Doomsday101
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Anthony, KAN. (CNNMoney) -- It doesn't feel like we're in Kansas anymore.
Oil rigs are springing up in farmers' fields. "No vacancy" signs hang in the windows of local motels, and a steady stream of trucks barrel through Main Streets. Along the state's southern border, the once-quiet farm towns are quickly transforming into boomtowns.
Hundreds of workers seeking high-paying jobs are flocking to places like Harper County, which had resorted to paying people to live there because of its declining population. Businesses are coming back from the dead and a housing shortage has caused rents to triple.
Oil companies began exploring Southern Kansas over a year ago, seeing enormous potential in the area now that new technologies like horizontal drilling and fracking have made it possible to tap into the oil-rich Mississippian Limestone formation.
SandRidge Energy, which holds the most horizontal drilling permits in Kansas, estimates there are about 15 billion barrels of recoverable oil in this part of Kansas. The company plans to drill 130 wells in the state by the end of the year -- up from 10 last year. And its wells are hitting oil 100% of the time.
http://money.cnn.com/2012/05/23/pf/america-boomtown-kansas/index.htm?source=cnn_bin
Oil rigs are springing up in farmers' fields. "No vacancy" signs hang in the windows of local motels, and a steady stream of trucks barrel through Main Streets. Along the state's southern border, the once-quiet farm towns are quickly transforming into boomtowns.
Hundreds of workers seeking high-paying jobs are flocking to places like Harper County, which had resorted to paying people to live there because of its declining population. Businesses are coming back from the dead and a housing shortage has caused rents to triple.
Oil companies began exploring Southern Kansas over a year ago, seeing enormous potential in the area now that new technologies like horizontal drilling and fracking have made it possible to tap into the oil-rich Mississippian Limestone formation.
SandRidge Energy, which holds the most horizontal drilling permits in Kansas, estimates there are about 15 billion barrels of recoverable oil in this part of Kansas. The company plans to drill 130 wells in the state by the end of the year -- up from 10 last year. And its wells are hitting oil 100% of the time.
http://money.cnn.com/2012/05/23/pf/america-boomtown-kansas/index.htm?source=cnn_bin