U.S. Geological Survey releases new Marcellus shale estimates

A press release from the U.S. Geological Survey reports that previous estimates of the available natural gas reserves in the Marcellus shale were understated.  In 2002, the U.S. Geological Survey estimated that the Marcellus shale contained approximately 2 trillion cubic feet (tcf) of recoverable natural gas and 0.01 billion barrels of recoverable oil.  Current estimates have increased to 84 tcf of recoverable natural gas and 3.4 billion barrels of recoverable oil.  A copy of the report can be found here.  Based upon the U.S. Geological Survey's report, the Energy Information Administration (EIA) indicated that it would be significantly reducing its previous estimate of recoverable oil and gas reserves in the Marcellus shale.