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Huge Gulf oil discovery a big deal for Dallas' Venari Resources

Dallas Business Journal -- Dallas-based Venari Resources LLC announced a major oil discovery this week in the Gulf of Mexico that could be one of the largest ever found, according to Brian Reinsborough, the company’s CEO and President.

Also, today, the 10-month-old company won an auction for 15 additional offshore lease blocks, each consisting of nine square miles. That means more offshore drilling will be coming soon.

The news is "solidifying Venari’s place" as a deepwater driller and as a sustainable oil company. The company has 30 employees but is looking to hire more.

The Shenandoah well goes more than 31,000 feet down, including 5,800 feet of water, to reach 1,000 feet of oil-saturated rock, Reinsborough said.

"To have this type of discovery this early in our business plan is remarkable," he said.

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Submitted Mar 21, 2013 By: bar1035

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snerd All-Star Author Pennsylvania Posts:935 Points:654,500 Joined:May 2005	Message Posted: Mar 22, 2013 11:58:26 PM Ignore snerd Report Abuse Ok
clermont40miles Champion Author Cincinnati Posts:10,569 Points:1,771,920 Joined:Apr 2008	Message Posted: Mar 21, 2013 10:21:35 PM Ignore clermont40miles Report Abuse Small company. I hope they have the resources needed for a very expensive endeavor. I wish them well and thank them for investing. It will be a while before they are actually producing and getting a return on their investment.
AKmailman Champion Author Alaska Posts:5,633 Points:1,557,565 Joined:Jul 2004	Message Posted: Mar 21, 2013 10:13:32 PM Ignore AKmailman Report Abuse Another "Deepwater Horizon" disaster in the making
weenoo215 Veteran Author Illinois Posts:372 Points:40,870 Joined:Jan 2013	Message Posted: Mar 21, 2013 10:13:05 PM Ignore weenoo215 Report Abuse Good for them
snerd All-Star Author Pennsylvania Posts:935 Points:654,500 Joined:May 2005	Message Posted: Mar 21, 2013 9:59:15 PM Ignore snerd Report Abuse Ok
weenerdog Champion Author Detroit Posts:9,461 Points:1,884,890 Joined:Jan 2008	Message Posted: Mar 21, 2013 9:57:25 PM Ignore weenerdog Report Abuse it will be a long time
nimpy Champion Author Indianapolis Posts:8,135 Points:1,701,105 Joined:Oct 2007	Message Posted: Mar 21, 2013 9:55:54 PM Ignore nimpy Report Abuse It will not bring the price of gas down, they will export it
paulweb All-Star Author Ohio Posts:806 Points:354,920 Joined:May 2011	Message Posted: Mar 21, 2013 9:54:50 PM Ignore paulweb Report Abuse Don't get too excited...it will be MANY years before this makes any difference at the pumps.
OGW Champion Author London Posts:5,324 Points:1,531,150 Joined:Sep 2005	Message Posted: Mar 21, 2013 9:47:27 PM Ignore OGW Report Abuse Letting any company drill for oil in the sea beds is a big mistake!
goodbuy Champion Author Michigan Posts:7,668 Points:1,422,580 Joined:May 2005	Message Posted: Mar 21, 2013 9:47:15 PM Ignore goodbuy Report Abuse Good. We will just sell it to other countries anyway.
Elaine4411 Champion Author Pennsylvania Posts:1,648 Points:463,340 Joined:Dec 2011	Message Posted: Mar 21, 2013 9:46:27 PM Ignore Elaine4411 Report Abuse Hopefully, this will be a contributing factor in helping to lower the prices at the pump.
Buffalo Joe Champion Author Alberta Posts:8,596 Points:2,508,875 Joined:Feb 2003	Message Posted: Mar 21, 2013 9:41:57 PM Ignore Buffalo Joe Report Abuse More $$$.
MRHONEST Champion Author Illinois Posts:2,212 Points:1,675,680 Joined:May 2007	Message Posted: Mar 21, 2013 9:41:48 PM Ignore MRHONEST Report Abuse SWEET
bevmill Champion Author Georgia Posts:2,577 Points:600,320 Joined:Apr 2006	Message Posted: Mar 21, 2013 9:28:06 PM Ignore bevmill Report Abuse Go for it.
