Located in the heart of West Texas, the nearest major city is a four-hour drive away. This town is about as close to the 'middle of nowhere' as it gets. Yet Midland could be sitting on the largest oil discovery in American history.
Thanks to new technologies like horizontal drilling and hydraulic fracturing, millions of barrels of previously unrecoverable oil are now being pulled up from the nearby Permian Basin.
One company has been quietly buying up tracts of land in this area since the 1980's. And the firm's prospects are so exciting that billionaire hedge fund manager George Soros owns a $200 million stake in the firm. Other smart money operators like Stanley Druckenmiller and John Paulson are pouring money into the stock as well.
I'm talking, of course, about Pioneer Natural Resources (NYSE: PXD ) .
George Soros owns 964,000 shares of this stock
For those of you unfamiliar with this name, Pioneer is one of the country's largest independent oil and gas companies. The firm was the first non-integrated player to produce oil from Alaska's North Slope. Today, the company boasts a great set of high-quality assets in the Eagle Ford, Barnett Shale, and other fields.
But it's the company's assets in the West Texas Spraberry Wolfcamp that are really impressive. For instance...
Source @ The Motley Fool
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