A new discovery by the U.S. Geological Survey in the Permian Basin no doubt has energy exploration companies excited, including some from Oklahoma.
The USGS claims the newly discovered reserves are enough to supply the U.S. for 10 months. The federal government’s earth sciences arm says it found 28.3 trillion cubic feet of gas in addition to 1.6 billion barrels of oil in the Woodford and Barnett shale formations.
They make up part of the larger Permian Basin in west Texas and southeast New Mexico. The Woodford Shale is more famous in Oklahoma’s Anadarko, Arkoma and Ardmore Basins but it is also found in the Permian Basin. Geologists say the formation is characterized by its silica-rich, brittle nature, high organic content and natural fractures, making it a prime target for unconventional oil and gas drilling.
The Barnett Shale is usually associated with north Texas, a huge gas field known as the Bend Arch-Fort Worth Basin. It consists of sedimentary rocks dating from the Mississippian period and much of it underlies the city of Fort Worth and 17 counties. However, in the Permian Basin it is also considered a significant and deeper resource.
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