Teapot Dome is about 30 miles north of Casper.
The 9,500-acre oil field, which produced 28 million barrels, still has 300 million barrels of oil in place, said Meagher Energy President Matt Meagher.
"Of course, not all that is recoverable," he said. "It is a good candidate for enhanced oil recovery."
Operators probably would pump carbon dioxide gas into the field to boost production.
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