Oil and Gas companies are starting to release their earnings and operational reports. In going through these reports, something stuck out to me so far. The Cardium Shale is heating up!
The Cardium Shale is an oil field located in Western Alberta Canada. Exxon Mobil (XOM) recently stated that they had very encouraging results so far in the Cardium Formation. Here is what they said below.
"In Canada, we have had encouraging early results in the Cardium, with 2 wells on production at year end and additional drilling planned in 2012."
This could be a sign of things to come. One thing is for sure, Forest Oil (FST), Devon Energy (DVN), and ConocoPhillips (COP) are drilling for oil in the Cardium as well.
