coastal caribbean (cco@) Message Board

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Gold/Mining/Energy : coastal caribbean (cco@)

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To: Jordan Electron who wrote (2657)	5/1/2001 2:12:34 PM
From: Edwin S. Fujinaka	Read Replies (1) of 4686

I agree that the total spills in the Gulf is probably a lot more that a thousand barrels. The natural seepage of oil into the Gulf from underground sources is much higher than the amount spilled from drilling activities. Tankers transporting oil have also spilled a lot more oil than leaks from the drilling operations. So what else is new? <G>. This is not a risk free World, not even if you huddle in a cave with candles. CCO has never had the chance to drill into those offshore formations identified by Azad in his Oil & Gas Journal Article. They are a tiny underfunded Company who have to rely on others to actually find the oil. Many years ago, Mobil found an "oil show" on one of the Coastal Petroleum sites and they kept it a secret. As I recall, when CCO won a lawsuit against Mobil, it was the basis for one of the biggest stock price runups in CCO's history. The stock price actually went over $10/share which I think was the all time high. There's been a lot of stock dilution since then with several rights offerings, so I think the equivalent high today should be listed as around half the $10.

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