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   Gold/Mining/Energycoastal caribbean (cco@)


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From: gjc26/11/2008 4:19:17 PM
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It's been months since the first well has been "spudded" how long does it take before we know if the well will be productive?

CCO's website has been down for a few days, what does that mean?

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To: DrAllan who wrote (4659)6/18/2008 1:09:58 PM
From: mariechoate
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Now that Coastal does not have the Florida leases, Florida's governor is considering allowing drilling off the coast of Florida. I wonder if Coastal has any recourse if the leases are made available to other companies?

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To: mariechoate who wrote (4661)6/18/2008 1:39:04 PM
From: DrAllan
   of 4686
 
To all

Good question Marie. I wonder if Ed knows? And coincidently the COCBF web site remains down. What gives with that?

Dr Allan

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To: DrAllan who wrote (4662)6/18/2008 2:29:38 PM
From: mariechoate
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Didn't know about the web site. I think that Ed still monitors this board ocassionally. The following is a news article concerning offshore drilling in Florida:

Fla.'s Crist has new view of offshore drilling ban
By BILL KACZOR (Associated Press Writer)
From Associated Press
June 18, 2008 10:06 AM EDT
TALLAHASSEE, Fla. - Gov. Charlie Crist has dropped his long-standing support for the federal government's ban on offshore oil drilling and endorsed Republican presidential nominee-in-waiting John McCain's proposal to let states decide.

The governor said he reversed his position because of rising fuel prices and states' rights. Crist is considered a possible running mate for the Arizona senator.

"I mean, let's face it, the price of gas has gone through the roof, and Florida families are suffering," Crist said Tuesday. "And my heart bleeds for them."

Also backing offshore drilling is President Bush, who urged Congress on Wednesday to lift the drilling moratorium that has been in effect since 1981 in more than 80 percent of the country's Outer Continental Shelf.

Democrats immediately pounced on McCain's proposal, saying countries that allow offshore drilling have even higher prices and that oil companies don't need more offshore drilling areas because they have failed to fully exploit their current leases.

Last year, Crist had urged federal lawmakers to reject legislation, which they did, that would have allowed drilling as close as 45 miles off Florida's beaches. He also supported the ban during his 2006 campaign for governor.

Most Florida politicians have opposed drilling because they fear it would harm beaches vital to the state's tourism economy and interfere with weapons testing and training in and over the Gulf of Mexico by Florida military bases.

Democrats also argued additional offshore drilling would not affect prices set on the world market.

"It would only increase oil companies' record-breaking profits," said Florida Democratic Party spokesman Mark Bubriski.

He compared Crist's reversal to his recent proposal for a temporary reduction of Florida gasoline taxes after McCain made a similar proposal at the national level. Sen. Barack Obama, the presumptive Democratic presidential nominee, criticized it as a campaign gimmick.

"If John McCain jumps off a cliff, will Charlie Crist jump, too?" Bubriski said.

Eric Draper, policy director for Audubon of Florida, said it would take 10 years to produce energy from new offshore leases even if exploration started now. He said conservation is a better solution.

"If you had an oil leak out there, an explosion, you would end up damaging all the beaches on the Gulf Coast," Draper said.

Crist said he was unsure whether the Florida Legislature would approve drilling, but he said it's something lawmakers should at least study.

He said protecting the environment should be balanced against economic factors.

"We're a tourist state," Crist said. "We have to protect the beauty of Florida, but we also need to have people have the opportunity to drive here and be able to afford to do that too."

Crist, though, acknowledged even if Florida decides against drilling the state's beaches could be damaged by pollution from neighboring states. He said he hoped improved technology would reduce the chances of that happening.

David Mica, executive director of the Florida Petroleum Council, said the industry already has changed since the moratoriums were put in place.

"Technologies that we use and the extraction of oil and gases is much more compatible with offshore resources and protection of the environment," Mica said

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From: gjc26/18/2008 6:50:36 PM
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The website being down means one of two things. Either there will soon be a new “Eureka We Struck Oil” website or Phil Ware doesn’t have the couple hundred bucks needed to pay for the hosting.

I'm hoping for the first option.

