Thursday, July 24, 2008

The domestic oil and gas industry has experienced dramatic changes since the boom of the early 1980’s. Over the next twenty years, the U.S. Department of Energy projects that oil consumption will grow by six million barrels a day in the U.S. alone. If U.S. oil production follows the historical trend of the last ten years, it will decline by 1.5 million barrels a day. This means crude oil production in the United States would supply less than thirty percent of the U.S. oil needs, compared to approximately fifty percent today.

TexCore Resources, Inc. has identified key factors within the oil and gas industry that we feel may be exploited to the benefit of independent oil producers:

● Increasing demand for petroleum products and decline of domestic oil production, resulting in an increased attention to enhanced oil recovery.
● An estimated 350 billion barrels of residual oil remains in the ground, with an estimated 60 billion barrel potential recovery through enhanced oil recovery.
● Independent producers account for 50% of all U. S. oil production and 65% of natural gas production in the lower 48 states.

It's the entrepreneurial spirit of the independent oil & gas companies that account for most of the oil and gas drilled nationwide in any given year. Much of our domestic oil and gas reserves can be attributed to the role of the investing public.