CGCA Oil Deposits Contain 4 Billion Barrels of Oil – Cobra Oil and Gas Co.
June 20th, 2009 at 9:17 pm Posted by The Dean
Cobra Oil & Gas Co. (CGCA) is an independent oil and gas exploration and production company headquartered in Houston, Texas.
On Friday 6/19/09 After The Closing Bell CGCA Entered Into Letter Of Intent With Enercor, Inc. For Purchase Of 20% Lease Assignment On Utah Oil Sands Prospect Located On Exxon Mobil Corp’s Leases.
Cobra Oil & Gas (CGCA) signed an LOI with Enercor Inc. for the purchase of a 20% lease assignment upon completion of financing activities on 23 Federal Leases in the central region of the P.R. Spring bituminous sandstone deposit in southern Uintah County, Utah on the company’s Utah Oil Sands Prospect. 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 oil on Cobra’s leases, according to the US Bureau of Mines.
Today, the production of synthetic oil from oil sands is a new domestic energy option due to declining conventional crude discoveries and exploration, increasing dependence on foreign oil imports, and high energy prices.
Nowhere has this new energy option been better realized than in Canada, where oil sands numbers are staggering:
-Total Resources: 2nd only to Saudi Arabia
-Percentage of Production: _40% of national oil production
-Daily Production: 1+ million barrels per day
-Projected Production: ~4 million barrels per day by 2020
-Production to Date: 2+ billion barrels
-Remaining Resources: 170+ billion barrels
Canada is the largest supplier of oil to the U.S. Now with a potential of 22 billion barrels in Canada, there exists a more dependable and reliable solution to the dependence of Middle Eastern oil.
In the Oil Sands Project, CGCA owns 15 percent and of that EXXON has a 12 percent stake.
Nice place to be, nice partner to have. Do your homework, but don’t wait too long.
Cobra Oil and Cas Co CGCA
