ATP (ATPG) Lands Gulf Deepwater Drilling Permit

ATP Oil & Gas Corporation (NASDAQ:ATPG) has become only the third company to receive a permit to resume drilling in the Gulf of Mexico since the BP (NYSE:BP) oil spill.

They will begin drilling again at the Mississippi Canyon ("MC") Block 941 #4 well in the deepwater Gulf of Mexico.

T. Paul Bulmahn, ATP's Chairman and CEO, said, "This permit for the ATP Titan drilling and production platform is the first for a stationary deepwater facility since deepwater drilling was allowed to resume on February 28, 2011. The previous two permits to drill oil and gas wells approved by BOEMRE in 2011, both of them in the last 18 days, are for wells drilled by Mobile Offshore Drilling Units (MODU). We are ready and eager to return to work. ATP has always drilled safely and environmentally soundly. We are looking forward to delivering on our objectives to generate near-term production growth from these developments."

The Obama administration has been slow and lax in the issuing of permits, causing an enormous amount of pain for companies and workers in the region, as well as the communities they live in.

ATP closed Friday at $18.31, up $0.81, or 4.63 percent.