I bought the stock today as spec...but after reveiwing the company I don't see how APC or APA does not buy them out. For a billion 5 they get great assets and a ton of oil over the next coming years. Stock was trading 22 before the oil spill and oil was trading in the 70's. Majors who can't drill yet need to make up the rev. 30 bux a share for sure.
I disagree, ATP has a strategy that is contrary to that of the big boys, buy underperforming, low risk, and low reserve assets, employ a lean staff and take on debt to finance the developments. Mirage is 25 mmboe, that is something the big boys sell at auction. If any of the big guns owned ATPs assets, the majority of them would be on the divestiture list the next day.
I call it the "popping porcupine" strategy - ATP has defined itself as a company nobody larger would want to buy, by virtue of the type of assets they own. Hence, they are free to grow, unmolested, attaining critical mass financially and technically, while edging steadily into the exploration business(as in Israel and some of their GOM expansion) and larger properties.
Eventually, the needles all "pop" off and reveal an ATP that has morphed into a fat little 2nd tier integrated producer... tasty and tempting, but definitely a large swallow.