Oil Sands Pipeline Approval from Canada into the U.S.
September 8th, 2009 | Author: Tom
Sep. 8, 2009 (Business Wire) — Cobra Oil & Gas Company (OTCBB: CGCA) (hereafter “Cobra”) is pleased to notify an approval by the Obama administration for a pipeline to carry oil-sands fuel from Canada into the U.S., sending a positive economic signal in a difficult economic period. The pipeline will amass 1000 miles and is designed to carry up to 800,000 barrels of fuel a day from Canada’s vast oil sands.
Enbridge Energy will take on the building of the pipeline as the U.S. aims to diversify oil supplies coming into the country and increase crude oil supplies from a major non-Organization of Petroleum Exporting Countries producer while shortening the transportation path for crude oil supplies.
“As the United States looks for more diverse oil supplies for domestic use, the Oil Sands will consequently gain importance,” stated Max Pozzoni, Cobra’s President. “The enormous oil sands potential within North America will help diminish the reliance on overseas oil.”
Cobra is currently finalizing the purchase of 40% contract interest on 23 Federal Leases covering 33,632 acres within the P.R. Spring deposit in Uintah County, Utah. Adjacent to the Utah oil sands prospect, Cobra also acquired a 37.5% working interest covering 640 acres, along with a 62.5% working interest on 640 additional acres.
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 (NASDAQ OTC BB: 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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