The Permian Basin is classified as a sedimentary basin mostly located in Western Texas and also the SE part of New Mexico. The basin is roughly 250 miles wide and 300 miles long. The Permian is named such as it is one of the thickest deposits of rock from the Permian Geologic Period. Some of the producing formations in the area include the Yates, San Andres, Spraberry, Wolfcamp, Yeso, Bone Spring and many more. The basin has already produced more than 75 Trillion cubic feet of natural gas, and 29 billion barrels of oil. Currently the Spraberry/Wolfcamp field located in the Basin is estimated at 50 billion barrles of oil. This is almost twice the estimated reserves in the Eagle Ford. The USGS anlaysis indicates that there is signigicant remaining potential for additions to oil reserves in the 18 Permian Basin oil fields evalutated in 2012. The RRC or Railroad Commission of Texas is in charge of oversight of the oil industry in Texas. Originally established in 1891 to regulate the rail industry it is one of the oldest regulatory agencies in the country.

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