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Energy

ATP Oil & Gas Raising Capital (ATPG)

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By Jon C. Ogg Updated Published
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ATP Oil & Gas Corporation (NASDAQ: ATPG) has filed its paperwork with the Securities and Exchange Commission to raise capital.  The oil and gas outfit’s filing will allow it to raise up to $500,000,000 via a sale of any combination of senior debt securities, subordinated debt securities, common stock, preferred stock, warrants and units.  In addition, up to 8,800,000 shares of ATP’s common stock may be offered and sold by selling shareholders.

The company intends to use the net proceeds from the sale of securities for general corporate purposes, including working capital and capital expenditures.  It seems rather broad because the firm noted, “our management will have broad discretion in the allocation of the net proceeds, and investors will be relying on the judgment of our management regarding the application of the proceeds of any sale of the securities.”

Shares of ATP closed at $7.81 and the 52-week trading range is $5.53 to $19.13.  The market capitalization rate here is $399 million and Thomson Reuters lists a consensus price target objective of $9.83.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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