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Company Sees Promise in Shale Oil Potential
The CEO of Great Bear Petroleum says new data confirms a promising new source of oil in the shale rocks near Prudhoe Bay.
ANCHORAGE- The CEO of Great Bear Petroleum says new data confirms a promising new source of oil in the shale rocks near Prudhoe Bay.
Ed Duncan says the company is still reviewing the 3-D seismic data, which seems to confirm Great Bear's earlier predictions about the resource.
Great Bear is the first company to actively pursue so-called unconventional oil in Alaska. Duncan says he is confident the company can extract the oil and make money using modern hydraulic fracturing technology.
A 2012 report from the U.S. Geological Survey stated there could be up to 950 million barrels in the rocks Great Bear is focusing on.
Duncan says his company has spent over $100 million so far. To date, the small independent has drilled two exploratory wells.