Fine said industry representatives will present their results during the conference, which will be Monday and Tuesday, March 18 and 19, 2013, in Farmington.
"This conference highlights the changes in the San Juan Basin – moving from natural gas production to oil," said Dr. James Henderson, San Juan County Commissioner. "Additionally, The San Juan Basin has seen natural gas production for 90 years, and the region could see oil and gas production for another 50 years."
Fine said, "This is a major change and promises to be a boom in the San Juan Basin and the surrounding economy. Fracturing or stimulation is a method of extracting oil and gas that has been used since the 1960s. Horizontal drilling has only been deployed in the San Juan Basin since 2010. The combination of the two methods has opened up shale reservoirs from Pennsylvania and North Dakota to Texas and New Mexico."
"The oil window in the Mancos Shale has been unrecoverable until now because it's a shale formation and it's tight," Fine said. "Vertical wells in the San Juan Basin couldn't develop the shale economically."At the price of $70 per barrel (which is lower than the current price), Fine said the Mancos Shale oil reserve would be valued at more than $400 billion. Additional presentations and panel topics include: The development of U.S. shale oil and gas; the potential for natural gas as an additional fuel source for electricity generation; technology and education – issues facing technical training for shale development and production; and geology research and findings about the Mancos Shale. Finally, the regulation panel and presentation will include discussion about shale gas exploration.