S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Energy

US Firm Hits Gas Find Off Israeli Coast

Photo of Paul Ausick
By Paul Ausick Published

Invalid Image
US oil & gas exploration and production company ATP Oil &Gas Corp. (NASDAQ: ATPG) announced this morning that the company’s Middle East subsidiary had successfully drilled a well offshore of Israel in 3,600 feet of water. The ultradeepwater Shimshon well was drilled to nearly 15,000 feet below the sea floor and encountered 62 feet of natural gas pay.

ATP has a 40% working interest in the well which an independent reservoir analyst estimated holds reserves of about 2.3 trillion cubic feet of natural gas. ATP did not offer many details of the find, saying only that it would offer more information during the third quarter of this year. The company’s annual 10-K for 2011 indicates that it also operates the well.

ATP’s shares tumbled in early June when the company’s newly-hired CEO left after just one week on the job. The company could not reach an employment agreement with Matt McCarroll, who was founder and CEO at Dynamic Offshore Resources before his short tenure at ATP.

Shares of ATP have jumped 16% on the news, to $3.90 in a 52-week range of $2.78-$16.23.

Paul Ausick

Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Shell Starts Drilling Offshore Alaska

After six years of back-and-forth with the U.S. government, Royal Dutch Shell PLC (NYSE: RDS-A) (NYSE: RDS-B) yesterday began drilling…

Jon C. Ogg |

Noble’s Israeli Gas Boost (NBL)

Noble Energy, Inc. (NYSE: NBL) is trading higher this morning due to the announcement of “a significant natural gas discovery”…

Paul Ausick |

Chesapeake Puts Out Another For Sale Sign

courtesy Chesapeake Energy Corp.Natural gas producer Chesapeake Energy Corp. (NYSE: CHK) has listed for sale leases on 28,360 net acres…

Jon C. Ogg |

The Best Natural Gas Stock for 2011 (CHK, APC, DVN, EOG, HK, SD, UNG)

The acquisition of XTO Energy by Exxon Mobil Corp. (NYSE: XOM) instantly turned the oil giant into the largest natural…

After Gigantic Anadarko Acquisition, 6 Top Stocks That May Be Next
Lee Jackson |

After Gigantic Anadarko Acquisition, 6 Top Stocks That May Be Next

After the $33 billion purchase of Anadarko Petroleum by integrated giant Chevron, the question for investors is whether there are…

Big Catalysts Drive Analysts’ 5 Top Energy Stocks With Massive Upside Potential
Lee Jackson |

Big Catalysts Drive Analysts’ 5 Top Energy Stocks With Massive Upside Potential

One good path for energy investors to follow is sticking with companies reporting good earnings and backing that up with…

Paul Ausick |

Offshore Drilling Outlook for 2015

This has been a tough year for offshore drilling companies, and 2015 does not look to be a year for…

5 RBC Global Energy Best Ideas Could Be Big 2019 Winners
Lee Jackson |

5 RBC Global Energy Best Ideas Could Be Big 2019 Winners

Three of these five outstanding ideas from the energy team at RBC are decidedly more conservative. Given their strong and…

RBC Top Idea Energy Stocks to Buy Have Massive Upside Potential
Lee Jackson |

RBC Top Idea Energy Stocks to Buy Have Massive Upside Potential

RBC, like most, remains very positive of the Permian Basin, especially the Delaware Basin region, and feels that the well-hedged…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806