Deepwater Companies Pull Up Stakes, and Some May Never Return

[ProSense]

Deepwater Companies Pull Up Stakes, and Some May Never Return

By KATIE HOWELL AND MIKE SORAGHAN of Greenwire

Walter Oil & Gas Corp. executives were within 9,000 feet of finding out if they would hit oil under the Gulf of Mexico. Now, they don't know if they will ever find out.

The company and its contractors had drilled about 12,000 feet down from a seabed located about 1,200 feet from the surface of the Gulf of Mexico, in Ewing Bank Block 834. The oil they were looking for was supposed to be at 21,000 feet.

But now the company is pulling up stakes, under Obama administration orders to put a halt to most deepwater drilling in the Gulf, where a BP PLC well has been stubbornly billowing crude since late April despite repeated attempts to plug or divert it.

"We'd spent millions and millions of dollars, and we don't know if we will ever have the opportunity to get a return on our investment," said Ron Wilson, a Walter manager.

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[Vinnie From Indy]

1. Since you post this in a discussion forum

one would assume you would offer an opinion.

[Name removed]

6. Deleted message

Message removed by moderator. Click here to review the message board rules.

[ProSense]

7. Instead of worrying about my opinion why not offer up your own? n/t

[Vinnie From Indy]

10. OK, here goes!

I am wondering why you would post this in a discussion forum like "Presidency" and not comment. You did also post it in LBN prior to posting here. I can understand why in the spirt of DU community you would not comment on the LBN forum, but merely post the item as a service to others. Posting in this forum later begs the question why no comment. Obviously you felt the piece was important enough to post twice so why no comment or opinion?

[TheKentuckian]

2. Good. GO AWAY AND NEVER COME BACK!!!!

They are on the run because they know they cannot safely extract crude and don't want to get caught up.

[polichick]

5. Good call! nt

[Phx_Dem]

3. Buh bye!

[GeorgeGist]

4. And now a word from our sponsor: 'Journalism for Dummies.'

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Earth to Die; US Responsible

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In the event your article is accepted:

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[Tarheel_Dem]

8. K&R. (nt)

[CanonRay]

9. Tough shit.

:nopity:

[Dappleganger]

11. You rolled the dice and lost.

Tough shit.