SalemNews.com, Salem, MA

Nation/World

February 28, 2014

Shale brings high hopes in Mississippi, Louisiana

(Continued)

Louisiana State University scientists estimate the formation holds 7 billion barrels of oil, though that total isn’t proven yet. Most of it is a light, sweet crude that can be sold to refiners for more than $100 a barrel. By comparison, the federal government estimates that the U.S. has about 40 billion barrels of proved oil reserves.

Still, the exploration isn’t without financial risks because of the tricky nature of the rock that holds the oil. Goodrich’s stock took a big dive Feb. 20 when it announced results that failed to meet analysts’ expectations. One key issue was a troublesome well Goodrich drilled elsewhere in Amite County that initially produced a disappointing 500 barrels per day.

For the region’s economy, though, the drilling has already provided a much-needed infusion, even if it’s not an all-out boom yet.

Heavily wooded with only a handful of small towns, Amite County has relied on forestry in recent decades. But Georgia-Pacific LLC closed a plywood mill in Gloster in 2009. Combined with other business closures, Chancery Clerk Ronnie Taylor said Amite County lost as many as 850 jobs. The county’s 4,600 workers had an 8.7 percent unemployment rate in December, higher than Mississippi’s average. Here and there, pastures are reminders of the county’s fading dairy industry.

Bernell McGehee, an accountant in Liberty, said his family leased some forestland south of town to Encana for a $300-an-acre one-time payment. He stands to earn more in royalties if the land produces oil.

“Any debts we’ve had, we’ve pretty much been able to get rid of,” he said.

McGehee is a partner in the Ward’s restaurant in Liberty, Amite County’s only fast-food franchise. He said sales have gone up about 10 percent over the last year, enough to persuade the owners to buy a small lot to add more parking.

Text Only | Photo Reprints
Nation/World

Local News
  • Ipswich selectmen act to stop clam raiders IPSWICH -- The Southwest is not the only border under siege. Ipswich is taking emergency action to deal with clammers coming across the Essex and Gloucester border on Sundays to harvest on the richest clamming beach in Ipswich. It's not as serious, o

    July 22, 2014

  • Scuba diver identified

    The district attorney's office has identified the man who died Tuesday in an apparent drowning while scuba diving approximately 2 miles off of Marblehead Harbor. He is Gregory Cole, 58, of Westfield.

    Foul play is not suspected.  The medical examiner will conduct an autopsy to determine the cause and manner of death.  The facts and circumstances leading up to his death remain under investigation.

    July 23, 2014

  • New Brimbal Avenue design to be presented Thursday

    BEVERLY -- Residents will get their first chance to weigh in on the new design proposal for the Brimbal Avenue/Route 128 interchange on Thursday. City and state officials, along with designer Jacobs Engineering, will host a community meeting Thursday

    July 22, 2014 6 Stories

  • Bail set at $250K for teacher slaying suspect

    July 23, 2014

  • Marblehead diver rescue 2 Body of diver recovered off Marblehead

    State Police divers found the body of a 59-year-old man in the waters off Marblehead at 2:30 p.m. Tuesday, according to state police.

    July 22, 2014 2 Photos 1 Story