At the present cost of crude oil, reserves in the vicinity of the Wolverine oil strike in south central Utah could be worth $5 billion, a legislative committee learned Wednesday.

Nobody is certain how big the field might be, state experts reported to the Natural Resources, Agriculture and Environment Interim Committee. But two wells are producing — one started pumping in March 2004, the other in November — and together they extract 1,500 barrels of oil per day, worth $75,000.

"Neither well has shown a decrease in production or a decline at this point," said John Baza, director of the Utah Division of Oil, Gas and Mining. A decline is needed in order to calculate the overall size of an oil field. The wells are are beside U-24, between Sigurd, Sevier County, and Loa, Wayne County.

"It's hard to predict how long these wells will last," he said. "They're producing from a geologic area that is not known for producing in the past."

Baza passed committee members a bottle containing a sample of the oil, which he said was a very light crude having nearly "the characteristics of gasoline or kerosene . . . considered a very good quality crude oil."

Refiners pay a premium on oil of that quality, he said. The production is being trucked to refineries in Salt Lake City and in southeastern Utah.

The discoverer, Wolverine Oil & Gas Corp., has nine other wells at various stages of the approval or drilling process.

And that may be just the start.

Thomas Chidsey, senior geologist and petroleum section chief for the Utah Geological Survey, said there is a potential for new oil fields to be discovered because of this find. The field is likely the largest oil drilling discovery in Utah in 25 years, and possibly one of the biggest in the lower 48 states in that period, he said.

Operators have said this could be a 100-million-barrel field, he said. At the cost of $50 a barrel, that works out to $5 billion worth of oil.

The Pineview field east of Coalville, dating to about 1975, produced over 35 million barrels, he said. It helped indicate the location of new fields in Wyoming.

Chidsey cautioned that while experts believe all the right conditions are present in the Sevier County region, they may not be. Sometimes a discovery turns out to be a "one-field wonder . . . This could happen," he said.

Although at least 25 wells were drilled in the vicinity before the Wolverine strike, the state believes the discovery has "huge potential," he added. Now that the needed conditions are better understood, the chances of discovering new sources are much better.