VANCOUVER, British Columbia, March 27, 2014 (GLOBE NEWSWIRE) -- Lots of ink has been spilled recently extoling the investment virtues of precious and base metals as well as uranium and graphite. This anomaly is likely due to the fact that while metals prices have been fairly volatile of late, per barrel oil has percolated around $100 for quite a while. Natural gas has been trading around $4/mmbtu. There was a recent spike to just over $7.50 courtesy of the nasty weather in the NE and just about everywhere else. The Nymex April Nat Gas price is currently around $4.28.
No matter an investor's environmental bent, the simple fact is that for the foreseeable future, the US needs more energy produced domestically to reduce dependence on foreign oil. One of the most likely areas that this energy will come from is the 200,000 square mile Bakken Shale formation, which permeates North Dakota, Montana, Alberta and Saskatchewan. Oil and gas reserves know no borders.
"We anticipate that exploration and drilling in the area will continue until 2030, with sustained production until 2100," stated Wolf Wiese, President of Super Nova Minerals (SNP:CNSX) (OTC:SNOVF) in an exclusive interview with Financial Press. "With SNP's 18,000 acre exposure over multiple exploration prospects including the extremely promising Milford Lands, we intend to drill several high probability wells and move rapidly to become a meaningful oil and gas producer."Wiese continues: "The recent N.I. 51-101 authored by Chapman Engineering out of Calgary, estimates a sizeable Prospective gas resource on the property. A pipeline is on the property capable of taking our gas." The Williston Basin and the New Alberta Fairway are the two principal areas of Bakken activity. Initial production from a recently drilled well has exceeded 7k BOPD and initial production of 5k BOPD is not unusual in Bakken wells using horizontal drilling and fracking techniques. Conoco Phillips estimates over 100 billion barrels of Bakken oil reserves and Wood Mackenzie estimates over 37 billion barrels of oil in the New Alberta Fairway. Oil reserves in the rest of the continental US are projected to be 21 billion.