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PGPM..HUGE ALERT..LOOK AT THE PR JUST OUT!
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[QUOTE]Originally posted by Apollyon: [QB] [QUOTE]Originally posted by NEWBIE7: [qb] FYI "The largest producer of oil and gas in the United States,Texas leads the world in the use of natural carbon dioxide(CO2) for enhanced oil recovery (EOR). Texas has bothtremendous oil reserves and currently unrecoverable oilresources that could be unlocked by CO2. With a newsource of captured CO2 to produce the oil, geologistsestimate that potentially 5.7 billion barrels of oil in Texas and 8.5 billion barrels of oil throughout the southern region of the United States could be recovered." Are you telling me that PGPM (900m barrels, 1st page) owns 1/6 of the whole Texas's oil reserves? [/qb][/QUOTE]Perhaps even more than 1/6. This info states that PGPM is sub contracted to drill/pump in 5/12's of Texas' districts. Retrieved from PGPM's website, read below: "American Petroleum Corp is an operator company and it is subsidiary of Pilgrim Petroleum for the purpose of providing well management services to small producers throughout the State of Texas. American Petroleum is a bonded and approved operator with the State of Texas and currently has more than 200 wells under management. American Petroleum operates wells in 5 out of 12 Districts in the State of Texas, where it provides a variety of operational services on a menu-type fee basis. Services include Basic Accounting, Land Administration, Regulatory Consulting and Reporting, Engineering, Environmental, Pumping and Drilling Supervision and Marketing. American Petroleum implements these services through a vast network of sub-contractors and consultants, thereby minimizing the staffing requirements to maintain a large operation. All sub-contract costs are passed through to the producer on a cost-plus basis. AP's compounded growth rate and positioning affords the Company to capitalize on acquisitions in strategic areas of interest and therefore creating more opportunities for investors to participate. American Petroleum Goals The Company seeks to minimize its overhead and capital expenditures by subcontracting the drilling, redrilling and workover of wells to independent drilling contractors and by outsourcing other services. The Company typically compensates its drilling subcontractors on a turnkey (fixed price), footage or day-rate basis depending on the Company's assessment of risk and cost considerations on each individual project. The Company continues to seek strategic alliances with service and equipment companies, technological companies, and industry partners to maximize every dollar invested and diversify our risk." http://www.apetroleum.com/index-4.html [/QB][/QUOTE]
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