Business World: Oil Gas

business world: The major risk today, in the new age of shale, revolves around raising capital and satisfying investors, but throughout the 19th and 20th centuries, the bigger risk centered on finding the pockets of oil and gas contained within conventional sand and limestone formations, according to The Independent. This was often a very tricky proposition, and the drilling of dry holes outnumbered the successful wells in many major play areas. Energy Share to facebook Share to twitter Share to linkedin Oil rigs stand in the Permian Basin area of Odessa, Texas, U.S., on Saturday, Jan. 19, 2019. . Photographer Sergio Flores/Bloomberg 2019 Bloomberg Finance LPThe exploration for oil and natural gas has always been among the most risky propositions in the business world. The tales are legion of the independent producers who went flat dead broke before ever managing to drill a producing well. That dynamic all began to change in the late 1980s with the discovery and development of unconventional formations like the Fruitland Coal in the San Juan Basin of New Mexico. Dad Joiner, the promoter and ultimate driller of the Daisy Bradford No. 3 - the first successful well completed in the mammoth East Texas Field on October 3, 1930 - famously went broke half a dozen times and required an influx of capital from H.L. Hunt before finally bringing in his gushing discovery well. (news.financializer.com). As reported in the news.