"Caelus Energy said it’s made a major oil discovery on the North Slope, at Smith Bay. The company estimates the oil under its current state leases at 6 billion barrels and says as much as 10 billion may lie under the shallow bay.
“It’s going to be a massive development,” Caelus CEO Jim Musselman said. “Very important for the state of the Alaska, and it’s going to create, you know, thousands of jobs.”
Musselman said two wells drilled this year, sidewall cores and 3D seismic work suggest a large reservoir of light oil in good rock."