The Permian Basin Texas – Home Of The Massive Wolfcamp Shale!
December 19, 2016
Owners of gas and oil rights in the Permian Basin of West Texas are rejoicing after a recent statement by the U.S. Geological Survey. Earlier this month, it was revealed that the Wolfcamp Shale region is thought to contain the largest gas and oil deposits ever discovered in the United States. If these resources can be recovered, this could mean positive things for the U.S. oil and gas economy, as well as profits for those with mineral rights for sale.
Largest Oil and Gas Deposit in U.S. History
Covering close to half of the Permian Basin, the Wolfcamp Shale is thought to be the largest mineral deposit find to date in U.S. history. It is an estimated three times larger than the recently discovered North Dakota Bakken Shale region, which was thought to be perhaps the largest deposit in North America. Experts believe that by using the technology that is currently in use in the oil and gas industry, as many as 20 billion barrels of oil and 16 trillion cubic feet of natural gas are recoverable according to the current geological assessment of the region.
If so, these deposits could be worth as much as 900 billion dollars based on current oil and gas prices. This may be very good news for owners of mineral rights for sale in the Permian Basin and the country as a whole.
Six Regions Continually Producing Minerals
Although the Permian Basin is well known for its productive deposits that have already been drilled, it is good news for gas and oil rights holders that this latest discovery shows that there is still more product to be extracted. Six distinct deposits have been detected in the region, each at different depths and locations and containing various amounts of oil and natural gas.
Billions of barrels of oil have already been extracted from the Permian Basin since it was first drilled in the 1920s; however, confirmation of these newly located deposits indicate that as many as 20 billion more barrels could be extracted from this ongoing supply.
Newer Technology - A Factor In Wolfcamp Shale Extraction
A key factor in this massive discovery has been the advance of drilling technology and the methods currently in use. The U.S. Geological Survey has been aware of additional deposits within the Permian Basin; however, restrictions due to previously-available technology made full exploration of the region not feasible. With today’s more advanced drilling technology that includes horizontal drilling and hydraulic fracking methods, accessing these deposits is actually possible.
Since these improvements in oil and gas extraction technology, the USGS revisited the study of this area because technological advancements warranted such action. Such re-examination revealed the true extent of these deposits.
Many companies currently extract oil and gas in the Permian Basin, much to the benefit of owners of mineral rights for sale. Since the announcement by the USGS this month, that number is expected to rise considerably as more oil and gas companies move into the area. Experts report there is a flurry of excitement in the region and a high demand to access area land so drilling operations can be set up. Those who own gas and oil rights in the Permian Basin may find this the perfect opportunity to sell their interests as more companies will be looking to buy!
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