Over 9 billion barrels equivalent (BOE), to be exact—which if fully realized in today's oil price structure comes at a value of $450 billion.
Well-respected consulting firm Ryder Scott, released an intriguing 51-101 Estimated Prospective Oil and Gas Resource in the Paradox Basin that spans the Utah and Colorado border.
The report cited estimates that tallied up to nearly 8 billion barrels of oil in place, and an additional 7 trillion cubic feet of gas, at its highest potential.
The leaseholders in question are not a major such as Anadarko Petroleum [NYSE: APC], Noble Energy [NYSE: NBL] or Encana [NYSE: ECA].
Instead, it's a junior resource company seen as pioneers leading the charge in the development of domestic lithium production, through an innovative method of extraction involving petroleum brine water they call "petrolithium".
MGX Minerals (CSE:XMG; OTC:MGXMF) is currently a $68-million company, with one of the largest lithium portfolios in North America. Now with a verified Ryder Scott resource estimate in hand, MGX can add potentially major petroleum player to their company description.