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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI)-Not all fossil fuel deposits are going the way of the dinosaurs.
While there may be some legitimate concerns about the state of this country's oil reserves, domestic natural gas deposits-and new methods for developing them-still present a number of opportunities for both consumers and investors.
Natural gas is the fuel of choice in many markets because it is clean burning and safe. Developing new domestic sources of natural gas and new ways to access those deposits can help to create jobs, reduce the need for imports and offer a steady source of fuel-which is good news for consumers.
Recently, a company known for its success in developing natural gas deposits in Oklahoma identified new opportunities in Texas. The company, Lexington Resources, Inc., announced an agreement to acquire a 75 percent working interest in about 3,000 acres in Texas as part of a Barnett Shale gas well venture with a Texas-based limited partnership.
According to the American Association of Petroleum Geologists, over one trillion cubic feet of gas has already been produced by the deposits in the Barrett Shale, which is near the Dallas- Fort Worth area. The Barnett Shale produces more than 50 percent of all shale gas produced in the United States-more than the Alaskan reserve.
The venture is the first expansion by the company outside its existing gas drilling and production taking place in Oklahoma. The first well is expected to be started in August.
Experts say this new venture will require some specific technical knowledge and capabilities, such as horizontal drilling, which is why their partners in the project, an enterprise of the Hunt Family Group, owners of one of the largest energy concerns in the world, turned to Lexington Resources.
Horizontal drilling calls for drilling into the ground vertically and then turning the drill head until it enters the shale layer horizontally. This type of drilling is used to achieve a better return on investment by allowing access to oil and gas streams in a variety of conditions that were either inaccessible or not economically desirable.
Lexington Resources, Inc. is a natural resource exploration company engaged in the acquisition and development of oil and natural gas properties in the United States. It's listed in the OTC market under the symbol LXRS.
For further information, visit www.lexingtonresources.com.
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