CybeRelease: Gulf Coast Oil Reserve Dwarfs any Recent Discoveries in Wyoming
(CybeRelease, September 8, 2006) - Lake Harmony - A newly retrievable oil reserve in the Gulf Coast dwarfs any recent discoveries in Wyoming, but industry leaders here expect a progression of exploration and production technologies will also expand this state’s own pool of oil.
Three oil companies announced this week that advancing technologies have unlocked what was previously an irretrievable oil reserve five miles below the water’s surface in the Gulf Coast -- an advancement that could greatly extend the nation’s domestic oil reserve.
The Gulf Coast discovery well is reported to produce about 6,000 barrels of oil per day. By comparison, the average oil well in Wyoming produces 13 barrels per day. Still, the future for Wyoming’s oil industry is brightening along with the nation’s.
Bruce Hinchey, president of the Petroleum Association of Wyoming, said Wyoming’s “recoverable” oil reserve increased from 517 million barrels in
2003 to 628 million barrels in 2004.
In addition, deep-well natural gas production has increased the volume of associated light crude. Of Wyoming’s 51.6 million barrels of crude in 2005,
10.5 million barrels were “condensate,” which is generally a lighter, sweeter crude that fetches a premium price.
Other advancements in tertiary recovery methods, such flooding old oil fields with carbon dioxide, are credited with ending 20 years of declining oil production in Wyoming.
“The technologies that are out there today can extend the life of an existing field as well as find new reserves out there,” Hinchey said.
He noted that when speaking of advanced technologies, one must remember that those technologies are almost always tied to the price of oil. In other words, as the price for oil increases, the more economically feasible it is to apply more expensive technologies, whether it’s for exploration or extending the production life of an existing oil field.
“As prices increase, that just extends the life of the field and extends the reserves,” Hinchey said.
Another company that could benefit is Black Dragon Resource Companies, Inc.
(OTC PK: BDGR). Check out their web site at http://www.black-dragonoil.com/
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CybeRelease Gainers are Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE:
COP), Total SA (NYSE: TOT), GigaMedia Limited (Nasdaq: GIGM), Kulicke and Soffa Industries, Inc. (Nasdaq: KLIC), Sina Corporation (Nasdaq: SINA), NVE Corporation (Nasdaq: NVEC) and UTi Worldwide Inc. (Nasdaq: UTIW).
CybeRelease Decliners are Finisar Corporation (Nasdaq: FNSR), Palm, Inc.
(Nasdaq: PALM), Martek Biosciences Corporation (Nasdaq: MATK), Joy Global Inc. (Nasdaq: JOYG), Hi-Tech Pharmacal Co., Inc. (Nasdaq: HITK), Secure Computing Corporation (Nasdaq: SCUR), ARIAD Pharmaceuticals, Inc. (Nasdaq:
ARIA) and China Medical Technologies, Inc. (Nasdaq: CMED).
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