In Texas’s Permian Basin lies the Cline Shale, an oil shale field running 140 miles long and 70 miles wide. Devon Energy and Chesapeake Energy, two oil companies, are reporting impressive figures based on the short amount of time they have had to explore. Devon Energy’s test wells show the shale contains 3.6 million barrels of recoverable oil per square mile. With about 9,800 square miles of Cline Shale, this would amount to more than 30 billion barrels of recoverable oil, exceeding both the Bakken fields in North Dakota and the Eagle Ford in Texas by nearly 50 percent.
Cline Shale in the Permian Basin of Texas - article link:
This Cline shale formation, along with the still developing Eagle Ford shale, both giant reservoirs producing light sweet, should keep the refineries down South too busy for much appetite for transporting cheap Canadian sweet and heavy crudes, along with the light sweet Bakken with no pipeline going south. In the long run, the Cline and the Eagle Ford massive oil and gas production should assure NTI with it's highly favorable location to continue to have a favorable price per barrel without excessive competition for the same supply. I am looking for the crack spread, directly relating to profits and high dividends, to continue to be favorible for the forseeable future.
You don't hardly hear anything in the news about the Cline shale formation in the Permain Basin, but I think you will in the coming years because it has massive reserves, and positive location for Texas refineries.
Move over Saudi Arbia, your about to be passed up ...permanently.
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