Trans-Orient Petroleum (TOPLF) explores for oil and natural gas resources in shale and rock, primarily in Australia and New Zealand and other under-explored regions. The company was active in exploring in Australia from 1996-2000 and revived operations in 2006 as the worldwide energy boom surged. Tran-Orient has said it will use the same technology used in the Bakken, Barnett and other North American oil and gas shale formations to drill and fracture shale in New Zealand. Some estimates say there are 1.7 billion barrels of oil yet to be discovered in New Zealand.
New Zealand has been known for its expansive natural gas reserves in the past and its economy has become somewhat dependent on that industry. Seeking new avenues for increased oil production, some explorers like Trans-Orient noted that New Zealand’s East Coast Basin shares geological traits with the coasts of California and Indonesia, where successful drilling for oil and natural gas has taken place in the past.
Canada-based Trans-Orient has also identified several other potential drilling projects, though it has yet to release specifics on those projects. Some estimates say that there could be as many as 3.6 trillion barrels of oil to be had from non-conventional sources such as shale. That amount is about triple the world’s current oil reserves. Trans-Orient has 2.2 million acres of land to explore, though it currently isn’t producing any oil or gas and has no revenue.
Trans-Orient has $8 million in assets and no long-term debt. With a market value of $18 million, Tran-Orient shares closed at 52 cents on Friday and traded between 34 cents and $1 in the past year.
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