Bayou Bend Hits Gas

Article Excerpt

BAYOU BEND $0.64 (Toronto symbol BBP; SI Rating: Speculative) (416-364-8820; www.bayoubendpetroleum.com; Shares outstanding: 308.8 million; Market cap: $197.6 million) jumped recently after it announced a new natural gas discovery at its Marsh Island Eagle’s Nest project in Louisiana. Bayou has signed a joint exploration agreement with the Contango Group to contribute acreage and jointly drill Eagle’s Nest prospect. Bayou will retain a 12.5% stake in the project. The Marsh Island area is mostly unexplored, but it’s near recent large gas discoveries. Bayou will spend $47 million U.S. on drilling up to 12 exploration wells in 2008. Bayou Bend is a buy for aggressive investors. investors…