While no one gets destroyed in this story, the prevaling tale is the same. The smaller prevails over the larger. It is in oil rich California where this saga is unfolding.
California is the nation’s third-largest oil producer behind Texas and North Dakota, according to the federal government. The majority of the supply comes from Kern County, home to the five most productive petroleum fields in the state. Kern County produces 66% of the oil in California, about 10% of the U.S. oil supply, and approximately 1% of the world’s total oil production.
Recent announcements from Petro RiverOil (PTRC), an oil exploration company have been garnering not so quiet headlines among a field of Goliath companies like Ocidental, Shell and Chevron. Multiple oil discoveries in Oklahoma by Petro River, and now a spudding campaign in Kern County is setting this company apart in a field of much larger companies. This company makes no claim nor can they as to any comparison of total reserves or giant infrastructure. They do not need to. They are pumping oil today. Their claim is that of vast over looked resources, over 7,000 acres in historically prolific fields in Kern County, and their use of risk reducing 3-D seismic exploration technology. Couple those stats to intellegent partnering with infrastructure experts and it is a win win situation brewing for this “David” among “Goliaths”.