The recent strides America has made in the past couple of years in energy efficiency is mainly thanks to shale gas, an abundant energy source that can be extracted through hydraulic fracturing, which has recently revolutionized the way America gets its energy. Though today America mainly uses fossil fuels, in light of recent years experts predict that the use of power generated from natural gas will double to 40 percent in the next two decades. Shale gas has been playing an increasingly large role in the gas-fueled power realm.
As fracking and other natural gas extraction tactics grow, so do the leading companies in the industry. One of the top areas in the U.S. for exploration and production is the Appalachian Basin. It’s been estimated that it holds nearly 1.722 trillion cubic feet of gas reserves. Much of the newly drilled wells are better than older ones, which means that companies are extracting more resources without extra drilling, just because of the practices and foundation upon where the well was built.
In terms of increasing oil production, one of the leading, independent companies in the oil field Cunningham Energy, recently purchased the rights to the Buffalo-Peniel Oilfield in Jackson and Roane, West Virginia. Previously owned by Moser Group LLC, the area contains over 2,700 acres of oil-producing property as well as several oil and gas wells.
“Cunningham Energy has identified this field as having strong shallow horizontal oil potential along with deeper targets in the coming future. Our company is actively identifying targets such as the Buffalo-Peniel Field for active shallow horizontal development in the Appalachian Basin,” Ryan Cunningham, operational partner and president of Cunningham Energy, said.