The value of micro cap stock for ATP Oil & Gas Corporation (NASDAQ:ATPG) increased during trading on Wednesday, as the company benefited from news that it was suing the U.S. government over deepwater drilling costs.
Platts reported the company has sued the U.S. Department of the Interior to the tune of $60 million, as it is seeking retribution for costs associated with a delay in the issuing of drilling permits.
ATP also noted that it allegedly suffered additional damages when the US "unreasonably and unlawfully delayed the issuance of drilling permits after the lifting of the formal moratoria."
Seeking Alpha reported that the company's stock shot up following the announcement of the lawsuit, helping ATP reverse losses earlier this year that amounted to 29 percent of the value of its stock.
According to the news outlet, the government has yet to comment on the lawsuit regarding the company's Titan platform.
The value of the company's stock increased 10.5 percent at 1:13 p.m. on June 27, rising $0.31 to $3.26 per share.