Sep. 8, 2009 (Business Wire) — Cobra Oil & Gas Company (OTCBB: CGCA) (hereafter “Cobra”) is pleased to notify an approval by the Obama administration for a pipeline to carry oil-sands fuel from Canada into the U.S., sending a positive economic signal in a difficult economic period. The pipeline will amass 1000 miles and is designed to carry up to 800,000 barrels of fuel a day from Canada’s vast oil sands.

Enbridge Energy will take on the building of the pipeline as the U.S. aims to diversify oil supplies coming into the country and increase crude oil supplies from a major non-Organization of Petroleum Exporting Countries producer while shortening the transportation path for crude oil supplies.

“As the United States looks for more diverse oil supplies for domestic use, the Oil Sands will consequently gain importance,” stated Max Pozzoni, Cobra’s President. “The enormous oil sands potential within North America will

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On Friday, Texas-based pipeline operator Enbridge Energy Partners LP (EEP) reported second-quarter financial results for the period ending June 30, 2009. Earnings per limited partner unit, excluding non-cash items, came in at $0.74, well above our estimate of $0.52 and the Street’s estimate of $0.51. The partnership’s better-than-expected profit was driven by contribution from a new oil pipeline, cost saving initiatives and better results in the natural gas segment.

However, on a year-over-year basis, Enbridge’s adjusted earnings per limited partner unit declined 21.3%, while revenue plunged 55.3% to $1.3 billion. The negative comparison from the year-ago quarter was due to less favorable natural gas and natural gas liquids prices.

Earnings per unit during the quarter were also adversely affected by increase in the number of weighted average units. The partnership declared an unchanged cash distribution of $0.99 per unit or $3.96 per unit annualized.

Volume in Enbridge’s

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