The United States is dependent on foreign oil for its energy and Black Star Oil and Gas, LLC wants to help change that.
The company is not only breaking ground in its search for domestic oil in East Black Mountain, WY, the company may be the country's only Black owned exploration and drilling company dedicated to the development of natural resources and blighted communities.
(PRWEB) February 11, 2006 -- The United States is dependent on foreign oil for its energy and Black Star Oil and Gas, LLC wants to help change that.
The company is not only breaking ground in its search for domestic oil in East Black Mountain, WY, the company may be the country's only Black owned exploration and drilling company dedicated to the development of natural resources and blighted communities, according to Founder Yahoshuah Ben Israel.
The company is currently seeking investors for their drilling project.
There's good reason to get into the exploration and drilling business right here in the United States, Ben Israel says.
Today the U.S. imports over 60% of its oil from foreign sources compared to less than 40% in 1985. Demand for oil is constantly rising worldwide at about 7% per year while available supplies are declining in every country, except those countries in Africa. Escalating demand and reduced production means soaring prices in the immediate years ahead.
Virtually all 300 of the world's largest oil fields are at or near depletion point. This means they can no longer produce the amount of oil and gas needed to sustain sufficient energy for the United States or the world. We consume about 80 million barrels of oil per day and will need minimally, 100 to 120 million barrels per day by 2015.
While there is no guarantee the Black Star Oil and Gas drillings will prove successful, projected income from the estimated 3 million barrel yield at $40 a barrel is $120 million, Ben Israel says.
The company has already designated 10 percent "of our proceeds to community development and in particular, the New Orleans tragedy," Ben Israel says. "In addition we already have offers to become the operator of several existing wells in Oklahoma and an offer to partner with a African oil venture."
"The possibility of a strike on East Black Mountain is more of a probability than a possibility. Certified Geological surveys and core analyses from previous drillings show a definite presence of significant quantities of recoverable oil. Our geologist are certain that we will have a strike. Its just a matter of how much oil will be recovered. Our drill site is only 4 miles away from a site that has yielded over 18,000,000 barrels to date and our core readings are virtually identical," he says.
For more information or to request a prospectus for investing, please see the company's website, www.blackstaroilandgas.com
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