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Author has a degree in Engineering and is an avid investor in the market. Experience in industrial materials and structures. In college studied atomic & nuclear physics as well as material engineering. Eastern European
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  • USA sitting on Potential 500 Billion Barrels of Oil in Place in Bakken Formation. 0 comments
    Feb 25, 2011 1:00 PM | about stocks: STO, AXAS, NOG, DVN, CLR, WLL, GEOI

    The Bakken Formation is known to be an important source rock for oil in the Williston Basin. The formation typically consists of three members: the upper and lower members, comprising shales, and the middle member, comprising dolomitic siltstone and sandstone. Total organic carbon (TOC) within the shales may be as high as 40%, with estimates of total oil in place across the entire Bakken Formation ranging from 10 to 500 billion barrels. See page 13 of 106 page report.

    While the hydrocarbon resource within the Bakken Formation is tremendous, the Bakken is considered to be an unconventional oil play because it is typically characterized by very low porosity and permeability. Despite its unconventional nature, the significance of oil production from the Bakken Formation in North Dakota and the importance of gaining a greater understanding of the technical issues facing its further development can be demonstrated by the recent growth in oil production activity. The Associated Press announced on October 28, 2009,
    that North Dakota had become the fourth largest producer of oil in the United States, ahead of Louisiana and Oklahoma, with the top three being Texas, Alaska, and California, respectively.

    North Dakota produced 7.5 million barrels (242,000 barrels per day [bpd]) in December 2009, which is more than double the amount in December 2006 at 3.6 million barrels (115,000 bpd).

    Recent forecasts predict production in 2011 to range from 300,000–400,000 bpd and to remain at this level for 10 to 15 years (1). This forecast was raised from a previous forecast of 280,000 bpd and is based on the success of the middle Bakken and Three Forks–Sanish plays, which are both believed to be sourced from Bakken shales.


    (NYSE:WLL) among biggest Bakken Oil Land ownership 580,000 acre's and its still buying more land with its budget. http://www.cnbc.com/id/41781350?__source=yahoo

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