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
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