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ATP Oil & Gas Shares Rally (ATPG)

Sunday, June 17, 2012 12:57:16 PM


Shares of ATP Oil & Gas Corporation (NASDAQ: ATPG), a Houston, Texas-based company engaged in the acquisition, development and production of oil and natural gas properties, surged in trading on Friday.



ATPG shares rose to an intra-day high of $6.16 on Friday. The stock ended the day 29.78% higher at $5.23 on above average volume of 12.81 million.

ATP Oil & Gas shares rallied after the company filed a lawsuit against the U.S. government for suspending offshore drilling following the Gulf of Mexico oil spill in 2010. ATPG is seeking over $68 million in damages from the U.S. government. The company alleged in the lawsuit, which has been filed in the U.S. Court of Federal Claims in Washington, that the U.S. government’s moratorium on all offshore drilling was improper and illegal. The company also accused the government of unlawfully delaying the issuance of permits once the moratorium was lifted.

ATP said in the complain that it had to incur substantial financing costs to obtain working capital in order to replace revenue it lost due to delayed production.

Earlier in the week, ATP Oil & Gas also announced that it resumed production at the ATP Titan platform, which serves the company’s Telemark Hub.

Earlier this month, ATP Oil & Gas announced that Matt McCarroll replaced T. Paul Bulmahn as CEO. Bulmahn continues to serve as the Chairman of ATP Oil & Gas.

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