Reported by Staff

The Northeastern plain of Colorado may have another oil “gusher” on its hands reminiscent of the high production years of yore,  if a new potential  find turns out to yield as much as some industry experts believe.

State and O&G sources say the wells are operated by Houston-based EOG Resources Inc.(NYSE: EOG), and they produced roughly 14,000 barrels of oil in an eight-day period last October. That works out to 1,750 barrels per day — more than 10 times the amount of oil that wells in the sprawling Denver-Julesburg basin usually produce.

While the preliminary results are exciting experts like energy analyst, Ward Polzin, EOG hasn’t yet made any statements about the operations. “If I’d pick any recent activity in the state of Colorado that has people excited in the oil and gas industry, this is it,” Polzin told the Denver Business Journal.

The fact that the new find is oil — not natural gas — is also a positive because in recent years oil production has dwindled across the region since its peak production years of decades ago.

“It’s oil, not natural gas. That’s exciting today because natural gas prices are volatile,” Polzin said.

He also cautioned about getting carried away on the news because the initial days of information on the oil discovery are preliminary. Still, if the one week’s worth of data pans out over time, the oil production generated could be huge.

Polzin told the Journal that there’s not enough information yet to determine whether the well’s production fell quickly, or if it was shut off for a time during November.