DENTON, TX -- (Marketwire) -- 06/21/10 -- Topaz Resources, Inc. (OTCBB: TOPZ), an independent oil and gas company ('Topaz' or the 'Company'), today commented that natural gas is key to reducing U.S. dependence on oil. This is the foundation of the Topaz strategy of expanding and developing its growing natural gas reserves in the Barnett shale, which has become one of the biggest natural gas plays and drilling booms in the continental United States and the largest producing gas field in Texas.
In early June, natural gas prices and stocks got a lift off their depressed levels when U.S. President Barack Obama made a Pittsburgh speech in which he declared: 'the time has come... to fully embrace a clean energy future... [it] means tapping into our natural gas reserves...'
Why natural gas now? It is cleaner than the other fossil fuels. It generates 30 percent less carbon dioxide than oil and 40 percent less than coal. And, of course, it can be brought on stream quickly compared to wind, solar, and even nuclear power.
Furthermore, innovations in extraction technologies, notably hydraulic fracturing and horizontal drilling, have made many more deposits of natural gas accessible. Along with ongoing expansion in the transportation infrastructure for liquefied natural gas, this has resulted in a much more abundant and cheaper fuel source. Indeed, estimates of U.S. gas reserves have skyrocketed because of the new drilling methods.
Energy experts on the Potential Gas Committee declared in June, 2009, that recoverable U.S. gas reserves stood at 2,000 trillion cubic feet in 2008, a record jump of 34 percent. 'That's enough natural gas to power [the U.S.] through the 21st century,' said
Mr. Pickens -- formerly an advocate of wind power.
A more recent report in February by J.P. Morgan Securities Inc. concludes North America has 8,000 trillion cubic feet, four times more than the committee's calculation. If the committee's estimate meant U.S. needs were met for a century, then J.P Morgan's estimate implies U.S. needs are covered for several centuries. With natural gas so plentiful and inexpensive, Mr. Pickens also sees it as the solution to the age-old problem of weaning the U.S. off its dependence on foreign oil. Moreover, if the U.S. were to ramp up drilling, building of pipelines and conversion of power plants and vehicles to natural gas, it would be a major generator of the jobs so desperately needed at this time.
About Topaz Resources
Topaz Resources is an independent oil and gas company focusing on production, acquisitions and developmental drilling opportunities within proven producing areas of north, central and west Texas.
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