[mondoreb]

In a place called Richland County, Montana - a HUGE oil field promises 503 barrels of sweet crude in a place where more millionaires are being created per capita than anywhere else in America.

Which puts it in the "uninteresting" category for the MSM right now.

[the invisib1e hand]

somebody’s gonna discover trillion barrel field about 8 miles down one of these days.

[the invisib1e hand]

I’d feel better about this if something other than Newsmax carried it.

[dadgum]

So, how will the enviroweenies kill this? Oh, yeah, carbon tax.

[rellimpank]

-- However, a recent technological breakthrough has opened up the Bakken's massive reserves--

--I'd like to know more about this--

[stboz]

Bad case of dumbass here.

Only 4 billion barrels...not 400 billion.

[Signalman]

The Dems will come up with a bill to stop any drilling in MT. They just love us being dependent on the A-Rabs.

[Fox_Mulder77]

When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.

Yeah, my jaw hit the floor as well. Back when I heard about it a few weeks ago!

[patton]

Your info is about 40 years out of date.

[Michael.SF.]

The Bakken oil formation is not a "New" discovery, it has been known since the 50's, was given a serious look at in '80's and had over 300 oil wells (in N.D.) in 2006.

Newsmax is not the most reliable source for info.

[jsh3180]

I first heard about this Baaken field about 2 months ago. The other posters above are correct in saying that the new method of horizontal drilling is making this oil accesible, but it’s been known about for 50 years.

I did quite a bit of homework on what companies were involved in drilling there and bought stock in what I considered the 4 best plays there. I bought BEXP, NOG, KOG and TEC, all of which trade in the US on the AMEX. It’s been pretty close to a home run play in a short amount of time. I’ve taken down a lot of profit and am still holding a smaller core position. It’s unclear to me at this time how much of this is pure hype or pump and dump on these stocks and what the eventual outcome will be.

The estimates of a potential 400 billion barrels are reliable, what’s not reliable is how much of that is economically feasible to extract.

[NewJerseyJoe]

http://www.movermike.com/posts/1207892942.shtml

Bakken Formation Survey Is Out

 

The very first story I read about the Bakken Formation was in the NYTimes of January 1. 2008:

Estimates have ranged wildly, said Julie LeFever, a geologist with the North Dakota Geological Survey, but many scientists suspect that the Bakken may contain 200 billion barrels of oil — significantly more, for instance, than the much debated field in the Arctic National Wildlife Refuge. Still more in doubt, though, is how much trapped oil can be recovered. (emphasis added)

200 Billion barrels of oil! That caught my attention.

Then the Dakota Voice wrote on April 6, 2008:

The US Geological Survey is about to release a new report on the Bakken Formation, an oil deposit that spans areas of North and South Dakota and parts of Montana. The report will specify accurate assessments of the oil reserve that is currently estimated to contain up to 500 billion barrels of recoverable oil. If true, this will expand the known oil reserves of the U.S. up to ten times the known capacity to date. (emphasis added)

Well, the report from the USGS is out, hat tip to Instapundit and Next Big Future

Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota. (emphasis added)

3.65 Billion barrels is a far cry from 500 billion barrels, but it does increase our proved reserves from 42 billion barrels to 45 billion barrels a 6.7% increase. Some may find the USGS report extremely disappointing. However, The USGS press release of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation is 25 Times More Than 1995 Estimate. As more wells are drilled with the new technology available, expect to see estimates move much higher.

[Waco]

A breakthrough in battery design will make oil only used for lubrication.

[upsdriver]

Does anyone else share my theory that the Earth is still creating oil?

[Rebelbase]

“a HUGE oil field promises 503 barrels of sweet crude”

Not anything to write home about.

OK, I know it’s a typo!

[JerseyHighlander]

The numbers in this “report” are wrong.

[RatRipper]

Quick . . .let’s elect the RATS to office so they can make it a national monument and off-limits to drilling.

[popdonnelly]

It’s bad news for environmentalists, who loathe oil and have way too much influence in Washington.

[Extremely Extreme Extremist]

BUMP

[Grizzled Bear]

...a recent technological breakthrough has opened up the Bakken's massive reserves... and we now have access of up to 500 billion barrels.