Oil production in the Rockies is expected to increase in the next five years, though regulation on public lands in the region will present challenges for both new and experienced producers. "We're going to drill about 25,000 wells in the next five years just in the predominant basins," said Quantum Resources president and chief operating officer Logan Magruder, speaking on behalf of the Independent Petroleum Association of Mountain States (IPAMS), which, along with Fulbright & Jaworski LLP, sponsored a Rockies risks and rewards program in Houston recently. "Independent oil and gas producers in the Rockies will play a vital role in helping meet the nation's energy needs as long as the U.S. uses natural gas." The Rockies contain some 33% of the all gas reserves in the Lower 48, with 200 trillion cubic feet (Tcf) of recoverable reserves on public lands. This presents both opportunities for producers as well as legal obstacles that can hold up production. For more on this, see the December issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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