New Technologies at the Forefront of Domestic Giant Field Discoveries
September 15th, 2009 | Author: Tom
Sep. 15, 2009 (Business Wire) — Cobra Oil & Gas Company (OTCBB:CGCA) (hereafter “Cobra”) notifies that British Petroleum announced the discovery on September 2, 2009, of a giant oilfield in the US part of the Gulf of Mexico that shows new life for US domestic oil production.
The Tiber field, located about 250 miles south-east of Houston, is one of the largest discoveries of the past decade. It may hold some 3bn barrels of oil. The Tiber field was discovered by the deepest oil well ever drilled, reaching 28,000 ft below sea level.
The Tiber field discovery adds to the Kaskida field found in 2006 with similar potential reserves.
“The technologies being used to produce finds this size and at this depth show the progress being made by commercial means of exploration,” stated Max Pozzoni, President of Cobra. “What is happening now in domestic areas such as the Gulf of Mexico should be regarded as challenge to develop new technologies that can be applied to domestic plays that were previously overlooked. I believe Tar Sands represent such a challenge and opportunity.”
About Cobra Oil & Gas Co.
Cobra Oil & Gas Co. is a publicly traded independent oil and gas exploration and production company headquartered in Houston, Texas (OTCBB:CGCA). Shareholders and prospective investors are encouraged to visit Cobra Oil & Gas’s website: http://www.cobraoilgas.com and to subscribe to the email newsletter. Please feel free to call our investor relations toll-free at 1-866-503-8613 if you have any questions.
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