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To: gjc2 who wrote (4664)6/24/2008 2:42:13 PM
From: DrAllan
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To all:

The web site is back up although nothing has changed. I guess Phil Ware came up with the couple of hundred bucks.

Dr Allan

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From: Rideli6/26/2008 11:50:17 AM
   of 4686
 
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.

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To: Rideli who wrote (4666)6/27/2008 12:28:28 PM
From: DrAllan
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Rideli

Appreciated the info. If you hear of anything else, please try to keep this thread up to date.

Thanks

Dr Allan

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From: Rideli6/27/2008 5:43:31 PM
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As for how much oil is in the Bakken? Many geophysicists beleive the amount is between 200 - 400 Billion bbl. Not the 4 billion with maybe 2 recoverable. It is my understanding from locals there have been hundreds of wells drilled over the last twenty years in the Williston Basin, and they were just capped. Then they would drill more. Cap 'em, then drill more.

The best part, it is light sweet crude, the same as Al-Ghawar. Easiest and cheapest to refine.

Maybe they don't want the Canadians to suck it all out first. Maybe they want oil high. The speculators everyone is screaming about are the big banks that swapped damaged MBS for Treasuries. They borrowed against the treasuries and went straight to the NYMEX. $240 billion swapped with the Fed since Jan. $240 billion increase in commodities futures trading since Jan. The speculators are the big banks that are essentially bankrupt. If oil goes back to $110, everybody can say 'goodnight' to the market. The loss will hurt the Fed so bad the US credit rating will no longer be AAA.

Why would they lie about the oil? Hell, they lie about everything else.

I just hope some small players like COCBF hit soon. Very soon.

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From: Edwin S. Fujinaka7/14/2008 4:31:51 PM
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Bush lifts executive ban on offshore oil drilling

This is only of academic interest to current and mostly former holders of COCBF Stock. A good chunk of the estimate billions of barrels of oil under State control offshore used to be owned by COCBF.

cnn.com

End to executive ban on offshore drilling does not affect separate federal law

President Bush has been urging Congress to repeal law banning offshore drilling

Offshore drilling ban has become a campaign issue

John McCain supports ending ban on drilling; Barack Obama wants to keep it

WASHINGTON (CNN) -- President Bush lifted an executive order banning offshore oil drilling on Monday and urged Congress to follow suit.

Citing the high prices Americans are paying at the pump, Bush said from the White House Rose Garden that allowing offshore oil drilling is "one of the most important steps we can take" to reduce that burden.

However, the move is largely symbolic as there is also a federal law banning offshore drilling.

"This means that the only thing standing between the American people and these vast oil reserves is action from the U.S. Congress," Bush said. Watch Bush announce lifting of ban »

Bush has been pushing Congress to repeal the law passed in 1981.

"There is no excuse for delay," the president said in a Rose Garden statement last month. iReport.com: Is drilling the answer?

"In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," Bush said, adding that there is no more pressing issue for many Americans than gas prices.

Bush's father, President George H.W. Bush, signed the executive order in 1990 banning offshore drilling. See where offshore drilling is allowed »

The issue has gained prominence in the presidential race. Sen. John McCain recently announced he supported offshore oil drilling, reversing his previous stance.

Sen. Barack Obama wants to keep the ban in place.

Experts say offshore oil drilling would not have an immediate impact on oil prices because oil exploration takes years.

"If we were to drill today, realistically speaking, we should not expect a barrel of oil coming out of this new resource for three years, maybe even five years, so let's not kid ourselves," said Fadel Gheit, oil and gas analyst with Oppenheimer & Co. Equity Capital Markets Division.

But it almost certainly would be profitable.

Candida Scott, an oil industry researcher at Cambridge Research Associates, said oil needs to be priced at $60 a barrel or more to justify deep-shelf drilling. With oil now selling for $145 a barrel, companies are almost assured of profiting from offshore drilling, Scott said.

In his statement last month, Bush also renewed his demand that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming.

The White House estimates that there are 18 billion barrels of oil offshore that have not been exploited because of state bans, 10 billion to 12 billion in the Arctic National Wildlife Refuge and 800 billion barrels of recoverable oil in the Green River Basin.

All AboutOil Production and Refining • Oil Prices • Environmental Policy

Find this article at:
cnn.com

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