The Latest Major Energy Discovery Could "Dwarf North Dakota"

The American Energy Renaissance has gotten a lot of press. And it should. The prediction that the United States will surpass Saudi Arabia as the world's largest oil and gas producer by 2020 is big news.
But what's truly amazing about this story is that the headlines just keep coming.

Regular readers of StreetAuthority are by now probably familiar with the enormous and expanding reserves of oil and gas that have been discovered in the Bakken Shale of North Dakota, the Marcellus Shale in the Mid-Atlantic region and the Eagle Ford Shale in Texas.
In fact, Scarcity and Real Wealth Editor Nathan Slaughter just gave his subscribers an in-depth analysis of a new discovery in his home state of Louisiana: the Tuscaloosa Shale Formation.
And now another play is ramping up in the West Texas region, a find with so much potential that John Breyer, a geologist and technical consultant for Marathon Oil Corp. (NYSE: MRO), has said it could "dwarf" the reserves already discovered in North Dakota.
"It's like the Eagle Ford on steroids. They haven't even begun. We're just in the toe of this thing," Ken Morgan, director of the Texas Christian University Energy Institute, has said.
It may be hard to imagine that new discoveries are still being made in Texas. After all, the state is practically synonymous with oil barons and energy riches. Companies like ConocoPhillips (NYSE: COP) and Exxon Mobil (NYSE: XOM) are based in Texas, and the first Texas oil well was drilled in 1866.
But with new hydraulic fracturing (fracking) technology, reserves once deemed unreachable are now being recovered.   (more)


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