Conflicting Reports on Mariner Energy (NYSE:ME) Rig Explosion

Initial reports on the Mariner Energy (NYSE:ME) explosion were all over the map, with some saying there was oil sheen in the Gulf 100 feet wide and 100 miles long, while the Coast Guard said they hadn't seen any oil in or on the waters.

The report on the oil sheen being in the Gulf was attributed to Mariner workers. It sounds like the gigantic hoax asserted over the giant, but invisible oil plume in the Gulf from the BP (NYSE:BP) oil spill, which somehow disappeared, but was reported two months after it was allegedly found.

After no one could find it, somehow some new strain of microbe supposedly ate up the invisible oil plume monster. That's what the so-called scientists actually said. Okay, I added the monster part, but they implied it if you go back and read their own words.

As far as the opportunists with agendas, they're already attempting to tie this in with BP and use it as an excuse to punish thousands of people in the Gulf of Mexico by saying this supports the outrageous oil moratorium that the Obama administration continues to impose on the region.

As spokesman for Mariner Energy, Patrick Cassidy, rightly stated, this is completely different from the BP situation.

"Certainly it's crucial to get accurate information out there. This wasn't a blow out, this doesn't appear to be a spill and it doesn't appear to be any injuries," said Cassidy.

As far as injuries, this is another contradiction out there, with some news outlets saying there was one person injured and taken to the hospital, and others saying there were no injuries, like Cassidy above.

The other major difference between BP and Mariner, is BP's oil rig was a drilling an exploration rig, while Mariner's was a production rig. That means the oil connected to Mariner's rig had already been found and pumped, while BP was still in the process of drilling.

Either way, this has nothing to do with the misguided oil moratorium from the Obama administration, which needs to be immediately lifted.

Mariner (NYSE:ME), Apache (NYSE:APA) Shares Drop on Oil Rig Explosion

An explosion and fire on one of Mariner Energy's (NYSE:ME) oil rigs, caused the share price of the company, along with Apache Corp. (NYSE:APA) to fall on the uncertainty created around the accident.

Apache Corp. was affected because they're expected to acquire Mariner Energy.

The oil rig owned by Mariner is named "Vermilion 398," wasn't producing at the time, and word is, once the Coast Guard checked things out, no oil leaks or sheen were found in the water surrounding the rig.

After the explosion, a fire started on the Vermilion, but that is all under control.

Mariner Energy was at fell to $22.58, losing $0.77, or 3.3 percent as of 12:43 PM EDT. Apache stood at $90.48, declining $1.98, or 2.14 percent at 12:45 PM EDT.

Correction: The oil rig did have seven actives wells with it, producing about 1,400 barrels a day on average.