American Liberty Petroleum reviews Western American energy production & potential

Tuesday, February 28, 2012      
 
  • 51.12 million barrels of oil had been produced in Nevada.

American Liberty Petroleum Corp. (OTCBB: OREO) review Western America's established energy production legacy while exploring its ongoing potential.

'We consider ourselves fortunate to have the opportunity to further America's tradition of western US energy production. Our Nevada-based projects represent our belief that there are real solutions within our own borders that will contribute to the nation's increased energy independence.'

American Liberty Petroleum's President, Alvaro Vollmers, commented: "We consider ourselves fortunate to have the opportunity to further America's tradition of western US energy production. Our Nevada-based projects represent our belief that there are real solutions within our own borders that will contribute to the nation's increased energy independence."

In 1865, the first commercial oil well in California was drilled. Today, hundreds of thousands of barrels of oil are produced in the area every day through the combined efforts of major western industry players such as Chevron, Occidental Petroleum and Aera Energy (jointly owned by ExxonMobil and Royal Dutch Shell).

As of 2009, California's average crude oil production was 568,000 barrels per day,[1] making it the third highest oil producing state behind Texas and Alaska.[2] At the same time, abundant oil and gas reserves still remain untapped in the western US. As of year-end 2008, California represented:

  • 2.7 billion barrels of proved crude oil reserves
  • 2.4 trillion cubic feet of natural gas reserves
  • 17 of America's 100 largest oil fields [1]
  • 18 giant oil fields (production > 100 million barrels each)
  • 4 super giant fields (production >1 billion barrels each) [3]
  • In 2009, Occidental Petroleum made a significant oil and gas discovery believed to be the largest in California in over 35 years (1+ billion barrels of oil and natural gas equivalents).[4]

To the immediate east is the state of Nevada, where the Shell Oil Company first discovered oil in 1954.[5] As of March 2010, 51.12 million barrels of oil had been produced in Nevada.[6] Among Nevada's 9 producing fields is the world class Grant Canyon oil field,[5] which for some years was the site of two of America's highest producing wells.[7] As of February 2010, the Grant Canyon oil field represents total production of 21.13 million barrels of oil.[6] While production and exploration continues in Nevada, the state is considered under-explored.


 

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American Liberty Petroleum Corp. ExxonMobil Chevron Corporation Occidental United States North America Production Update Houston


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


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