Thinking about investing in North Texas oil and gas? We created this page to give you a little insight into the area. North Texas oil and gas investing has offered some very lucrative returns in its 100+ year history. Oil discoveries in North Texas started in 1902 with the first well sites being Brownwood, Petrolia, and Wichita Falls. With Texas having 1,477,035 wells drilled to date, you could find a very nice return on your investment in the area.
North Texas has a few different producing formations. The main shale formation in the region is called the Barnett Shale. With the Barnett Shale being widely referred to as the nation’s largest natural gas formation, there is plenty to be interested in for potential investors. The Barnett Shale is located in the Forth Worth Basin in north central Texas. It was discovered in the 1950s, but it did not become commercially viable until the middle of the 1980s. Experts believe that the Barnett Shale has an estimated 30 trillion cubic feet in natural gas reserves.
Strong Economic Future
While Texas owes a lot of its past economic success to the original Texas Oil Boom that used traditional oil drilling methods, the Texas Oil Boom has since seen a resurgence in the area during the past decade due to the newer and now established fracking and horizontal drilling technologies that are allowing the wells to produce at a far greater volume. These technologies have also increased Texas’s producing wells from 58,000 in 2000 to 93,000 in 2011. The Texas Railroad Commission states more than 15,300 wells are drilled in the Barnett Shale formation alone.
Analysts show that the oil and gas industry is strong in North Texas, contributing $11.8 billion dollars annually in 2011. Oil and gas also add $480.6 million a year in taxes for counties, cities, schools, and public transportation. With North Texas having a century old reputation as being a great oil investment, along with the economic boost it currently gives the region, is proof that the region is heavily invested in the oil industry’s success.
- The first Texas’ oil producing well was drilling in 1866 in Melrose, Texas by Lyne T. Barret. Melrose is located in Nacogdoches County.
- Spanish explorer Luis de Moscoso of the DeSoto expedition was the first to discover oil in Texas in 1543. Although the first economically significant discovery didn’t happen for 300 more years.
- Since 1928, Texas has been the United States’ leading crude oil producing state.
- Texas would be the third largest producer of natural gas in the world, behind the United States and Russia if it were a country.
What Else Do I Need To Know?
Before investing, you can download our Free Insider’s Guide and Legit Meter. These tools can help you get a better look at what you should look for before investing your money into a company or site. We also have glossary page and blog with great articles to help you become more familiar with this industry. Remember, you must be an accredited investor to get involved in these types of opportunities.