SOURCE: The Bedford Report

The Bedford Report

June 21, 2011 08:16 ET

ATP Oil and GMX Resources Benefit From Confident Regulators

The Bedford Report Provides Stock Research on ATP Oil and Gas & GMX Resources

NEW YORK, NY--(Marketwire - Jun 21, 2011) - The Organization of the Petroleum Exporting Countriess (OPEC) surprised oil investors this month when the cartel announced that it failed to agree on increasing oil production as a way of lowering prices. The announcement caused a noticeable drop in several oil explorers, many of which hope to boost production to capitalize on oil's spike in price. The Bedford Report examines the outlook for companies in the Oil & Gas Sector and provides equity research on ATP Oil & Gas Corporation (NASDAQ: ATPG) and GMX Resources, Inc. (NYSE: GMXR). Access to the full company reports can be found at:

US oil producers that do not have exposure to Libya and other troubled spots appear poised to boost production. Last month, faced with the economic and political consequences of high gas prices, President Obama offered his support to measures to support domestic oil production. He also called for speedier evaluation of oil and natural-gas projects in the resources in the mid- and south Atlantic region, and said his administration plans to lease new areas in the Gulf of Mexico.

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ATP Oil & Gas Corporation is engaged in the acquisition, development and production of oil and natural gas properties in the in the outer continental shelf of the Gulf of Mexico. Drilling activity is once again picking up in the Gulf after the temporary moratorium. ATP was the first Gulf of Mexico operator to begin drilling in the deepwater after the BOEMRE began issuing permits. ATP was the only entity to receive two of the permits, which the company argues is "demonstrative of the confidence government regulators have in the company."

Although the company is presently more involved in natural gas, GMX Resources is making a push to increase its oil exposure. Earlier this year, GMX Resources initiated positions in the Niobrara and Bakken plays to extract oil.

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