The US is a major producer of oil and one company is seeking to revitalize old oil wells with new technology. Some older wells were abandoned when oil prices fell and others need to be cleaned out to increase the oil produced from them.
One company, Mass Petroleum Corp. (OTCBB: MASP), sees the potential for these older wells. It has entered into a letter of intent to acquire a working interest in six mining properties in Kansas. Many of the leases it is interested in acquiring have been lightly developed, meaning that the drilling if new wells, using the newer technology available today, will result in increased production from these leases.
Everyone is aware of how the price of gold has gone up over the past few years. Well, in light of the Gulf Oil spill, these older leases may be the source of the old gold, black gold!
MASP’s 5 day chart:
About Mass Petroleum
MASS Petroleum is an oil and gas production company backed by an experienced and dedicated management team. MASS Petroleum is engaged in the acquisition of producing oil and natural gas wells, interests and leases from existing companies, governments, and through the open market.
CNOOC Limited (NYSE:CEO) is pleased to announce that BZ 29-4, an independent oil field in the Bohai Bay, has commenced production successfully.
BZ 29-4 oil field, with an averaged water depth of about 22 meters, is located in the south part of Bohai Bay. The field's development and production operation will mainly rely on the facilities of the producing field BZ 28-2S. BZ 29-4 is projected to peak its daily production at 7,800 barrels within 2010.
BZ 29-4 is an independent oil field. CNOOC Ltd holds 100% interest and acts as the Operator.
CNOOC Limited (the “Company”, together with its subsidiaries, the “Group” or “we”), incorporated in Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (NYSE:CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. For more information visit http://www.cnoocltd.com/
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