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Oil reserves in THe Dakotas and the West

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Anonymous

Guest
Read this article on oil reserves in the USA



GOGGLE it or follow this link. It will blow your
mind. http://www.usgs.gov/newsroom/article.asp?ID=1911 Do you think this is really true?

The U.S. Geological Service issued a report in
April ('08) that only scientists and oilmen knew was
coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was
in this area of the western 2/3 of North Dakota; western
South Dakota; and extreme eastern Montana .... check THIS
out:

The Bakken is the largest domestic oil discovery
since Alaska's Prudhoe Bay, and has the potential to
eliminate all American dependence on foreign oil. The Energy
Information Administration (EIA) estimates it at 503 billion
barrels. Even if just 10% of the oil is recoverable... at
$107 a barrel, we're looking at a resource base worth
more than $5.3 trillion.

'When I first briefed legislators on this, you
could practically see their jaws hit the floor. They had no
idea.' says Terry Johnson, the Montana Legislature's
financial analyst.

'This sizable find is now the highest-producing
onshore oil field found in the past 56 years,' reports
The Pittsburgh Post Gazette. It's a formation known as
the Williston Basin, but is more commonly referred to as the
'Bakken.' And it stretches from Northern Montana,
through North Dakota and into Canada.. For years, U.S.oil
exploration has been considered a dead end. Even the
'Big Oil' companies gave up searching for major oil
wells decades ago. However, a recent technological
breakthrough has opened up the Bakken's massive
reserves... and we now have access of up to 500 billion
barrels. And because this is light, sweet oil, those
billions of barrels will cost Americans just $16 PER BARREL!

That's enough crude to fully fuel the American
economy for 41 years straight.

2. [And if THAT didn't throw you on the floor,
then this next one should - because it's from TWO YEARS
AGO, people!]

U.S.Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006 Hidden 1,000
feet beneath the surface of the Rocky Mountains lies the
largest untapped oil reserve in the world is more than 2
TRILLION barrels. On August 8, 2005 President Bush
mandated its extraction.

They reported this stunning news: We have more oil
inside our borders, than all the other proven reserves on
earth. Here are the official estimates:

-8-times as much oil as Saudi Arabia
-18-times as much oil a s Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen- and it's all
right here in the

Western United States.

HOW can this BE? HOW can we NOT BE extracting
this!? Because the democrats, environmentalists and left
wing republicans have blocked all efforts to help America
become independent of foreign oil.

James Bartis, lead researcher with the study says
we've got more oil in this very compact area than the
entire Middle East -more than 2 TRILLION barrels. Untapped.
That's more than all the proven oil reserves of crude
oil in the world today, reports The Denver Post.


Don't think 'OPEC' will drop its price
- even with this find? Think again! It's all about the
competitive marketplace, - it has to.
 

jodywy

Well-known member
Talking with some guys today that work in the gas and oil patch..... most for small drilling companies...seems with $55 oil there are alot of rigs getting stacked . break even is too slim.
 

burnt

Well-known member
It appears that there certainly is a lot of oil there but it is hard to get out. The oil companies gave up on it 40 or 50 years ago when it was first discovered. However, the latest technology (horizontal drilling, pressurizing and fracturing the multitudinous tiny capsules in which the oil rests) is making it more recoverable but still rather expensive.

It doesn't look like we are about to run out of oil any time soon! Sheik Abdul may not have quite the clout he once had!
 

cedartop

Active member
one of the oil companies in ND have told me that their expansion projects are being halted on the Bakken. Have told me that thier expansion requires $80 oil to cash flow due to the added cost of recovery in this zone. I was headed their to work and now will not be.
 

TexasBred

Well-known member
cedartop said:
one of the oil companies in ND have told me that their expansion projects are being halted on the Bakken. Have told me that thier expansion requires $80 oil to cash flow due to the added cost of recovery in this zone. I was headed their to work and now will not be.

they were paying some huge lease bonus money up front originally. Bet they try to get those leases "held by production" asap. BUT, at least we know it's there. Technology is constantly improving so eventually it will be very viable to drill. Natural gas in this area goes from $3 to $13 a thousand but the companies just keep drilling so don't be fooled by the $80 figure. That may be a "make a killing" target price rather than a break even price.
 

hypocritexposer

Well-known member
Good for the US, they have now found another "oil reserve" that they will sit on, until it is worthless.

Wait till the enviornmentalists get a hold of this! They will be classifying this "reserve" with Anwar.

Are you guys drilling there yet?
 
A

Anonymous

Guest
hypocritexposer said:
Good for the US, they have now found another "oil reserve" that they will sit on, until it is worthless.

Wait till the enviornmentalists get a hold of this! They will be classifying this "reserve" with Anwar.

Are you guys drilling there yet?

A lot of this oil is under private property and can be drilled. They are some big players in the Williston Basin. Hess is there as well as BP/Ammoco and Exxon/Mobil. I think it will be developed. It just takes time.
 

TexasBred

Well-known member
hypocritexposer said:
Good for the US, they have now found another "oil reserve" that they will sit on, until it is worthless.

Wait till the enviornmentalists get a hold of this! They will be classifying this "reserve" with Anwar.

Are you guys drilling there yet?

I'd kill the last reindeer, bird or ground crawling snake in the country if it would free up drilling. I have a couple of places that are good for one purpose and that's to hold the world together. An oil spill would be a blessing for them. :lol: :lol:
 
A

Anonymous

Guest
hurleyjd said:
hypocritexposer said:
Good for the US, they have now found another "oil reserve" that they will sit on, until it is worthless.

Wait till the enviornmentalists get a hold of this! They will be classifying this "reserve" with Anwar.

Are you guys drilling there yet?

A lot of this oil is under private property and can be drilled. They are some big players in the Williston Basin. Hess is there as well as BP/Ammoco and Exxon/Mobil. I think it will be developed. It just takes time.

Yep- they've had leases on some of ours now for almost 50 years...Drilled one test well back in the 50's (that no one can seem to find any info on now :roll: )- but keep coming back to renew the oil/gas lease...
 
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