The year 2012 marked the fourth consecutive year of increased U.S. proved reserves of crude oil and lease condensate, with proved reserves of oil exceeding 33.4 billion barrels for the first time since 1976. According to the latest figures from the Energy Information Administration (EIA), oil and gas exploration and production companies operating in the United States added 4.5 billion barrels of crude oil and lease condensate proved reserves in 2012, an increase of 15.4% from 2011 and the largest annual increase since 1970 when the U.S. increased its proved oil reserves by 10.3 billion barrels of Alaskan crude.
New horizontal drilling techniques such as fracking have enabled producers to bore into and unlock layers of rock formations that were once unreachable. In 2013, U.S. crude production surged to its highest level in 25 years driven by a shale drilling boom that is bringing the nation one step closer to energy independence. This boom is expected to boost the U.S. to the world’s largest producer by 2015, according to the International Energy Agency, five years sooner than its previous forecast.
While big oil and gas companies are undoubtedly taking advantage of the industry growth, increased proved reserves and technologies has also fueled growth in both the number of small oil and gas businesses and in exploration and drilling opportunities.
Innocent, an emerging oil and gas exploration and production company focused on developing properties in North America, is particularly concentrated on the Powder River Basin of Wyoming, which is heating up to what many are calling the state’s second oil boom.
Wyoming has a strong history of oil production, with forecasts that the state produced approximately 63 million barrels of oil in 2013, which would place it eighth in the EIA’s U.S. crude oil production rankings, per the February 2014 Wyoming State Geological Survey (WSGS).
Innocent’s strategy to capitalize in this growing market is to minimize its risks by developing proved petroleum reserves and by maximizing its profit through acquisition and liquidation of discerningly selected oil and gas properties.
The company’s specialty is in identifying and acquiring low-risk, high-upside properties coupled with substantial exploration potential, fully leveraging improvements in oil and gas production technologies to rapidly increase production levels and generate predictable, sustainable value.
For more information visit www.innocentinc.com
Let us hear your thoughts: Innocent, Inc. Message Board
