Tuesday, November 15, 2011
Denver Colorado’s Front Range is sitting on top of as much as a billion barrels of oil, which could inject $4 billion per year in revenues into Colorado’s economy, according to one estimate.
Houston-based Anadarko made the oil-reserve estimate based on 11 horizontal wells it drilled in the Wattenberg Field in Weld County.
The company put the range of the reserves as equivalent to 500 million to 1.5 billion barrels of oil — about 70 percent of the production in oil, the rest in natural gas.
“This is going to have huge implications for the economy of Colorado,” said Pete Stark, vice president for industry relations at IHS, a Denver-based consulting firm.
A reserve that size could generate 150,000 barrels per day and, assuming oil is $80 per barrel, provide more than $4 billion in annual revenues, Stark estimated.
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