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Oil price collapse cripples Kansas independent producers
Eastern Kansas oil firms face layoffs and shut downs as prices slide from $42 to $7-$8. Pioneer Petroleum and Reusch Oil Service cut staff while Colt Energy says about 200 wells are shut in. Stripper wells under 10 barrels daily dominate a 12.4 billion barrel reserve, with production dropping from 155,000-160,000 to about 136,000 barrels per day. Local engineers and executives warn of ongoing financial strain.
MENTIONED IN THIS ARTICLE
Kansas
George Sell
Sell
Pioneer Petroleum Inc
Ottawa
Miami
Franklin
Bob Reusch
Reusch Oil Service
Franklin County
Powell
Colt Energy Inc
Overland Park
Douglas
Jefferson
Kansas Geological Survey
Lanny Schoeling
Kansas University
Dean Kramer
Kramer
Wellsville
Larry Tenk
Humboldt
U.S
Nancy Kassebaum
Clinton
Derek Schmidt
Kassebaum
Schoeling
Ject