Largest oil and gas find...

[SabreKiller]

in Texas and New Mexico.

https://www.hannity.com/media-room/christmas-came-early-feds-discover-largest-oil-reserve-ever-assessed-under-texas/

[flywise]

God is good.......just cant elect people who wont let us get it.

[Dale Moser]

With all the holes that have been punched out there over all these years...how did they just find this? Is it deeper than the other formations they've been working in, or just in a spot no one ever looked?

I'm legitimately curious, not being a smart ***.

[CoolHandLuke]

With all the holes that have been punched out there over all these years...how did they just find this? Is it deeper than the other formations they've been working in, or just in a spot no one ever looked?

I'm legitimately curious, not being a smart ***.

I was wondering the same. I know they are continuously advancing their ability to find more formations but I thought they would have exhausted the search in that area. I guess we will find out soon enough.

[pervis]

I actually hunt alot of oil feild land out there. Theres so much land that is unexplored still. Seismic data from 2 yrs ago is coming back now and paying off big time for companies who leased or bought in that region. That's good news to me, I happen to own stock in my buddies company that sits right on top of wolfcamp

[1369]

Link to the assessment document

[jnd1959]

There are a couple of ways minerals get added to a fields estimates. Discovered then proven or previously undiscovered and proven. In order to be proven the technology needs to exist to allow extraction. I'm not surprised that there were undiscovered reserves in the Permian. New image and seismic technologies arrive every year and fields previously shot get another look. Undiscovered doesn't mean they weren't suspected. I expect people have known about that field a long time. We just hadn't advanced to the point where it was technically discoverable and proven. These are technical terms with different definitions than are commonly used.

Back in the 70s and 80s everyone was talking about the planet running out of oil because reserves were shrinking. They thought reserves meant the total possible oil that could be extracted. Reserves meant total oil that could be extracted with the then current technology.

[RLUM]

Been drilling wolfcamp and bone spring wells for years.

[boh347]

I've delivered equipment out to woflcamp before.

[quarterback]

With all the holes that have been punched out there over all these years...how did they just find this? Is it deeper than the other formations they've been working in, or just in a spot no one ever looked?

I'm legitimately curious, not being a smart ***.

It has to do with the miracle of horizontal drilling and hydraulic fracturing of the shale body. The Wolfcamp has always been drilled thru to obtain production from other sources, now it has been successfully drilled and frac'd to yield a bunch of oil and gas thanks to modern technology. In other words, it has now become the major new source of production because it is so thick and so widespread. Actually this is not new news. I think someone let the proverbial cat out of the bag a couple years ago. All of this has definitely affected the price of oil as we see it now.

[westtexducks]

Been drilling wolfcamp and bone spring wells for years.

Yep the fed is behind the times on this one.

Sent from my Moto Z (2) using Tapatalk

[dbaio1]

With all the holes that have been punched out there over all these years...how did they just find this? Is it deeper than the other formations they've been working in, or just in a spot no one ever looked?

I'm legitimately curious, not being a smart ***.

Technology advancement allows for better evaluation.
Add to that the technology advancement to tap and produce.

[txoutdoorsman24]

Been drilling wolfcamp and bone spring wells for years.

Yep. We put equipment in hundreds of wells out there last year. Def NOT a ‘new’ find but good click bait for those not in the know