Commitment to Growth and Aquisition to Lead to Basin Resurgence.
Chicago, Illinois – Sept. 18, 2017 – U.S. shale has rebounded to a solid financial equilibrium that it makes sense for companies to begin investing in drilling again. The International Energy Agency (IEA) expects U.S. shale drillers to add over 500,000 bpd throughout 2017. Current announcements show the oil price floor, installed by OPEC’s production cuts, have allowed companies such as Peak to ramp up their budgetary spending.
“We are more committed than ever to growth and expansion in the Basin,” said Todd Allen, Peak Energy Company’s President “We feel strongly that this a perfect area for growth and we will lead the way in the Basin’s rebirth”.
During the boom, the Illinois Basin was the third largest producing oil basin in the United States, but in recent years companies have left the Basin. New drilling techniques combined with new advances in geology and mapping may again be the miracle that releases the oil trapped in the Basin. All that oil had to come from somewhere. Underneath all those conventional oil pools is the New Albany Shale—and oil and source rock analysis indicate that’s where the oil came from. Given the success of all these other shale plays in the US under very similar geology, those source rocks could provide a resurgence for oil production in a region.