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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: Howard C. who wrote (2655)	5/1/2001 2:52:56 AM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 4686

An article in a small Florida newspaper is hardly publicity in any major sense. It is nice to see some objective commentary however. Notice that the article appeared on February 9,2001. There was almost no impact on the stock price in early February. The article ends with the comment that the offshore Florida oil "is money in the bank". I only hope that when the money begins to roll in that CCO shareholders will still hold a stake. I am concerned that Coastal Petroleum will settle for less than full value just to have an immediate windfall for the insiders and the lawyers. The more recent article in the same newspaper that I posted here discusses more of the same. The February 9th Editorial did make the point that there was not going to be any drilling on the Coastal Petroleum leases no matter what the cost. Without any dollar numbers, that is true. Once people hear some actual dollar figures for the value of the oil, we may witness a change in mood. Many Florida taxpayers who are not in the immediate vicinity of the oil wells may have second thoughts about paying out billions of dollars in order to avoid the unlikely risk of an oil spill. Especially when you consider that the actual development of these offshore oil resources could result in hundreds of millions of dollars in income to the State of Florida. Such crass considerations should be publicly discussed. Most of this discussion ought to be held in abeyance until after the taking issue has been decided by Judge Smith. I'm hopeful that his decision will come sooner rather than later (whatever that means <G>).