Oil company finds multibillion-dollar field in Utah

| 5/5/2005

Employees of a small oil company in Michigan must be feeling a bit like Jed Clampett these days.

The company, Wolverine Gas & Oil Corp., Grand Rapids, MI, recently discovered what geologists are calling the largest onshore discovery of oil in 30 years at one of its fields in Utah.

According to The Associated Press, the company found a single deposit in late 2003, but now it is looking at a field with a total of 25 deposits that could produce as much as a billion barrels of oil.

Scientists say the find is especially amazing given that it was found in an area that was previously thought to be dry. In fact, The Associated Press reported, central Utah has produced nothing but dry wells for the past 25 years.

The find is expected to spur heavy bidding at the next Utah leasing auction, set for May 17, and could bring more than $5 billion in royalties to the state.