Bald Eagle Energy, Inc., (BEEI.OB) is convinced that Alaska's North Slope still holds vast undiscovered reserves of oil and gas. It's a belief shared by some of the biggest oil companies in the world, fueled by continued discoveries in the area starting in the 1970s, and encouraged by record producing wells. It takes 150-200 wells in the lower 48 states to match the output of a single North Slope well, according to Roger Herrera, Arctic Power D.C. Coordinator, as quoted on ANWR.org.
The North Slope region continues to produce major discoveries. The Prudhoe Bay Field, the largest oil field in North America, has been joined by two other fields, the Point Thompson Field, and Kuparuk River Field. Since production began, Prudhoe Bay alone has resulted in over 10 billion barrels of oil, and still produces over 400,000 barrels every day.
And geological studies suggest that the end is not in site. The company points out that, between 1981 and 2006, the average size globally for technical discoveries was about 40 million barrels of oil. Compare that with the average discovery size above the Arctic Circle during the past 10 years of approximately 170 million barrels of oil equivalent.
Further supporting North Slope optimism, the National Energy Technology Laboratory has concluded that the North Slope is not a mature petroleum province, and may provide oil for years to come. And a US Department of Energy report on the future of oil and gas resources in Arctic Alaska indicates that, in a best case scenario, an additional 36 billion barrels of oil and 137 trillion cubic feet of natural gas could be added over Alaska's current reserve estimates.
Bald Eagle Energy has backed up its confidence with leases on land just to the south of the giant Prudhoe Bay Field. The company recently announced completion of acquisition for 6 leases in the area, totaling over 18,000 acres.
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