quater this year to connect to 2 other wells that have already been drilled and tested and a new floating drilling platform being built. I am smelling a serious short squeeze in the making. (not to mention good chance for price of oil favorable for drillers. Also possible big finds off the coast Isreal. 52 week price range $5.53 to $21.40 current price in the neighborhood of $7 if you have ever been in on a short squeeze... this one has multiple avenues of sending the shorts running for the hills... you might want to give this one a hard look.