New Shale Formation in West Texas could Dwarf the Bakken

Oil Price ^ | January 30, 2013 | Charles Kennedy

[2ndDivisionVet]

The US shale boom has led some to predict that it will overtake Saudi Arabia as world’s largest oil and gas producer by 2020, thanks to the massive reserves found in plays such as the Bakken Shale of North Dakota, the Marcellus Shale in New York, and the Eagle Ford Shale in Texas; even the newly discovered Tuscaloosa Shale formation in Louisiana holds large potential.

However there is a new shale formation that has been discovered in West Texas which could dwarf all others being drilled in the US at the moment.

The play is known as the Cline Shale play and has been discovered in the Permian Basin.

John Breyer a geologist at Marathon Oil Corp.(NYES: MRO) said that this new discovery could dwarf anything that exists in North Dakota...

[Paladin2]

Wouldn’t that be an OLD formation?

[mike_9958]

speculative..... pump and dump stock scheme ?

[Old Flat Toad]

Has China bought up all the land rights yet?

[TexasFreeper2009]

I have mineral rights to land in that area, and let me assure you this is not a “pump and dump”. There has been a flood of leasing offers and offers to purchase the mineral rights for vast sums of money the past 9 months or so.

[Perkalong]

Doesn’t matter.

The EPA is going to shut down fracking anyway.

[St_Thomas_Aquinas]

I hope this is true, but... I can see the government using the resulting tax revenue to pay down the debt, and then beginning a new spending binge.

[RobbyS]

Old and previously inaccessible.

[relictele]

You didn’t frack that.

[EternalVigilance]

You can still smell oil in the Permian basin.

[Army Air Corps]

Ping.

[Baynative]

"The EPA is going to shut down fracking anyway."

Will Obama put extra effort into shutting it down because this is Texas, or might he back down because of the same?

[Fractal Trader]

True, or a mirage?

[ConservativeInPA]

Looks like a great time to be in the Republic of Texas. Funny how NY doesn’t even want to touch Marcellus and Utica shale. Two different States of mind.

[Perkalong]

“Will Obama put extra effort into shutting it down because this is Texas, or might he back down because of the same?”

President Obama hasn’t really backed down from anything yet, so I don’t see him dropping his commitment to fighting climate change anytime soon regardless of the state.

[Jeff Chandler]

I can see the government using the resulting tax revenue to pay down the debt, and then beginning a new spending binge.

[spokeshave]

Devon’s tests showed that around 3.6 million barrels of oil could be recovered per square mile, and as the Cline formation covers roughly 9,800 square miles it gives an estimated reserve of more than 30 billion barrels. A fair bit more than the 4.3 billion in the Bakken, or the 3 billion barrels in the Eagle Ford plays.

Small potatoes....the recently discovered New Monterey Shale in California...runs from San Jose to LA weighs in at 500 Billion barrels.

Both eclipsed by the Green River Formation with 3 Trillion barrels of which over 1 Trillion is recoverable with today's technology.

The Rand Corporation, a nonprofit research organization, estimates that 30 to 60 percent of the oil shale in the Green River Formation can be recovered. At the midpoint of this estimate, almost half of the 3 trillion barrels of oil would be recoverable. This is an amount about equal to the entire world's proven oil reserves. ...

[BuckeyeTexan]

If he’s as smart as his minions believe, he will make the wise decision not to go up against Governor Rick Perry and Attorney General Greg Abbott on this one.

[editor-surveyor]

Seriously, ALL of the oil in all of the shale in the US would not begin to pay down our debt.

[dsc]

Chairman Maobama must not be allowed to prevent development of these resources.

[Kennard]

Eagle/Ford, Bakken, Cline and Monterey are shale oil formations and are feasible.

The Green River formations are oil shale and are not feasible: some day, perhaps, but not now.

[gleeaikin]

He may leave this alone as West Texas has far less population that NY and PA, so fracking and potential water damage would be less likely. Also, with so much potential I wonder if US oil interests may lobby against facilitating competition with Canada and the FX Pipeline. The FX run south from Cushing makes sense with so much US oil potential.

[gleeaikin]

He may leave this alone as West Texas has far less population that NY and PA, so fracking and potential water damage would be less likely. Also, with so much potential I wonder if US oil interests may lobby against facilitating competition with Canada and the FX Pipeline. The FX run south from Cushing makes sense with so much US oil potential.

[Alter Kaker]

Seriously, ALL of the oil in all of the shale in the US would not begin to pay down our debt.

That statement is not factually accurate.

[2ndDivisionVet]

Remember: There are billions of barrels we can recover today that were out of our reach just decades ago. That means that technology soon will probably give us that which is now impossible to reach. Plus, some new form of energy is almost certainly bound to appear before we use up fossil fuel.

