America's energy boom is reaching epic proportions. Consider the following:
- The US just became the world's no. 1 oil producer, with record-breaking oil production of 11 million barrels/day (bpd).
- North Dakota recently achieved 1 million bpd after growing its oil production 31% annually over the last seven years.
- The Permian Basin is estimated to hold 75 billion barrels of recoverable oil (an estimate that is up 50% in the last year), making it the single largest oil deposit on earth.
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Linn Energy ran into trouble when its Berry Petroleum acquisition ended up costing $600 million more than expected. In addition, Linn Energy was left with 55,000 acres of Permian land afterwards with high drilling costs and high decline rates.