AP News

ATP Oil & Gas to be delisted from Nasdaq

NEW YORK (AP) — ATP Oil & Gas, which filed for bankruptcy protection last week on losses stemming from the drilling shutdown after the Gulf oil spill, said Friday it's being delisted from the Nasdaq Stock Market. The news sent its already pummeled shares down as much as 10 percent.

The Houston company said it won't fight Nasdaq's decision, considering "the early status of the bankruptcy case and the demands the bankruptcy case has posed on the company's resources."

It is set to be delisted on Wednesday.

The oil and gas producer filed for Chapter 11 protection last Friday in the U.S. Bankruptcy Court for the Southern District of Texas. It said it expects it will continue to operate normally as it restructures.

ATP blamed the shutdown of drilling activities in the Gulf of Mexico following the worst oil spill in U.S. history in 2010 kept it from bringing to production six development wells that would have significantly boosted its production. Three of those wells have yet to be drilled.

ATP's shares have swung wildly over the past five years, going as high as $57 in the halcyon days of late 2007 before plummeting to near $3 in spring 2009, the depths of the financial crisis. Since the beginning of this year, the shares have tumbled from $7.36 to just 41 cents at Thursday's close. The stock dropped to an all-time low of 20 cents on the news of its bankruptcy filing.

They lost a penny to hit 40 cents on Friday afternoon, after earlier falling as low as 37 cents.

Stockholder's stakes are often wiped out in a bankruptcy reorganization.

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