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HOUSTON, TX, May 20, 2014 /24-7PressRelease/ -- The oil exploration company, Fossil Oil Company of Houston, Texas, notes the surge in gas reserve growth last year. Research by the American Gas Association found that 35 trillion cubic feet of natural gas reserves were added in 2013, a figure that is up markedly from previous years. The study gathered data from more than 30 companies that account for more than half of the United States' total production and reserves. The figures were down a small amount from 2011, which had year-end values of 334 trillion cubic feet while 2013 had 330 trillion cubic feet in reserve value. The trend for last year was an increase in the nation's natural gas reserves with a subsequent decrease in its production numbers, meaning companies added more gas than they produced.
Gas Reserve Numbers on the Rise
Due to an upward trend in the price of unconventional resources, experts expect dry gas to be more sought after in the coming years. The average rate for 2012 was $2.75 per mmbtu, and most sources agree the numbers will continue to go up. New discoveries like the Barnett, Haynesville, Fayetteville, Marcellus, Utica, Bakken/Three Forks, Niobrara, Eagle Ford and Woodford shale gas reserves reflect these trend fluctuations. Some of these shales were produced in larger quantities due its relative closeness to the Earth's surface, while Haynesville and others are farther beneath the ground and thus more prone to market pricing shifts.
Of the United States' 10 largest gas reserve holders, seven of them are independent producers with no multinational ties.
According to Lisa Kittler, Client Relations for Fossil Oil, "It is difficult to determine with accuracy what the future holds with respect to gas production and reserve rates, especially given the amount of untapped resources that have yet to be discovered."
Fossil Oil is a leader in generating oil and gas drilling investments. To learn more about their services, feel free to visit www.fossiloil.com.
About Fossil Oil:
Founded by Dennis R. Kittler in 1999, Fossil Oil is an independent oil and gas investment company out of Houston, Texas. Fossil Oil strives to provide significant investment opportunities in reserves of oil and natural gas.
Learn more at www.fossiloil.com.
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