Cobalt International Energy, Inc. (NASDAQ:CIE) is expecting the drilling results of eight different wells


Dallas, Texas 07/02/2013 (Financialstrend) – Shares of Cobalt International Energy, Inc. (NASDAQ:CIE) gained by 4.29 percent to close at $27.71 on Monday. The shares had recorded an intraday high of $28.28 per share and intraday low of $26.93 per share during the day. With last trading session, shares of Cobalt International Energy, Inc. (NASDAQ:CIE) had 52 week high of $129.45 and 52 week low price of $19.90 per share.

Cobalt International Energy, Inc. (NASDAQ:CIE) had been trading with huge volumes at 5.26 million shares on Monday, while the average level of trading in the company is only 3.12 million shares per day. With 406.71 million shares outstanding in the market, Cobalt International Energy, Inc. (NASDAQ:CIE) presently has a market cap of $11.27 billion and an institutional ownership at 100 percent of total capital.

Cobalt International Energy, Inc. (CIE) is a production and oil exploration company with explorations aimed at identifying inventory prospects of salt water in the Gulf of Mexico in United States and Angola’s offshore and West Africa’s Gabon. There are two geographic segments that the company presently operates its business namely in the West Africa and U.S. Gulf of Mexico.

The company has further started drilling processes in 2009, but its results about crucial drilling had started to be announced only in 2011. Its management had recently announced that these productions had capacities more than they had expected and the commencement of oil production in these regions would ensure excess cash flow to the company. Cobalt International Energy, Inc. (NYSE:CIE) is expecting the drilling results of eight different wells to turn out in this current fiscal year. With the latest estimates, Angola has the proven reserves of over 12.66 billion barrels of crude oil, which suggests that the production could be effectively increased by the company through its capacities.

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