ATP Update
Wednesday, September 9th, 2009Yesterday after hours ATP released news that they discovered additional sands at the Mirage Prospect at Telemark, doubling their pre-drill estimates.
Putting this in context, before this find Telemark will double ATP’s production starting in 2010. Now, they are finding that their initial estimates are, well, a bit on the low side.
The stock price has been on a tear lately - but it is only beginning. I’ve documented tha value of this company very well. It has attracted big investors such as David Einhorn, shorts are at still 20% of the float. Short term movements are irrelevant, but I must say it is satisfying to watch it go up, while at the same time I’d love to be able to buy more back at the $3 level.