ClassicWheeler All-Star Author Montgomery Posts:655 Points:308,875 Joined:Apr 2012	Message Posted: Mar 21, 2013 9:20:59 PM Ignore ClassicWheeler Report Abuse Dallas; Oil! What a combination! Now that is what American oil is!
Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Mar 21, 2013 9:20:53 PM Ignore Gas4Gore Report Abuse Go for it, make it happen.
Beaveronparade Champion Author Hartford Posts:2,105 Points:635,050 Joined:Mar 2011	Message Posted: Mar 21, 2013 9:20:25 PM Ignore Beaveronparade Report Abuse This does sound great for them. The question I have is will it change (as in lower) the price we pay at the pump?
MJIOWA Champion Author Iowa Posts:4,818 Points:1,076,970 Joined:Nov 2009	Message Posted: Mar 21, 2013 9:17:55 PM Ignore MJIOWA Report Abuse drill and pump
tclbbs All-Star Author Columbus Posts:649 Points:1,091,055 Joined:Jan 2002	Message Posted: Mar 21, 2013 9:17:43 PM Ignore tclbbs Report Abuse I'll give kudos when the price at the pump is under $2.50 again!!
ESCORT6768 Champion Author Iowa Posts:1,067 Points:610,065 Joined:Sep 2005	Message Posted: Mar 21, 2013 9:16:28 PM Ignore ESCORT6768 Report Abuse Good.
JeffersonState All-Star Author Oregon Posts:644 Points:155,550 Joined:Dec 2012	Message Posted: Mar 21, 2013 9:15:56 PM Ignore JeffersonState Report Abuse Right, a big deal for the oil barons but probably not a big deal for the people of North America.
swrestler Champion Author Grand Rapids Posts:6,135 Points:1,571,075 Joined:Oct 2008	Message Posted: Mar 21, 2013 9:15:26 PM Ignore swrestler Report Abuse Good For Them, But It Will Not Help Gas Prices...
billwho All-Star Author El Paso Posts:518 Points:251,995 Joined:Jan 2010	Message Posted: Mar 21, 2013 9:12:45 PM Ignore billwho Report Abuse I hope to live long enough to see this one happen.
alkarn Champion Author Riverside Posts:1,129 Points:245,125 Joined:Jul 2012	Message Posted: Mar 21, 2013 9:12:02 PM Ignore alkarn Report Abuse Bring it on home, baby.
grt197 All-Star Author Illinois Posts:573 Points:125,585 Joined:Jan 2013	Message Posted: Mar 21, 2013 9:10:02 PM Ignore grt197 Report Abuse ok
ldiggy All-Star Author Wilmington Posts:773 Points:288,660 Joined:Apr 2012	Message Posted: Mar 21, 2013 9:09:18 PM Ignore ldiggy Report Abuse Cool.
Fedorov91 Champion Author Tampa Posts:1,465 Points:880,085 Joined:Oct 2008	Message Posted: Mar 21, 2013 9:08:29 PM Ignore Fedorov91 Report Abuse sweet
ddor All-Star Author Michigan Posts:976 Points:238,595 Joined:Aug 2012	Message Posted: Mar 21, 2013 9:07:33 PM Ignore ddor Report Abuse Ok
Tomeboy Champion Author Twin Cities Posts:3,769 Points:559,665 Joined:Apr 2009	Message Posted: Mar 21, 2013 9:02:34 PM Ignore Tomeboy Report Abuse Liquid Black Gold [Edited by: Tomeboy at 3/21/2013 9:04:22 PM EST]
NO_SWEAT Champion Author Toronto Posts:4,340 Points:1,078,940 Joined:Jul 2008	Message Posted: Mar 21, 2013 9:02:12 PM Ignore NO_SWEAT Report Abuse Good.
texasvet Champion Author Texas Posts:3,828 Points:360,445 Joined:Jul 2009	Message Posted: Mar 21, 2013 9:00:03 PM Ignore texasvet Report Abuse Proving once again there's no shortage of oil, there's a shortage of brains on the left.
Tomeboy Champion Author Twin Cities Posts:3,769 Points:559,665 Joined:Apr 2009	Message Posted: Mar 21, 2013 9:00:00 PM Ignore Tomeboy Report Abuse Offshore drilling in the Gulf of Mexico slowed down after the British Petroleum disaster in April 2010... but is * more active now * than it was when the well explosion occurred.
prassu2012 All-Star Author Illinois Posts:676 Points:147,945 Joined:Dec 2012	Message Posted: Mar 21, 2013 8:58:09 PM Ignore prassu2012 Report Abuse ok
bababooey2 Champion Author Hartford Posts:6,347 Points:1,302,615 Joined:Sep 2009	Message Posted: Mar 21, 2013 8:55:18 PM Ignore bababooey2 Report Abuse Obama will send it over sea ASAP.
