posted
There may be a good play here - Mariner Energy (ME):
In Play® (06-13-06) 6:49PM Mariner Energy Announces 9 Blocks From MMS Oil and Gas Lease Sale Have Been Awarded (ME) 14.85 -0.85 : Co announced today that it has been awarded nine blocks on which it was the high bidder at the March 15th Minerals Management Service OCS Oil and Gas Lease Sale 198. The blocks awarded include the block on which Mariner made its highest bid and two blocks located in deepwater areas of the Gulf of Mexico (depths greater than 400 meters). Mariner's net cost exposure for the nine blocks is approximately $16.5 mln. Its bid on a tenth block on which it was also the high bidder was not awarded.
Motley Fool May 31, 2006: http://www.fool.com/News/mft/2006/mft06053102.htm?source=eptyholnk303100&logvisi t=y&npu=y "Conclusions The bidding for Stone Energy shows that mergers and acquisitions continue in the oil patch. Smaller production companies with prime properties are being snatched up by bigger fish looking to build their reserves and production. Furthermore, both Plains Exploration and Energy Partners looking at Stone Energy shows that a company with problems can deliver gains, if you buy it at the right price. I'm not sure which other companies are discounted with problems like Stone Energy had. However, if I had to guess who the next target would be, I'd pick a deepwater Gulf of Mexico producer. Two smaller companies probing the depths are Bois d'Arc Energy (NYSE: BDE) and newly public Mariner Energy (NYSE: ME)."
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