OilandGasStockNews.com Reports on the Changes in the Face of Energy Senate Passes Energy Bill Opening Doors for Oil and Gas Exploration and Development.
Overwhelming Support for Energy Bill Ends Four Years of Political Stalemates
POINT ROBERTS, WA. August 1st, 2005 www.OilandGasStockNews.com (OGSN) and www.NaturalGasStocks.com (NGS global investor websites for the natural gas, energy and oil industries, report on the impacts that the energy bill, which was recently passed by the Senate, is anticipated to have on the sector. As companies such as Petrol Oil and Gas, Inc. (OTCBB: POIG Eden Energy Corporation (OTCBB: EDNE) and Tri-Valley Corporation (AMEX: TIV) pursue exploration and development opportunities, the energy bill voted in favor 74-26 by the Senate, opens up possibilities for government support to increase supplies and discovery efforts.
In an attempt to encourage and support drilling in high risk areas, the bill outlines more than $3 billion over the next 10 years to the oil and gas industry in the form of direct spending and tax breaks, with an additional $1 billion in government subsidies. This bodes well for companies like Eden Energy Corporation, who are preparing to drill several wildcat wells in Eastern Nevada, where part of its 261,000 acre lease holdings encompasses a giant 53 mile long, 7 mile wide linear anticline, it calls the Noah.
The bill expands the Strategic Petroleum Reserve, increasing it from 300 million barrels to 1 billion barrels. In addition, components of the energy bill are directed towards boosting the supply of natural gas and expansion of pipelines. Already moving in this direction is Petrol Oil and Gas Inc., who have been increasing their natural gas reserves through the development and production of Coal Bed Methane (CBM taking advantage of an unconventional, yet proven method, for increasing gas supplies.
As described by Paul Branagan, Petrol Oil and Gas CEO, “This energy bill will go a long way in supporting increased natural gas exploration and production within the US. With domestic energy demand on the rise, natural gas is the one source that is produced almost entirely within the US and is to some extent shielded from fluctuations in the foreign energy markets and production cartels.
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About Eden Energy Corporation (OTCBB: EDNE) has acquired 261,000 acres in Eastern Nevada. This acreage in part encompasses the Noah Oil Prospect, a giant 53 mile long, 7 mile wide linear anticline. It lies 15 miles to the southeast of the Blackburn oil field and 60 miles north of the Railroad Valley oilfield. At the Railroad Valley field one well, the Grant Canyon #4 produced over 4,000 Bopd for 15 years and was one of the most prolific onshore wells in US history.
Corporate Profile, News and Info: http://www.oilandgasstocknews.com/CO/EDNE/Default.asp
Petrol Oil and Gas, Inc. (OTCBB: POIG) is an oil and gas producer whose primary focus is the development and production of oil, gas, and Coal Bed Methane (CBM) in Eastern Kansas and Western Missouri. During the past three years POIG has acquired a large mineral acreage and drilled a total of 23 test/development wells in this area that are geologically suitable for CBM development. In addition, the Company has currently operates a producing property with 72 CBM wells in the prolific Thayer Gas Field in Southeast Kansas and has recently acquired an additional 400 gross acres within its Petrol-Neodesha property.
Corporate Profile, News and Info: http://www.oilandgasstocknews.com/Petrol_Oil_and_Gas/Default.asp
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