Bald Eagle Energy (BEEI) is engaged in oil exploration. The company is set to develop six new leases covering 18,000 acres on Alaska’s oil-rich North Slope. Bald Eagle’s lease portion in this area is estimated to contain about 90 million barrels of crude oil, and is one of the North Slope’s least explored areas.
What could work in Bald Eagle’s favor is that its area of exploration on the North Slope is relatively small compared to what major oil firms such as ExxonMobil, Occidental Petroleum and Royal Dutch Shell typically look for. Bald Eagle isn’t fighting for leases with these far-larger players on the North Slope, but is instead seeking profitable corners. The North Slope itself is one of America’s most oil-rich areas, with Prudhoe Bay estimated at about 15 billion barrels of crude oil and the Kuparuk River Field containing an estimated 3.6 billion barrels of crude. None of these estimates include the controversial ANWR region.
Even as the price of oil has declined recently, demand hasn’t diminished. In fact, by some estimates, another 37.5 million barrels per day will be needed by 2015. Texas-based Bald Eagle is ready to make the most of its opportunity to help solve America’s energy woes. The company has rigs in place and is currently test drilling. Last month, Bald Eagle said an independent consulting firm assessed and confirmed the economic viability of Bald Eagle’s North Slope leases and the results appear to be encouraging.
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