[movermike] movermike: Bakken Formation Survey Is Out

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Posted by movermike:
Bakken Formation Survey Is Out
http://www.movermike.com/posts/1207892942.shtml


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   The very first story I read about the Bakken Formation was in the
   [1]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 â
     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 [2]Instapundit and
   [3]Next Big Future

     Using a geology-based assessment methodology, [4]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 Montanaâs
   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.

   [5]Bakken Formation [6]Oil Reserves [7]Mover Mike

References

   1. http://www.nytimes.com/2008/01/01/us/01dakota.html?pagewanted=2&_r=1&th&emc=th
   2. http://instapundit.com/
   3. http://nextbigfuture.com/2008/04/usgs-bakken-oil-study-released-365.html
   4. http://pubs.usgs.gov/fs/2008/3021/pdf/FS08-3021_508.pdf
   5. http://technorati.com/tag/Bakken+Formation
   6. http://technorati.com/tag/Oil+Reserves
   7. http://technorati.com/tag/Mover+Mike