LAS VEGAS (KSNV & MyNews 3) -- Nevada is rich with oil--most of it yet to be discovered. But one Irish oil company thinks they are pretty close to turning a tiny Nevada town near Tonopah into a boomtown.
News 3's Mackenzie Warren piecing together the potential. Nevada has some of the richest oil shale in the entire world--of the same caliber as Saudi Arabia.
Of all the oil-bearing regions in the United States, Nevada is the least exploited but that's changing in Hot Creek Valley, about 90 minutes east of Tonopah and four hours north of Las Vegas.
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 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.