LAS VEGAS (KSNV MyNews3) -- A company out of Ireland has been drilling in a valley near Tonopah for some time. It has reportedly discovered what could turn out to be the largest oil reserves in Nevada's history.
U.S. Oil & Gas has been very reluctant about releasing any sorts of numbers. But, according to an investor with the company, it is awaiting the flow results that will reveal a better idea of just what lies under this central Nevada valley.
The company has been drilling in Hot Creek Valley, about 90 minutes east of Tonopah and four hours north of Las Vegas.
The valley makes up part of what is known as the chainman shale, currently a hot spot of activity for oil drilling, with reserve potential still being discovered.
U.S. Oil & Gas operates the well Eblana One in the valley and began drilling in May. It currently estimates that the field has 187 million barrels waiting to be drilled.
Since testing began, according to a News 3 source, several more oil companies have been quietly moving into Nevada.
Since speculation of just how big the reserves might be, the company's stock has increased tenfold and the company felt compelled to release a statement saying the testing has yet to be completed.
If the reserves match up to the massive potential that's being speculated, it could transform central Nevada into the next North Dakota, which saw its own oil boom in 2009.
The company, once it receives the results, must file with the security and exchange commission, therefore making those results public.