I entered "oil near South Marsh Island" in Google. Phew its a hot spot alright. One article that took my eye was the one headed "astonishing amount of oil and gas off Louisiana" by Lisa Pinsker with quite a focus on South Marsh Island and surrounding areas. It appears discoveries point to 184 billion tons that tons of oil in the area researched. Cornell University is quoted as saying studies point to the field being bigger than the North Sea!! This Google search also highlights EPL. I urge everyone to have a read of what they are doing, how about 180,000 barrels of oil per day, 2nd quarter earnings of $1.75 per share, cash at the end of the year of over $500 million. As I've pointed out before I'm no oil man but it appears to me it is all being done in shallow water drilling and discoveries in the Gulf of Mexico, again to my untutored eye it look as if they like the leases near South Marsh Island obviously the jewel in the crown for BYE. The MD of EPL comments the big players missed and misjudged badly that you had to drill below the salt belt in these leases and Wow there it blows!! Have a look at the presentation on BYE's webpage and you will see a similar strategy. This is looking better the more you research, in fact I don't think BYE could be better located in the shallow waters of the Gulf of Mexico. When they drill that first hole this share could be more than interesting.
BYE Price at posting:
83.0¢ Sentiment: Buy Disclosure: Held
