Don't believe a word of it. Crude oil is basically caused by the weight of water on dead fish and plants. And it doesn't matter how much we havn't found, we have used a serious amount of what we have, and we are using it faster than we find it.
"However, oil production from oil sands is currently severely limited. Consumption is currently around 84 million barrels per day, or 3.6 km³ per year. Because of reservoir engineering difficulties, recoverable oil reserves are significantly less than total oil-in-place. At current consumption levels, and assuming that oil will be consumed only from reservoirs, known reserves would be gone around 2039, potentially leading to a global energy crisis. However, this ignores any new discoveries, rapidly increasing consumption in China, India, and other developing nations; using oil sands, using synthetic petroleum, and other factors which may extend or reduce this estimate."