ESTIMATED $2 TRILLION OIL PRODUCTION FROM PERMIAN BASIN
Historical Volumes & Reserves Second Only to Alaska
CAN YOU SMELL THAT?????? IT'S CALLED C&C Energia buys Rainchief for $20-$50 a share "Coming Soon"
VANCOUVER, March 19, 2012 /PRNewswire/ – RainChief Energy Inc. [OTCBB: RCFEF] today outlined the potential of its Gulf Jensen Prospect property, based on its strategic location within the high oil producing Permian Basin, the second highest oil producing region in the United States. Historical production levels support the company’s belief that the Prospect has a high probability for success.
Today the Permian Basin oil fields produce 17% of total US crude oil and account for over 66% of total Texas oil production. Estimated proven reserves are 4.5 billion barrels [1], second only to Alaska at 5.2 billion barrels. The Basin has produced over 20 billion barrels of oil since the first oil well was drilled in 1921. Based on today’s oil prices the Basin’s historical volume would have a market value of $2 trillion.
“The oil business in the Permian Basin has become more attractive based on crude oil prices showing signs of stability at levels exceeding $100 per barrel,” stated RainChief CEO, Paul Heney. “Several small to mid-size oil and gas companies have recently announced deals to enter or expand their operations within the Basin region.”
Recent Permian Basin region deals include the following:
Midland’s Concho Resources (NYSE: CXO – News) announced in it would pay $225 million to private sellers for a stake in Permian properties [Nov 2011]. Approx current share price $102.00.
Houston’s Linn Energy (NASDAQ: LINE – News) announced it would acquire certain oil and natural gas properties in the Permian and Anadarko basins for $155 million [Dec 2011]. Approx current share price $38.00
Houston’s Vanguard Natural Resources (NYSE: VNR – News) announced it had closed a $55 million deal to buy certain producing oil and natural gas properties in the Permian Basin from private sellers [Feb 2012].Approx current share price $28.00.
Denver-based Berry Petroleum Co. (NYSE: BRY – News) announced it will buy Permian Basin oil properties in the Wolfberry trend from a private seller for $126 million [March 2012]. Approx current share price $51.00[2].
