Ah, the Bluegrass State; the place where I spent my formative years; acquired a formal education; the Kentucky Derby, the Wildcats, Keeneland and ... oil? From the Louisville C-J (Advances spur ...):
Ohio Kentucky Oil Corp. is now striking oil in about eight out of 10 wells that it drills and is developing more than 60,000 acres in Kentucky and Tennessee, Spaulding says. As crude prices approach $70 a barrel, many smaller exploration companies are using new extrusion techniques to pump oil from some long-abandoned wells, and there is renewed interest in "stripper" wells that may have been pumping no more than a half to one barrel a day.
"Eight years ago, when oil was $18 a barrel, a well that was producing one barrel a day was worth $6,500," Spaulding said. "That same well today, still producing the same 365 barrels a year -- at let's say $58 a barrel -- would now be worth $21,000."
One barrel a day -- 20 million more of those -- Peak Oil? Bah!
Recent Comments