Falcon Crest Energy, Inc. (FCEN): An Attractive Target for Investors Looking to Benefit from Growing Powder River Basin Oil Production
Wyoming's Powder River Basin (PRB), the source of the largest coal reserves in the U.S., where the top 10 producing coal mines in the country are located (representing roughly 40% of national supply), is becoming increasingly well known for oil production as horizontal drilling and hydraulic fracturing technology continues to proliferate. Technological drilling innovation is continuing to unlock more and more of the Turner, Parkman, and Niobrara-Codell formations in particular, which have gone from only 12% of basin-wide oil production in 2009 to over 46% as of this year, with some 36.6k bbls/day as of Q1. Oil production is up…