This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

(Graphic: Business Wire)

Cobalt is currently drilling its Ardennes #1 exploratory well in Green Canyon 896. Ardennes is targeting both Miocene and Inboard Lower Tertiary reservoirs. Results are expected sometime mid-year 2013. DeGolyer and MacNaughton estimates Ardennes to have potential resources greater than 500 million barrels gross oil equivalent.

“The exceptional results of both the Shenandoah #2R appraisal well and the North Platte #1 exploratory well further substantiate our regional model of the prolific potential of the Inboard Lower Tertiary Trend,” said Joseph H. Bryant, Cobalt’s Chairman and Chief Executive Officer. “We believe that our material working interests in these two significant Inboard Lower Tertiary fields will be the source of tremendous value for our shareholders. Our deep portfolio of prospects on trend with these two fields bodes well for our future growth in the Gulf of Mexico. These recent results and our bright future are a testament to our commitment to the people and technology required to succeed in the deepwater Gulf of Mexico subsalt trends.”

Cobalt is the operator and holds a 60 percent working interest in North Platte. TOTAL E&P USA, INC. (NYSE:TOT) is Cobalt’s partner in North Platte with a 40 percent working interest. Cobalt is the operator and holds a 42 percent working interest in Ardennes. Partners in Ardennes include ConocoPhillips (NYSE:COP) (30 percent working interest) and TOTAL E&P USA, INC. (NYSE:TOT) (28 percent working interest). In Shenandoah, Cobalt holds a 20 percent working interest. Partners in Shenandoah include Anadarko Petroleum Corporation (NYSE:APC), as operator (30 percent working interest), ConocoPhillips (NYSE:COP) (30 percent working interest), Venari Resources LLC (10 percent working interest) and Marathon Oil Company (NYSE:MRO) (10 percent working interest).

For more information about these announcements, see Cobalt’s March, 2013 Investor Presentation, which can be found on Cobalt's website at www.cobaltintl.com in the Investors-Presentations and Publications section.

About Cobalt

Cobalt is an independent oil exploration and production company active in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs