Masp: Company Seeks New (black) Gold Opportunities

The US is a major producer of oil and one company is seeking to revitalize old oil wells with new technology

. Some older wells were abandoned when oil prices fell and others need to be cleaned out to increase the oil produced from them.

One company, Mass Petroleum Corp. (OTCBB: MASP), sees the potential for these older wells. It has entered into a letter of intent to acquire a working interest in six mining properties in Kansas. Many of the leases it is interested in acquiring have been lightly developed, meaning that the drilling if new wells, using the newer technology available today, will result in increased production from these leases.

Everyone is aware of how the price of gold has gone up over the past few years. Well, in light of the Gulf Oil spill, these older leases may be the source of the old gold, black gold!

The hurricane season is now upon us, three months after the Gulf Oil spill. Tropical Storm Bonnie is expected to hit the Gulf and may impact the Gulf oil cleanup. This will continue the harm to marine life and the fishing industry.

Well, what about drilling on land? With all the emphasis on offshore drilling in the last presidential campaign, no one has been talking about the opportunities available for old-fashioned land drilling. Drilling methods and technology have advanced a great deal since the 1950s when many of these older wells were drilled. Newer technology also makes it possible for leases that have been lightly developed to be more developed because it is now economically feasible to do so.

One company that is taking this approach is Mass Petroleum Corp. (OTCBB: MASP) which is working on acquiring older oil and gas leases and by cleaning out the older wells and drilling new ones, it will re-vitalize these older properties and breathe new life into them.

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by: Blayne Sheffield

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