NEW YORK, NY -- (Marketwire) -- 05/23/12 -- The following is an investment opinion highlighting Circle Star Energy Corp. (OTCBB: CRCL), Devon Energy Corp. (NYSE: DVN), BP (NYSE: BP) and SandRidge Energy (NYSE: SD). The US Energy Information Agency says US oil imports will drop 20% by 2025, while oil giant BP (NYSE: BP) projects that the US will get 94% of its energy domestically by 2030.
This increase in domestic oil will be led by the resurgence of oil coming out of states like Kansas and North Dakota. The U.S. is already the world's fastest-growing oil and natural gas producer. Counting the output from Canada and Mexico, North America is "the new Middle East," Citigroup analysts declare in a recent report. Companies like SandRidge (NYSE: SD) and Devon Energy (NYSE: DVN) are scooping up land in both states, using new horizontal drilling technology in proven areas to extract oil long believed to be inaccessible.
Circle Star Energy (OTCBB: CRCL) who has recently acquired 175,000 net acres in the now booming Kansas area, is planning to exploit the shallow 4500' Kansas City-Lansing sub-formation at an estimated cost to drill and complete of approximately $500K per well. The company recently secured a $750,000 equity financing whereby the proceeds will be used for acquisition capital. Additionally the Company will look to Joint Venture or farm-out the deeper Mississippian Limestone formation of its Kansas properties. For more information, visit www.circlestarenergy.com
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