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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI)-The ongoing development of what is the most productive natural gas field in Texas is continued good news for consumers who use natural gas.
Increasingly, natural gas is the fuel of choice for many consumers for heating, cooling and running appliances because it is clean burning and safe.
Developing the potential of 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.
The "pocket" of gas in this case is known as the Barnett Shale. According to the American Association of Petroleum Geologists, over one trillion cubic feet of gas has already been produced by the deposits in the Barnett 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 gas available in the Alaskan reserve.
The good news for consumers-and investors-is that the development of the field is far from over. According to Kent Bowker, a consulting geologist familiar with the area, "All other Texas gas fields are either flat or declining, but the Barnett Shale is like a perpetual motion machine-and there's no prospect of the end."
One of the latest developments involves a company known for its success in the gas and oil fields of Oklahoma. 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 recently entered into an agreement with an enterprise of the Hunt Family Group, owners of one of the largest energy concerns in the world, to develop 3,000 working acres of natural gas deposits in the Barnett Shale.
The Hunt concern turned to Lexington Resources to develop the parcel because of Lexington's experience in the technique known as horizontal drilling. This 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.
The Barnett Shale venture is the first expansion by the company outside its existing gas drilling and production taking place in Oklahoma. It listed in the OTC market under the symbol LXRS.
For further information, visit www.lexingtonresources.com.
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