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Fairhope, AL – According to recent study by the International Energy Agency, the U.S. will overtake Saudi Arabia as the world's number one oil producer by 2020. While the methods and technology used to produce oil have advanced considerably in recent years, identifying sources of oil is still grounded in the fundamentals of prospecting.
Rick Fletcher is the founder of Fletcher Petroleum, a burgeoning new oil and gas exploration firm with several promising wells currently in production. Fletcher literally struck oil in 2010 when his 27 years of experience in the petroleum services industry culminated in the purchase of a well in Little Cedar Creek, Alabama. That well has since been estimated to contain approximately $300 million in oil reserves with the capacity to produce 800 barrels each day.
And it’s only the beginning. The company has since drilled five more wells, with plans to expand to 20 wells following the recent acquisition of 12,000 acres in Mississippi.
“I decided it was time I ran things for myself,” recalls Fletcher. “As soon as I looked at this well, I saw the potential. I could tell it was loaded up with oil. We bought it immediately and I proceeded to do what I do best: optimize.”
Modern technology has allowed companies like Fletcher Petroleum to maximize wells for more in-flow. The company has since ventured into horizontal drilling and anticipates its wells will produce extremely large quantities in multiple zones.
“There’s a lot of opportunity in the US right now,” says Fletcher. “There’s a lot of open land and data to help us identify successful prospects in the US.”
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