ATP Oil & Gas Corp. announced that it has filed for bankruptcy protection in a Texas court on Friday.
Paul Buhlman, CEO and founder of ATP Oil swears the president’s ban on deepwater drilling killed his oil company.
ATP said in a statement that the “primary reason” for the bankruptcy began with the Deepwater Horizon explosion and the government moratorium that halted drilling while safety rules were reviewed.
“These events prevented ATP from bringing to production in 2010 and in early 2011 six development wells that would have added significant production to ATP,” the company said. “As of the date of this filing, three of these wells are yet to be drilled.”
The company said that it had spent well over $ 1 billion on infrastructure construction for bringing six wells online in 2010 and 2011.
“It is all directly attributable to what the government did to us,” Buhlman told Forbes.
“This Administration has gone out of its way to create problems for my company, the company that I formed from scratch.”
But ATP Oil & Gas Corp. is not the only company that collapsed because of Obama policies.
In the coal industry, over 175 coal-fired generators will be shut down in 2012, tied primarily to new EPA regulations on CO2 emissions.
This is almost 10 percent of the energy production from coal in the U.S.