
Their stock price was really rolling since Tuesday, supported by some news reporting updates on the possible drilling sites. This was a rebound after the price had rolled down for over half a month.
Apparently their latest SEC filing fails to mention the $10 million equity funding Cobra secured on July 8, 2009. This is far greater than the $530 thousand working capital deficit Cobra has accumulated to date. It also solves the company's future requirement for cash. Their estimates show the next 12 months will require somewhat $180 thousand if they want to continue their operations. That's only a fraction of the funding they've secured.
Investors' interest in the company is further driven by various researchers putting up price targets of $3 and above. Some even claim the company will be worth $9.5 per share by the end of the year. While that may not actually happen, I still have to hand it to these folks for going forward without having much to start from.
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