Many years ago, I read about an oil exploration company (Cambrian Corp.) drilling a few test wells, in the Lake Champlain valley of vermont. Reportedly, they encountered a few smallpools of oil, but to small to make extraction feasible.
Now, I know that region has some small natural gas production, and further west, there is some decent pockets of natural gas. Given the current high price ofoil, is it logical that some of these smaller areas will be looked at again?
Or is the geology of the region totally wrong-such that drilling there is a total waste of money?
Interesting. Here’s a link to some info on those exploratory digs.
Gas and oil aren’t necessarily found together. I am not a geologist, but I grew up in the oil business here in Ohio. Wells that produce gas nicely often don’t do much for oil, and vice versa. So, at least here, the presence of a decent gas well on a property isn’t even a good indicator that another gas well can be drilled there, let alone a good oil well.
As for drilling new wells, it’s an incredibly expensive proposition here and we’ve got a long-standing oil culture. Most of the wells in this area were drilled in the sixties and seventies, and many of the experts in the field have since retired or passed away. Depending on the depth of the well, it can cost anywhere from 40 to 100 thousand dollars to drill a well. It takes a long time to recoup that sort of money from a borderline well.
I just signed up Carnac for his membership and I clicked “log out.” Apparently, it didn’t.
The above post was me, not Carnac.
My mother was approached about twenty years ago regarding selling or leasing drilling rights on her farm. I don’t remember if she ever did so, but there was talk for a while.