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Interview: Brent Phelps, Magna Bures Oil
Phelps describes what drilling is like in the Illinois Basin, compared to the popular shale plays like the Permian and Bakken. He explains how they are able to drill a $75K well and generate substantial returns.
The discussion then transitioned into how people can figure our a way to vet or weed out the “over promoters” in the industry trying to use media and momentum. Education and trust seem to be at the core of understanding how to navigate the long term.
The conversation also covered technology. Like all shale plays, the Illinois Basin has its own set of rules and Phelps explains which technologies work and which ones don’t.
