New technology hopes to unlock 8 billion barrels of oil trapped in sandstone reservoirs, while drilling activity across the U.S. continues to increase with rig counts reaching 1,759. The Eagle Ford play and Bakken formation continue to generate wealth, but in different ways.
A biotech energy company lists today on NASDAQ with the hopes of raising enough money to use its technology to unlock oil left behind from other producers who are focused on shale plays. Glori Energy, lead by CEO Stuart Page, plans to revamp neglected sandstone reservoirs and free up an estimated 8 billion barrels of oil. “We know where the oil is,” Page said. “There’s no fracking needed. We’re bringing more oil into production and we’re doing it in a way that has no negative impact on the environment.”
According to Baker Hughes, US land rigs increased by 5 to 1,759 for the week ending April 11, 2014. In overall rig counts, land and water, oil rigs jumped 19 units while gas rigs fell by 6. The Permian basis increased by 12 units, the highest increase of all land regions, to 536, while the Eagle Ford lost 4 units dropping to 220.
The Eagle Ford play continues to deliver for Conoco Phillips with latest estimates increasing to 2.5 billion barrels of oil, up from a previous approximation of 1.8 billion. “ConocoPhillips’s wells in the Eagle Ford have the highest oil rates per well and are leading the industry in value,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. He continued, “We are applying these benefits and efficiencies across our unconventional portfolio in the Bakken, Permian, Niobrara, Canada, and outside of North America.”
The Bakken Formation has brought wealth to a region, to locals, and new comers. This relatively new oil play has lured thousands from all over in search of jobs and prosperity. With the influx of wealth and people, undoubtedly crime will follow. “Organized drug dealers are smart,” said U.S. Attorney Tim Purdon. “They’re good businessmen. They go where the demand is and that’s what we’re seeing here. … There’s simply a lot of money involved, a lot of money flowing around in those communities.”