The president and CEO of North American Drilling Corporation, Larry M. Koonce, has announced a new discovery of crude oil after drilling a well almost a mile into the earth near the town of Veribest, Texas, USA. The company is presently attempting to complete the well and place it into production for the crude oil market in the United States. Production rates are not yet available, but the company remains optimistic as initial testing revealed high concentrations of crude oil in the oil to water ratios and the added presence of natural gas.
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