American Liberty (OREO) Expands West
NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO CIRCUIT.
NEW YORK, NY -- (Marketwire) -- 03/21/12 -- American Liberty Petroleum, Corp. (OTCBB: OREO), a company focused on reducing America's need for imported oil through discovering major, new onshore U.S. energy resources, announced background information on their acquisition of Paradise 2-12, a well located in Gabbs Valley in Nye County, Nevada.
The Western US is not only a target by American Liberty, but companies like Occidental Petroleum (NYSE: OXY), whose California discovery is so large it could run into land controlled by Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM) and Royal Dutch Shell. The United States Geological Survey estimates the total, undiscovered, technically recoverable crude oil onshore in the US is 48.5 billion barrels, a majority of this falls into the Western half of the US.
According to the Baker Hughes rig count, the number of oil rigs on US fields has quadrupled in the past three years to 1,272. The US now has more rigs at work than the entire rest of the world. Marshall Adkins, Director of Energy Research at Raymond James, has recently stated, "If we continue growing anywhere near that pace and keep squeezing demand out of the system, that puts you in a world where we are not importing oil in 10 years."
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