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   Gold/Mining/Energycoastal caribbean (cco@)


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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
   of 4686
 
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
   of 4686
 
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
   of 4686
 
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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To: Edwin S. Fujinaka who wrote (4669)7/21/2008 8:13:45 PM
From: Rob Skaff
   of 4686
 
I guess the far more important question is what's causing the recent accumulation, and why is it that 2-3 times per week, people come in buying like they must own this stock, not paying too much attention to their purchase price.

I'd guess anyone who is purchasing at volumes at these levels believes the stock is worth 2-3 times the current value (or better) -- what do they know that we're not seeing published?

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To: Rob Skaff who wrote (4670)7/22/2008 12:57:24 PM
From: DrAllan
   of 4686
 
Rob

I have the same questions and concerns. It seems though the stock price goes up then trickles down..goes up then trickles down. I wish I knew what was going on?

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To: Rob Skaff who wrote (4670)7/23/2008 4:06:10 PM
From: Edwin S. Fujinaka
   of 4686
 
I no longer follow the Company but the Bakken Field seems to be generating a lot of hype. Does the Company have any part of the Bakken Field?

nextbigfuture.com

North Dakota Bakken oil heading for 200,000 barrels of oil per day by end of 2008

North Dakata has added 20,000 barrels of oil per day since the end of 2007 and the end of May, 2008 At the end of May, 2008 North Dakota is producing 156,356 barrels of oil per day.

Nine other states currently are listed in the count as being "major" oil-producing states: Alaska, Arkansas, California, Colorado, Louisiana, New Mexico, Oklahoma, Texas and Wyoming. In the most recent count, North Dakota ranked seventh in terms of number of rigs but had the second-biggest increase over the year with 29 more rigs, behind only Texas with an additional 84

Northern Oil and Gas, Inc. announced significant Bakken discoveries, Three Forks/Sanish Plans, and updates accelerated 2008 drilling schedule and capital position.

Northern holds a working interest in an additional fourteen wells that are in the drilling or completion stages and is included in nearly 70 permitted or docketed-for-permit drilling locations that are expected to drill between now and early 2009. Northern Oil controls approximately 60,000 net acres in the North Dakota Bakken play, yielding over 90 net well locations based on 640 acre drilling units. In addition, Northern controls approximately 22,000 net acres in Sheridan County, Montana and has successfully completed two wells to the Red River formation.

The recently completed Johnson 33 #1H well operated by Brigham Exploration is representative of Northern's growing success in the North Dakota Bakken play. The well flowed at an early rate of 650 BOPD, with sustained production of approximately 560 BOPD. The Johnson well is located significantly north of the Parshall field, representing an important Northern extension of prolific Bakken production. Northern participated in the Johnson 33 #1H with a 16.5% Working Interest.



An article in the Billings Gazette describes the oilwell operations in the Bakken

After a vertical well is drilled to that level, the drill goes horizontal, a technique that had been used for years. In the Bakken - named for a North Dakota farmer on whose farm the shale layers were first identified in the 1950s - horizontal drilling is paired with another technique, fracturing. That involves forcing a mixture of sand, water and gel underground at enormous pressures, thanks to those banks of 2,200-horsepower pump trucks.

As the mixture shoots out of holes in the horizontal pipe, the water opens up cracks in the rock and the sand flows in behind it, holding the fractures open so oil can ooze down into the pipe - the same one used to pump in the mixture of sand and liquid - and from there to be drawn to the surface.

"It's kind of like a mining operation, in a way," Lechner said. "You need more tunnels."

In the case of the Hartland 14X-26 well, the frac crew worked for a little more than two days, pumping 700,000 gallons of water and gel and about 800,000 pounds of sand into the ground. A typical drilling unit will have as many three lateral wellbores per two sections of land, which is 1,280 acres. The perpendicular fractures run out about 50 feet on both sides of each lateral. The laterals have perforated pipes, called liners, that keep the wellbores from collapsing after the frac job.

The Bakken oil and increased wheat and other commodity prices is creating an economic boom in Saskatchewan, Canada

"For every square mile of land in the Bakken, there's four to five million barrels of oil in place," says Gregg Smith, Petrobank's vice-president. "We feel we can make the Bakken profitable if prices stay above $50 a barrel -- it's extremely good quality oil, it's what the refineries want the most." Today at least 65 oil rigs, many of them locally owned, are drilling and finishing wells on the Bakken, at a cost of $2-million per well.

FURTHER UPDATE
This is a follow up to previous articles on North Dakota oil and Bakken oil

Read More...

Summary only...

Posted by bw at 7/22/2008 0 comments

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To: Edwin S. Fujinaka who wrote (4672)8/1/2008 10:17:30 AM
From: Rob Skaff
   of 4686
 
yes, the company appears to have some property where they can drill in the bakken. A few years ago some of the guys on the Canadian side were speaking quite highly of the prospect in the bakken in coastal's lease.

more important. Currently WSEG is testing our property and has grand plans. 600 wells. Interesting the company has no press release about it.

On the western Gas site, it's clear to see that they're going to drill starbucks east property.

They will own 100% until the drilling is paid for, then coastal will get a 20% interest back.

It appears that they plan to drill up to 600 shallow gas wells.

This is great news. Coastal hasn't announced it, but WSEG has, and it seems this income stream alone is worth more than the $10M market cap of the company, no?

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