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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Big Dog	8/18/2011 8:50:23 AM
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Pritchard GOM Looking Good for 2012 – At its lunch presentation at Enercom yesterday, APC ($72.78-NR) spent a good deal of time talking about its robust Gulf of Mexico deepwater portfolio, including mentioning it has gotten three deepwater permits in the past 3 weeks, including Heidelberg last Friday. At the breakout session, APC said it thought the GOM could be back close to pre-Macondo levels next year. Coming from APC, our ears perked up, as we do not believe GOM stocks are pricing in a more robust 2012, and can clearly benefit from increasing permit and drilling activity. ATPG ($11.26-B-$24), which received permits this week for the oil well at Clipper and the fourth well at Telemark, stands out as a clear beneficiary of things returning to (some level of) normalcy in the GOM. Other companies that would benefit include SGY ($26.30-NR) and MRO ($27.43-NR). We had dinner with ATPG last night and walked away continuing to feel very strongly that a big production ramp is coming, starting with the third Telemark well this quarter. With several more permits just around the corner, ATPG is set up for a big production and cash flow year in 2012.

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