NewswireToday - /newswire/ -
Winston-Salem, NC, United States, 2009/09/04 - SmallCapReview.com a leading site for small cap information is adding Cobra Oil & Gas (OTCBB: CGCA) to its list of stocks "On the Radar".
Cobra Oil & Gas (OTCBB: CGCA) is an independent oil and gas exploration and development company. The Company’s focus is to identify short and long term oil and gas opportunities with twin goals of reducing the country’s dependence on foreign oil and increasing shareholder value.
In July 2009, CGCA finalized an agreement to purchase a 40% working interest in the Utah Oil Sands Project in Uintah County, Utah from Enercor, Inc. These leases comprise 33,632 acres in entirety, 23 federal leases and approximately 15% of the entire P.R. Spring oil sand deposit. It is estimated the P.R. Spring deposit contains 4.0 to 4.5 billion barrels of oil on Cobra's leases, according to the US Bureau of Mines.
In August 2009, the Company announced that a purchase agreement has been completed with Enercor, Inc. for Cobra to purchase 62.5% working interest (WI) from Enercor covering a total of 640 gross acres. This acreage is adjacent to the Utah Oil Sands prospect in the P.R. Spring Deposit in Uintah County, Utah.
CGCA has an option to buy a 50% interest with 100% working interest (WI) and approximately 80% net revenue interest (NRI) on 82,000 acres in Williston Basin, Valley County, Montana. The Starbuck Prospects Bakken formation, located within the Williston Basin in Valley County, Montana has multiple zone shallow gas trends (Judith River and Eagle) and multiple zone deeper oil trends (primarily Mission Canyon, Lodgepole and Bakken).
The USGS released a report in April 2008 stating the US portion of the Bakken contains up to 4.3 billion barrels of recoverable oil (BBO), and up to 3.0 trillion cubic feet of natural gas (TCF). On Cobra’s Starbuck Prospect within the Bakken formation, geological analysis has estimated the potential for the shallow gas structures could be 260 BCF of natural gas. At $4/MCF this could translate to over $1 billion, if the gas was fully realized.
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