The continuing ruckus about opening offshore drilling to the continental shelves of US coasts may be a good sound bite, but it is only that to those who are getting the job done in the Gulf of Mexico and around the world. In many respects, the offshore drilling of oil and gas is like an iceberg. Only the smallest part of the operation is visible on the surface - or the rig. The sea floor is where most of the action takes place, as drilling gets underway with small spider-veins of piping, and tie-back and flotation devices marking the sea floor like a road map. Navigating and building this road map is no easy task, but for those who can, profit will be waiting.

Deep Down Inc., a subsurface oil and gas drilling equipment and controls supplier, works to offer all equipment necessary to drill for oil and gas offshore. The

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South Texas Oil Company is an Austin-based company that acquires, explores for, and develops domestic oil and natural gas properties. Formerly known as Nutek Oil, Inc., the company changed their name in 2005. Founded in 1998, they process their oil and sell it to Equiva, a division of Shell Oil.

Trading on the OTCBB, South Texas Oil is part of the Oil and Gas Drilling and Exploration industry. Their current market capitalization is $44.17M. They have an interest in 176 wells. They own 91 well properties and related equipment in Texas.

The company’s sales for 2007 were $5,692,900. They have mineral interests in 43,244 acres of oil and gas properties in two states. In northeast Colorado, they have 20,000 acres, primarily in the DJ Basin.

In Texas, the company has 18,000 acres in the south central part of the state. In southwest Texas, they have 5,244 acres in their fold. The

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I don't own these 2 names directly but do own peers, and these are bellweathers for their sectors so I thought I'd post them. One thing to note today - despite great numbers, the stocks are not reacting. Hence, we could be prone for a pullback shortly in these names. When stocks do not react to great news, that is a potential change in character, just like when stocks shake off bad news and go up. The charts in "commodities" despite some pullback, are still quite overextended and yesterday's call of Goldman $150-$200 oil [Goldman Sachs: Gasoline Not Driving Oil Price - Oil Going to $150-$200] would be the perfect catalyst to mark a near term top... Despite my Kool Aid infusion I am still quite bearish and I view this period akin to Sep/Oct 2007 when we partook in the foolishness to make money but ...