| Oil Activity in North Dakota |
The U.S. Geological Survey announced Tuesday that the Bakken and Three Forks Formations in North Dakota, South Dakota and Montana have about 7.4 billion barrels of undiscovered, technically recoverable oil.
The upper end of the estimate is 11.4 billion barrels, said Sen. John Hoeven, R-N.D., who had pressed for the new assessment.
The assessment of both formations, the largest unconventional oil resource the agency has ever assessed, is more than twice the previous estimate of 3.65 billion barrels for just the Bakken Formation which as identified in a 2008 assessment.
Technically recoverable oil resources are those producible using currently available technology and industry practices.
The U.S. Geological Survey's new report found that the Bakken Formation has an estimated 3.65 billion barrels of oil and the Three Forks Formation about 3.73 billion barrels for a total of 7.38 billion barrels.
In addition to oil, the two formations are believed to contain 6.7 trillion cubic feet of undiscovered, technically recoverable natural gas and 0.53 billion barrels of undiscovered, technically recoverable natural gas liquids. http://www.minotdailynews.com/page/content.detail/id/575125/N-D--oil-formations-potential-much-higher.html?nav=5010
And the good news is most, if not all of the oil and gas are on private land, not U.S. government land, where the Obama administration can screw it up.
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