The Permian’s Spraberry may hold 8 times more oil than projected

May 22, 2017 0

The Spraberry Formation of the Midland Basin, in the larger Permian Basin, holds technically recoverable resources totaling 4.2 billion barrels (BBbl) of oil and 3.1 trillion cubic feet (Tcf) of gas, according to the latest assessment by the U.S. Geological Survey (USGS), conducted earlier this month.

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Marathon Oil departs oil sands, buys into Permian

May 8, 2017 0

Texas-based Marathon Oil reported a first quarter 2017 net loss from continuing operations of $50 million or 6 cents per share as it exits the Canadian tar sands and invests in the Permian Basin, Kallanish Energy reports.

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