The Permian Basin is a strategic target area for First Petroleum. This region produces nearly 4 billion cubic feet of natural gas and 1 million barrels of oil a day amounting to 20 percent of the annual U.S. crude oil; this is a proven oil & gas producing basin and will continue to be a priority acquisition region for the company. The attainment of this lease is an additional piece of First Petroleum's core strategy to accumulate long-term producing assets that can directly impact future company expansion and profitability.
New Mexico Oil & Gas
New Mexico has proven crude oil reserves of 677 million barrels (2003); ranked 4th out of all U.S. States, with crude oil production toping 181 000 barrels per day (2003), ranked 5th. There is an estimated 50.6 trillion cubic feet of undiscovered natural gas in the San Juan Basin, and 30 billion barrels of oil in the Permian Basin. Major producers and pipeline companies in the region include Arco, Mobil, Amoco, and Chevron.
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