CGCA Cobra Oil Gas Co Releases News That Includes the Oil Giant Exxon Mobile
June 21st, 2009 at 4:12 pm Posted by The Dean
Cobra Oil & Gas Co. (CGCA) released news that includes the oil giant Exxon Mobile.
On Friday after the closing bell CGCA signed an LOI with Enercor Inc. for the purchase of a 20% lease assignment on Utah Oil Sands prospect located on Exxon Mobil (XOM) leases.
These leases comprise 33,632 acres in total, approximately 15% of the entire P.R. Spring deposit. It is estimated the P.R. Spring deposit to contain 4.0 to 4.5 billion barrels of heavy oil on Cobra’s leases, according to the US Bureau of Mines.
Of the world’s total oil reserves, over 2 trillion barrels are in the form of oil sands, otherwise known as extra heavy oil, which is a type of bitumen deposit. The sands are naturally occurring mixtures of sand or clay, water and an extremely dense and viscous form of petroleum called bitumen. They are found in large amounts in many countries throughout the world, but are found in extremely large quantities in Canada and Venezuela.
CGCA projects are all located in proven American regions with abundant hydrocarbons. The company’s conventional oil and gas project in Montana is characterized by the shorter term drilling and production. The lower risk of this project allows CGCA the advantage of strategically funding its larger, long term oil sands play in Utah.
I would like all students to be sure to do all your homework on CGCA before the opening bell on Monday. The news release about an LOI with Enercor on a prospect located on Exxon Mobil (XOM) leases was just announced on Friday after the closing bell and I believe there will be many investors watching CGCA in the weeks to come.
Cobra Oil & Gas Co. Company Website
