USGS releases assessment of undiscovered oil and gas resources in Woodford and Barnett shales

RESTON, Va. — The U.S. Geological Survey released its assessment of undiscovered gas and oil in the Woodford and Barnett shales in the Permian Basin, assessing that there are technically recoverable resources of 28.3 trillion cubic feet of gas – enough to supply the United States for 10 months at the current rate of consumption -- and 1.6 billion barrels of oil, or 10 weeks’ supply for the nation.