Apache, Diamond Offshore Drilling, Reach New 52 Week Highs

Shares of Apache Corporation (APA) touched a new 52 week high of 97 dollars and 49 cents per share Wednesday morning. That's a 91% climb off of the 52 week low of just above 51 dollars per share set in March. This week Apache announced it received approval from Argentina's government, to supply 50 million cubic feet of natural gas per day from two fields in Argentina. The price per MMBtu will be 5 dollars. In Wednesday afternoon trading, Apache shares had retreated off of the new high, and were up 2 cents per share on the day.

Diamond Offshore Drilling (DO) shares also reached a new 52 week high Wednesday, of 98 dollars and 12 cents. Shares have gained about 84 percent from the March low of 53 dollars and 30 cents. This week the company reported the pricing of 500 million dollars of senior notes due in October 2039. The notes were priced at about 99.34 percent of par, and bear interest at 5.7%. In afternoon trading, shares were changing hands at 97 and three quarters, up about 8 tenths of one percent on the day.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=20091052WkHighs100709&mv=1.

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