EOG Sees Rocky Mountains as Next Hot North America Oil Field

EOG Resources Inc., the shale driller that helped discover the prolific Eagle Ford formation in South Texas, has identified the Rocky Mountains as the next great opportunity in North American oil.

Known for quietly building up positions in areas before their potential is widely recognized, the Houston-based company said in a statement yesterday that its land in Colorado and Wyoming may hold the equivalent of 400 million barrels of oil. EOG rose 4.4 percent to $103.63 at the close in New York, leading the Standard & Poor’s 500 Index. Anadarko Petroleum Corp., another major producer in the region, gained 3.3 percent.