walkingtall Champion Author Toronto Posts:3,994 Points:1,120,705 Joined:Nov 2004	Message Posted: Mar 21, 2013 8:52:22 PM Ignore walkingtall Report Abuse Huge gulf oil discovery a big deal for Dallas'Venari Resources and gas prices still wouldn't go down.
Tomeboy Champion Author Twin Cities Posts:3,769 Points:559,665 Joined:Apr 2009	Message Posted: Mar 21, 2013 8:49:57 PM Ignore Tomeboy Report Abuse Message Posted By WillyG: Mar 21, 2013 2:39:09 PM Again, . . . I doubt that'll make a bit of a positive difference for the regular folk at the pump. Rich getting richer. ===================== Reply: I agree with you WillyG Venari's money making partners include Anadarko Petroleum Corp., ConocoPhillips, Cobalt International Energy, Marathon Oil Corp. and Chevron Corp. You know where most of that money making oil will end up going to... China and India. The rest will go to the other countries around the world consuming more and more oil products.
ProRogue Veteran Author Vancouver Posts:382 Points:1,085,990 Joined:Dec 2008	Message Posted: Mar 21, 2013 8:49:57 PM Ignore ProRogue Report Abuse What WIWalt said.
WIPACKERFAN Champion Author Chicago Posts:8,804 Points:1,843,450 Joined:Aug 2005	Message Posted: Mar 21, 2013 8:44:16 PM Ignore WIPACKERFAN Report Abuse Get it out of the ground.
WIWalt Champion Author Wisconsin Posts:1,726 Points:415,545 Joined:Mar 2012	Message Posted: Mar 21, 2013 8:41:51 PM Ignore WIWalt Report Abuse Gas prices still won't go down.
bearzz Champion Author California Posts:1,427 Points:418,695 Joined:Mar 2011	Message Posted: Mar 21, 2013 8:37:50 PM Ignore bearzz Report Abuse OK with me . . . drill baby drill!!!!!!!
DrLyon Champion Author Michigan Posts:6,650 Points:1,211,830 Joined:May 2006	Message Posted: Mar 21, 2013 8:36:31 PM Ignore DrLyon Report Abuse Good...
knot2swift Champion Author Calgary Posts:4,384 Points:697,000 Joined:Nov 2009	Message Posted: Mar 21, 2013 8:36:19 PM Ignore knot2swift Report Abuse I tend to worry about off shore oil. I'd rather drill on land where major screw ups are easy deal with. Unfortunately, I do not run the world.
midnightsdc Champion Author Ontario Posts:2,304 Points:1,484,290 Joined:Jan 2007	Message Posted: Mar 21, 2013 8:35:50 PM Ignore midnightsdc Report Abuse Good for them...but still will be sold on the open market.
Gtownhog Sophomore Author Memphis Posts:247 Points:202,715 Joined:Apr 2012	Message Posted: Mar 21, 2013 8:34:03 PM Ignore Gtownhog Report Abuse If only the politicians would get out of the way..... we could have $2.50 gas....
WEB0153 All-Star Author Maryland Posts:799 Points:156,025 Joined:Dec 2012	Message Posted: Mar 21, 2013 8:33:48 PM Ignore WEB0153 Report Abuse ok
AnObserver Champion Author New Jersey Posts:8,354 Points:2,257,780 Joined:Sep 2005	Message Posted: Mar 21, 2013 8:32:47 PM Ignore AnObserver Report Abuse Very deep, very far out - I hope they don't use BP as run their drilling
darkknight1 Champion Author Winston-Salem Posts:4,335 Points:895,835 Joined:Nov 2010	Message Posted: Mar 21, 2013 8:32:22 PM Ignore darkknight1 Report Abuse shouldn't this "good" news bring the price of crude down and gas prices? Oh, I'm sorry, I'm dreaming again!
truckguy115 Champion Author Orange County Posts:1,632 Points:221,225 Joined:Apr 2008	Message Posted: Mar 21, 2013 8:31:22 PM Ignore truckguy115 Report Abuse gas prices still won't go down.
livedream Champion Author Michigan Posts:3,680 Points:754,835 Joined:Mar 2011	Message Posted: Mar 21, 2013 8:31:16 PM Ignore livedream Report Abuse Good news like this should bring gas prices down -- Just the reverse -- Any time there is bad weather in the Gulf, prices go up in an instant! Sure would be nice if good news had a beneficial effect for consumers at the gas pumps.
ExplorerWA Champion Author Washington Posts:4,083 Points:797,250 Joined:Feb 2011	Message Posted: Mar 21, 2013 8:26:43 PM Ignore ExplorerWA Report Abuse More should bring lower pump prices.