Sometimes risky bets pay off in a big way. The theory was tested by one small Denver-based petroleum producer, and proved to be true.
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“The North Slope of Alaska has been kind of left behind, everybody believed that all the big fields had been found,” he told Stuart Varney on “Varney & Co.” on Friday. “And so my band of brothers and I kind of tore everything apart … and we went up there and said I think they left something behind that may be really, really big.”
After teaming with Spain-based Repsol, he built an ice road to get his equipment across the tundra, began to drill and found what used to be called a “gusher,” an oil well that releases a column of oil into the sky.
“We drilled into it and we saw what we were hoping to find,” he said.
And that was a well three times thicker than what they originally thought.
“We knew right away it was a big deal,” he added.