Oil tycoon Emmanuel Fritz Paret acquires 150 wells, 140 MMboe in Kentucky reserve deal

(WO) — Haitian-American oil tycoon Emmanuel Fritz Paret, CEO of Paret Mining LLC, has acquired a 10,000-acre oil reserve in Bowling Green, Kentucky. The acquisition includes 150 wells and an estimated 140 MMboe, significantly strengthening Paret Mining LLC’s position in the U.S. oil sector.

The deal also encompasses a 100-mile natural gas pipeline, which is crucial for supplying natural gas to Kentucky's aluminum industry, ensuring a steady energy flow.

Paret Mining LLC plans to continue exploring and extracting both light and heavy oil from the newly acquired property. The company will also mine limestone and calcium aggregate, targeting over 85,000 metric tons per month.

Paret is focusing on stimulating the local economy by surveying more than 300 new drilling locations, which will target untapped oil zones at depths of around 3,000 ft. The U.S. Geological Survey estimates these formations could hold over 1 Bboe.