|I talked to Max (the owner of Cobra) on Tuesday. He said the geo-chem tests will be done soon. He said he has no doubt the wells he puts in will produce. There is some bird whose native habitat is in that area, and they can't drill until its nesting season is over. I know it sounds like malarkey, but it is not. |
Cobra has a new working field in California, and two new projects in Oklahoma and Texas. They are real, and just getting started.
Max said they are pulling oil out of the ground on all sides of the properties Coastal has leases on. He also said the leases Coastal has are far bigger than those surrounding them. It is his main priority.
Load up now. Once they start to drill, the long wait for Coastal will be rewarded. Yes, Coastal is strapped, but they will have real revenue in a few months.
We can't cry over or think about the Florida leases, they are gone. Anyway, the real play is the Bakken. Coastal has more land than many other companies that started trading low and are now over $15. We will be rewarded for hanging in there.