Apache

The Apache Corp just dropped a bombshell on the world. They claim to have found three billion barrels of oil and 75 trillion cubic feet worth of gas in west Texas. A tiny portion of the greater Permian formation, called the Delaware basin. The US estimates that they have 36 billion barrels of reserves left. So this find is of huge importance. It’s a game changer, and true paradigm shifter, and probably too good to be true.
The area has long been known to geologists and avoided. The rock is thought to be in too much of a jumble and the ground too permeated by clay. Both factors would severely limit the effectiveness of hydraulic fracturing. The area is also pockmarked with dry exploratory wells.
We will have to see if the geologists have been wrong all this time, and Apache did find a huge haul. We won’t know for sure until they start drilling in earnest or release some seismological data.