I invest in gulf shallow to medium deep oil, and yes, you have to be very very careful. I put money into particular wells with verifiable drilling and exploitation schedules entering the market via a limited partnerships. The crude is overwhelmingly light sweet. Enough is now known that statistics guide quite accurately for any given formation, but you can always have a string of bad luck and dry holes. Much worse is the uncertainty of the market and of regulations, however both of those look good these days as Hubbel's predictions still seem true and the USA is extremely eager to escape dependency on imports. My investments were somewhat helped by the BP blowout as I lucked out on having nothing scheduled during the shut down year and the shut down made it cheaper to tie new finds into existing infrastructure.david fb
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