LEXINGTON, Ky., Aug. 23, 2024 /PRNewswire/ — In a landmark acquisition, Haitian-American oil tycoon and mining baron Emmanuel Fritz Paret, CEO and owner of Paret Mining LLC, has solidified his company’s position as a dominant force in the U.S. oil and gas sector. Paret Mining LLC has acquired a vast 10,000-acre oil reserve in Bowling Green Kentucky, which includes 150 oil and natural gas wells with an estimated reserve of 140 million barrels of oil.
Paret Mining LLC, known for its strategic and ambitious ventures, now holds one of the most substantial oil reserves in the region. This acquisition not only reinforces the company’s leadership in the oil and gas industry but also highlights Emmanuel Fritz Paret’s visionary leadership and dedication to energy security and innovation.
The Kentucky reserve acquisition also includes a 100-mile natural gas pipeline, a critical infrastructure asset that supplies natural gas to Kentucky’s aluminum industry. This pipeline ensures a steady and reliable flow of natural gas, supporting industrial operations and contributing to the state’s economic vitality.
Emmanuel Fritz Paret has unveiled a comprehensive plan for the newly acquired property, emphasizing the continued exploration and extraction of both light and heavy oil resources. Paret Mining LLC is poised to expand its natural gas extraction capabilities, further enhancing energy accessibility and reliability for local communities in Bowling Green, Kentucky.
In addition to oil and gas, Paret Mining LLC plans to mine and supply limestone and calcium aggregate from their Kentucky properties, with an initial target of over 85,000 metric tons per month. This venture will support various construction and industrial applications, showcasing the company’s diversified approach to resource management and its commitment to utilizing local resources for broader economic benefits.
Emmanuel Fritz Paret is also focused on stimulating the local economy in Bowling Green, Kentucky, as he continues to survey more than 300 new drilling locations on his properties. These new wells will test the untapped oil- producing zones laying 3,000 feet deep. Until now, the virgin oil field has only produced oil at depths of less than 1,500 feet. The U.S. Geological Survey estimates that these formations may hold over 1 billion barrels of untapped oil.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wealthy-haitian-american-businessman-acquires-strategic-us-oil-and-natural-gas-reserve-302229773.html
SOURCE Paret Mining LLC
Featured Image: Megapixl @ Danemo
