He explained that natural gas is often what drives oil to the surface, and in some fields the oil in undersaturated with gas. Thus, Core Labs is developing gas mixtures that can be injected into wells to potentially unlock some five to six billion barrels of thus unrecoverable reserves.
Demshur also noted Core Labs is an international story, with 80% of revenue coming from oil projects outside the U.S. He said that Mexico is one area that has yet to be exploited and has excellent prospects.
When asked about the possibility of other big oil and gas finds here in the U.S., Demshur stayed mum on citing where they might be, buy did say that one, possibly two, big finds larger than the Bakken and Eagle Ford shales "may" have already been discovered with drillers quietly racing to secure land at those undisclosed locations.
Finally, when asked whether North American energy independence is possible in the next three to five years, Demshur said that while five years may be a little optimistic given how things are progressing, it will certainly happen.Cramer continued his support for Core Labs.