[Perkalong]

“He may leave this alone as West Texas has far less population that NY and PA, so fracking and potential water damage would be less likely.”

While the pollution problems associated with fracking would impact less people in West Texas, President Obama’s greater concern is about climate change. Because continued dependence on fossil fuels will delay the transition to alternative fuels, I think the EPA will still kill fracking.

[Texas Fossil]

He is in for an education.

He has opened pandora’s box with the gun grab BS. Not just in TX. He has not got enough stupid goons to do what he would like to do.

And it is not just the citizens of Texas that are defying Obozo. The State officials are right there too.

A time is coming when his conjured past is going to eat him alive. The most corrupt administration in the history of the U.S.

[Texas Fossil]

If those fields are so great, why is CA bankrupt?

[Texas Fossil]

AGW/Climate Change BS

You won’t last long here Troll.

[Vince Ferrer]

Photos: How Oil Wells Once Dominated Southern California's Landscape

[gleeaikin]

How much gas is likely to be recovered versus how much oil. Gas as fuel is a lot less air polluting, so the ratio might affect decisions. Also, the Canadian tar sands oil production is far more polluting that underground oil shale.

[Axenolith]

It would if dollars were inflated til oil was about $1000/barrel.

On a related note, recent price of gasoline is $0.16/gal priced in pre 1965 US silver coinage...

[wideminded]

Seriously, ALL of the oil in all of the shale in the US would not begin to pay down our debt.

According to Wikipedia, as of 2005, the US had reserves of 2 trillion barrels of shale oil. Oil is near $100 a barrel right now. So technically we do have enough shale oil to pay down our debt and even our unfunded liabilities. But it is pretty disturbing how much of this enormous resource we would have to sell off to pay down our debt.

[Axenolith]

What pollution problems associated with fracking? Some drilling mud which is already required to be processed and disposed of properly?

The alleged subsurface problems are about 99% bulls***...

[TigersEye]

I love peak oil! It just keeps peaking and peaking and ... ;^)

[count-your-change]

Therein lies the problem...the oil is still in the ground and likely to remain there for some time.

[pallis]

Gas went up again today.

[eddie willers]

I love peak oil! It just keeps peaking and peaking and ... ;^)

I laugh every time I hear people seriously talking about "Peak" oil.

Ten years after Drake's well came in they were predicting that oil had peaked and we would be dry in a few years.

[TigersEye]

In the last ten years there is a report every few months of a new find that DWARFS the last big find. DWARFS it. lol

[PA Engineer]

While the pollution problems associated with fracking would impact less people in West Texas,

What pollution problems?

[PA Engineer]

AGW/Climate Change BS

Yep. These idiots are easy to spot. "True Believers" have a smell about them. Smells like ozone.

[neverbluffer]

Climate change is BS... most people who are clear thinkers and not brainwashed by propoganda know this.

Also, most clear thinking people are ok with current fuels, as alternative fuels dont really exist or work well in the marketplace...

[Don W]

I can see the government using the resulting tax revenue to pay down the debt, and then beginning a new spending binge.

GMTA!

[monocle]

Meanwhile, Obama is furiously studying ways of thwarting this discovery as well as all the others. Are armadillo lizards an endangered species?

[Right Wing Assault]

Quick, obama, declare the whole area a National Park! We gotta stop this energy independence kick, otherwise, how are the Arabs going to fund the Muzzlem Brotherhood and al-Qaeda?

[Fai Mao]

Except that oil, unlike coal is not a fossil fuel. It is created by the decomposition of rocks in the earth’s mantle.

[DuncanWaring]

Some people just aren’t good at math.

[St_Thomas_Aquinas]

Ugh. Good point.

[St_Thomas_Aquinas]

Seriously, ALL of the oil in all of the shale in the US would not begin to pay down our debt.

I saw trillions and did some quick math. But, sheesh, you're right.

[thackney]

Pay dirt: The demand for land in the Cline Shale region
http://lubbockonline.com/local-news/2013-01-23/pay-dirt-demand-land-cline-shale-region#.UQ-ePR2Yt8E

Commercial property listed in Cline Shale region selling within 24 hours

As Cline Shale boom expectations mount, the residual effects of recent increases in oil and gas industry activity are apparent in skyrocketing demand for property.

Regional property demands are keeping pace with energy industry buzz generated as interest in the Cline Shale grows. In a collective attempt to stay ahead of the oil boom curve and protect resident interests, local officials gather monthly to provide updates and voice concerns surfacing as drilling increases.

The demand for Cline Shale property took center stage at the Jan. 16 Cline Shale meeting in Snyder, where community leaders across the region reported increasing demand for residential, commercial and industrial property.