Source: Streetwise Reports (11/21/17)
An oil E&P company has acquired rights at low cost in the prolific Permian Basin that it is now exploring and producing.
The price of oil has been rising in recent weeks, with West Texas Intermediate Crude now fetching $57 per barrel.
The Permian Basin, a prolific oil and gas producing area spanning West Texas and southeastern New Mexico that some people have called “America’s Saudi Arabia,” has attracted the attention of majors such as Exxon (XOM:NYSE) and Chevron (CVX:NYSE). Earlier this year, Exxon acquired acquired about 275,000 acres of leasehold in the Permian Basin from companies owned by the Bass family, with an estimated 3.4 billion barrels of oil equivalent.
Chevron has been active in the Permian Basin since the 1920s and holds about 2 million net acres of resources. The company has produced over 5 billion barrels from the area. Read more…