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Pickens predicts rise in oil prices01-29-09 | News

Pickens predicts rise in oil prices

Texas billionaire T. Boone Pickens said that oil prices will rise above $100 a barrel by the end of next year. ?EUR??,,????'??? Courtesy of www.utsystem.edu

Texas billionaire T. Boone Pickens said that oil prices will rise above $100 a barrel by the end of 2010 as the global economy recovers.

Oil prices in the $40 a barrel range are “not going to be around much longer,” Pickens told a gathering at the James A. Baker III Institute for Public Policy at Rice University in Houston.

Mammoth has signed an agreement to acquire United Gas OK Inc. an Oklahoma company with working interests in 17 producing gas wells and a deposit placed on a 1,400 acre field and also in Oklahoma that has the potential to drill 60 shallow gas wells.

Where other oil and gas exploration companies seem to be focused on hitting ?EUR??,,????'??home runs?EUR??,,????'?? with respect to their exploration and drilling philosophy, and seem to be content to spend substantial cash resources to test for large oil and gas reserves, Mammoth, on the other hand, is concentrating on hitting low risk, preferring to methodically build cash flow while keeping an eye open for the occasional opportunity, where when cash flow permits, it is warranted to take a chance and swing for the fences. ?EUR??,,????'??? Source: Mammoth Energy Group