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.
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.