A surprise discovery coming out of Utah and Colorado’s Paradox Basin oil field has captured the attention of the petroleum sector today.
Over 9 billion barrels equivalent (BOE), to be exact—which if fully realized in today’s oil price structure comes at a value of $450 billion.
Well-respected consulting firm Ryder Scott, released an intriguing 51-101 Estimated Prospective Oil and Gas Resource in the Paradox Basin that spans the Utah and Colorado border.
The report cited estimates that tallied up to nearly 8 billion barrels of oil in place, and an additional 7 trillion cubic feet of gas, at its highest potential.
The leaseholders in question are not a major such as Anadarko Petroleum [NYSE: APC], Noble Energy [NYSE: NBL] or Encana [NYSE: ECA].
Instead, it’s a junior resource company seen as pioneers leading the charge in the development of domestic lithium production, through an innovative method of extraction involving petroleum brine water they call “petrolithium”.
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