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(news) Billion Barrel Oil Field Found In Utah

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posted on May, 4 2005 @ 08:29 PM
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Wolverine Gas and Oil corp. say they have found an oil field in central Utah that could yield over a billion barrels of oil. Geologists are amazed, calling it the biggest onshore oil find in the past 30 years. If the find pans out Utah can expect $5.6 billion in oil royalties.
 



ap.tbo.com
The find, 130 miles south of Salt Lake City, was made by Wolverine Gas & Oil Corp., a privately held company with just 25 employees improbably located in Grand Rapids, Mich.

Wolverine's test well hit "pay" in late 2003, and by May 2004 it started producing from a single deposit estimated to contain 100 million to 200 million barrels of oil. Wolverine and government geologists said the company is examining 25 deposits in all that could contain 1 billion barrels of oil.

Those underground deposits are widely scattered over a crescent-shaped belt 100 miles long and up to 50 miles wide that contains all the geologic "right stuff" for oil pockets in folds of Jurassic Navajo sandstone, said Tom Chidsey, petroleum section chief for the Utah Geological Survey.


Please visit the link provided for the complete story.


This is a great find which makes one wonder how many other undiscovered fields are left in the world. While 1 billion barrels sounds like a lot, it is only a tenth of what could possibly be produced from the ANWR. Is it possible that Peak Oil speculations are wrong? Could it be, as some have speculated, that oil fields replenish faster than previously thought? Time will tell, but I think that this could lead to more finds in areas thought to be depleted.

Related News Links:
www.aapg.org
www.smallcapnetwork.net
www.sanpetemessenger.com

[edit on 4-5-2005 by LeftBehind]

[edit on 4-5-2005 by LeftBehind]




posted on May, 4 2005 @ 09:20 PM
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Utah- ancient inland sea bed. Makes sense.*

The pics in the links are great although real small. One I nabbed (below) show 'peak oil' as of 2006 with the different sources in differing colors.



*Permian basin was a major oil source for decades. As depths went in excess of 8,000 ft. for oil and gas.


The entire Permian Basin during 1966 produced a total of 607 million barrels of oil and 2.3 trillion cubic feet of gas for a total of $2 billion. A cumulative total of 11.3 billion barrels of oil had been produced.


This may help keep the '1 billion barrel' claim in perspective.

While a find in Utah is exciting, the news (as it is) may be a bit of a run-up to sell oil shares




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