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Politics : FREE AMERICA

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To: longnshort who wrote (11289)	9/5/2006 12:00:52 PM
From: FJB	Read Replies (1) of 14758

Major oil find could send prices lower By James M. Pethokoukis Posted 9/5/06 Preliminary drilling tests of a deep-water well in the Gulf of Mexico indicate that the site could boost U.S. oil and natural gas reserves by 50 percent. The Jack 2 well was drilled by San Ramon, Calif.-based Chevron, along with Devon Energy of Oklahoma City and Norway's Statoil. "The results of the Jack test are very encouraging," said Stephen Hadden, senior vice president of exploration and production. "They further support our positive view of the lower Tertiary trend and demonstrate the growth potential of our high-impact exploration strategy on long-term production, reserves, and value." usnews.com

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