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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed -- Ignore unavailable to you. Want to Upgrade?

To: mnispel who wrote (346)	6/11/1998 3:50:00 PM
From: mnispel	Read Replies (1) \| Respond to of 11684

MTEI and Finding Old Oil , pt 2: Press Release: Thursday May 28, 1998 The American Petroleum Institute estimates as much as 50 billion barrels of oil and gas equivalents have been passed over in the United States alone that may be developed using these new technologies. From the American Petroleum Institute Are We Running Out of Oil? By Edward D. Porter PDF format: api.org Executive Summary: api.org From the executive Summary (after discussing worldwide oil reserve estimates): "A missing source of reserve additions not captured in the USGS estimates is the revisions which occur over time as a result of slow but sustained increases in the average recovery efficiency -- the share of the original oil in place that actually is recovered before the property is abandoned. This increase results from the learning which occurs with experience in developing the known resources, and with technical change which permits more thorough resource recovery, and in some cases is due to improved economics. As a petroleum producing area matures, such improvements become an increasingly significant part of total reserve additions. In the U.S. in 1966, about 29.5% of the original oil in place discovered up to that time was thought to be recoverable. By 1979, the average recovery efficiency at that same set of fields (those discovered before 1966) had risen to 32.1%, an increase of about 0.2% per year. These small changes accounted for over 56% of the Lower 48 reserve additions during that period, exceeding the reserve additions attributable to discoveries in subsequent years." From the actual paper (PDF version), concerning the resource of abandoned oil fields: " Of course, currently most of this resource is not economically or technically recoverable, but there are a number of positive signs that such growth might be feasible at some future date. One such sign has been the development of newer exploration and drilling technologies, such as new 3D seismic techniques or horizontal drilling. The former allows for much greater ability to devise a drilling pattern to more fully drain complex reservoirs. The latter allows a single well to bastly increase its exposure to source rock, greatly increasing its recovery efficiency." Advanced Logging at Mobil mobil.com Mark N.