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.
Stock prices are mixed after a better-than-expected jobs report
Stocks were mixed in early trading Friday as investors held back from making big moves after a five-day rally.
Many traders are still expecting a pullback in the market after the extended period of gains, but some upbeat corporate news was drawing in more buyers.
FedEx, whose delivery business is often seen as an indicator for the health of the economy, raised its first-quarter earnings forecast because of stronger international shipments and cost-cuts. Strong reports out of China on industrial output, investment, loans and retail sales are also encouraging investors to put more money in stocks.
Stocks edged higher as commodities prices extend their rally and the dollar hovers near recent lows
There was little economic or corporate news to guide investors in the early going. Investors were waiting for the Federal Reserve to release its latest assessment of the economy in different parts of the country. The report, known as the beige book, is due at 2 p.m. EDT.
Meanwhile, investors around the world were tracking the dollar, which is trading near lows for the year against the euro and a two-month low against the yen after sinking Tuesday. The dollar’s recent drop is lifting commodities prices, including oil which is extending its gains.
Stocks rise as takeover news points to signs of a recovering economy
News about corporate takeovers is making investors more optimistic about the economy and giving them new reasons to buy stocks.
Stocks rose early Tuesday as investors were encouraged by news from overseas. Deutsche Telekom AG and France Telecom SA said they plan to combine their British mobile phone units — T-Mobile UK and Orange UK — to form that country’s biggest mobile operator.
And while Cadbury PLC rejected a takeover bid from Kraft Foods Inc., companies’ reviving interest in making acquisitions is being seen as a welcome sign for the economy.
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.
Sep. 3, 2009 (Business Wire) — Cobra Oil & Gas Company (NASD OTC BB: CGCA) (hereafter “Cobra”) is pleased to offer an overview of PetroChina’s acquisition of a majority stake in two oil sands projects in northern Alberta for US$1.7bn. The two projects are known as Mackay River and Dover which are currently being developed by Athabasca Oil Sands with projected production at full capacity reaching 300,000 – 500,000 barrels a day. The first phase of Mackay River is due to come on stream in 2014.