Oil reserves grow in Colorado, across the U.S.

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Oil pump silhouette at night.

Cathy Proctor

Reporter- Denver Business Journal

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Colorado's growth in crude oil reserves ranked third behind North Dakota and Texas in the latest survey of the amount of oil buried in fields across the United States, according to the U.S. Energy Information Administration.

Nationally, crude oil reserves — oil that can be pumped from the ground under current economic conditions using existing technology — grew by 9 percent, or 3.1 billion barrels, in 2013 compared to 2012, the federal agency said.

It's the fifth year in a row the U.S. oil reserves have grown, the EIA said, evidence that the proliferation of horizontal drilling and hydraulic fracturing has boosted the amount of oil and natural gas energy companies can access.

Natural gas reserves grew by 10 percent, to a record level of 354 trillion cubic feet, according to the report.

Colorado had the third-largest increase in proved reserves of crude oil, with the state adding 411 million barrels.

North Dakota ranked first in growth, adding 1.9 billion barrels; Texas ranked second in growth, adding 903 million barrels, the EIA said.

Cathy Proctor covers energy, the environment and transportation for the Denver Business Journal and edits the weekly "Energy Inc." newsletter. Phone: 303-803-9233. Subscribe to the Energy Inc. newsletter

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