Michael66

Crude Reality: How Long Can Oil Stay Down?

The cost of production for the Bakken oil field in North Dakota is less than $16.00 per barrel.

There is as much recoverable oil in the Bakken field as in all the oil fields in Saudi Arabia. The Bakken oil is the best kind - light sweet crude.

This should certainly put a cap on the price of oil in the US. I think that the maximum sustainable price in the US will be in the $20.00 to $25.00 per barrel range for many years.

Crude Reality: How Long Can Oil Stay Down?

Here is information regarding the Bakken oil formation in North Dakota and Montana. The following is quoted from a web site:

"Dr. Leigh Price estimated that the Bakken formation was capable of generating between 271 and 503 Billion Barrels of oil with an average of 413 BBbls. Dr. Price also re-calculated the data previously presented by Schmoker and Hester (1983) and Webster (1984); the re-calculated values also fall within the range stated above. Price also states that 50% of this oil is recoverable (on average, 200 to 250 billion barrels of recoverable oil)"

The Bakken oil field has about the same amount of recoverable oil as all the oil fields in Saudi Arabia put together. The number of oil wells in the Bakken oil field has more than doubled in the past several years.

Saudi Arabia has producible reserves of 267 billion barrels (Wiki). Bakken has producible reserves of 200 to 250 billion barrels according to Dr. Leigh Price.

There are approximately 800 wells in the Bakken field either in production or drilling at this time.

Dr. Leigh Price's study of the Bakken field is the most thorough. He personally studied the field and then studied all the prior surveys of the field by both private and public entities. His conclusions are considered the most accurate and authoritative. His conclusions are also considered to be very conservative.

dmr.nd.gov/ndgs/Bakken...

grinzo.com/energy/inde.../

www.wealthdaily.com/ar...