Small oil company touts discovery

[seriousstan]

MAY. 4 5:32 P.M. ET A tiny oil company has snapped up leasing rights to a half-million acres in central Utah that it says could yield a billion barrels or more of oil.

Geologists are calling it a spectacular find -- the largest onshore discovery in at least 30 years, located in a region of complex geology long abandoned for exploration by major oil companies. It's turning out to contain high-quality oil already commanding a premium at refineries.

With the secret out, industry players expect a bidding war to break out at the next Utah leasing auction, set for May 17 in Salt Lake City.

At today's prices the oil reserve could bring Utah $5.6 billion in royalties, state auditors conservatively estimate. Although the discovery is still playing out, the oil will take years to recover and some skeptics question the company's projections for a region yet to be fully surveyed.
"It's just very highly unlikely because the U.S. onshore has been picked clean, if you will," said Fadel Gheit, senior oil analyst at Oppenheimer & Co. in New York.

http://www.businessweek.com/ap/financialnews/D89SJUV01.htm?campaign_id=apn_home_down

[hatrack]

1. Ooh! A whole billion barrels!!! Uh, maybe, that is . . .

Wow-eee, nearly one fifteenth of what ANWR might hold! Take that, Saudi Arabia!

:eyes:

[Ian David]

2. I hope it pollutes a red district when they drill for oil in Utah.

And btw, nobody knows for sure there actually is any oil in The Arctic National Wildlife Refuge.

The Republicans may be killing Bambi for nothing.

[DavidDvorkin]

4. Now you're thinking like them

The American wilderness belongs to all of us, not just to those who dominate politically the area it's located in.

[Ian David]

5. They voted for him. Let them reap his environmental catastrophe.

[TheWraith]

12. Who cares? It's Utah.

The thing that Utah is best at is making people feel better about living in Alabama or Nebraska.

Suddenly, I'm reminded of a line out of the 1995 movie "Broken Arrow," one test pilot commenting to another after a successful mission against a desert target in their stealth aircraft:

"When the day comes that we go to war against Utah, we're really going to kick ass."

[mhr]

3. Now, Now - Don't Get Excited!

eom

[pscot]

6. The fastest way to turn a ten cent share into a ten dollar share

The moral is, don't believe everythiing you read in a geologist's report.

[ClarkUSA]

7. I've got an oil field in Brooklyn to sell you...

[dxdem]

8. I don't care if you have a trillion barrels,

if you don't have the infrastructure to move it, it's square pegs in round holes.

[stillcool]

9. Tiny oil company?...

Mr Jansma, Jr began his career in the oil industry in 1959 working for his father's private oil company and joined that company full time after completing a Masters Degree in Business Administration in 1966 from the University of Michigan. In 1978, Mr Jansma, Jr purchased the company from his father and, during the ensuing 19 years, the company grew to become the third-largest gas producer in Michigan. During 1997, Mr Jansma, Jr merged his company with Dominion Resources, Inc., where he remained as President and Chief Executive Officer of Dominion Midwest Energy, Inc., a whollyowned subsidiary of Dominion Resources, Inc. In addition to this leadership role at Dominion Resources, Inc., a portion of his time is also spent dealing with broader oil and gas industry issues at both state and national levels. In this context, Mr Jansma, Jr is a member of the Board of Governors of the Independent Petroleum Association of America and Chairman of its Environmental Committee. Mr Jansma, Jr became a Board member in March 1998

Wolverine Gas and Oil Corporation
Member, Acton Institute Board of Directors



The Acton Insittute's Environmental Stewardship web page (http://www.acton.org/ppolicy/environment/) links to the Cato Institute,Competitive Enterprise Institute, theFree-Market Environmental network, Green-Watch, the Heartland Institute and the Heritage Foundation, among others

[strategery blunder]

10. Wow, enough SUV juice to supply 'Murika for fifty whole days.

:eyes:

Of course, I realize that it won't suddenly produce 20 million bpd for fifty days and then go dry, but you get my drift.:puke:

[Shanty Oilish]

11. Sniff...sniff...LOL!!

Little company says it might be a billion barrels---or more!!---of "high quality oil." Sounds like they discovered a pipeline. Or what they think is a clever con.