- Thu, Mar 6, 2014
Newfield Bakken Production Increases 40%, Exceed’s 2013 Estimates
- Mon, Mar 3, 2014
Nearly Half of Halcon 2014 Budget Targeting Bakken – ~$475 Million
- Fri, Feb 28, 2014
Bakken Rig Count – 175 – EOG Resources Plans to Double Bakken Activity in 2014
- Thu, Feb 27, 2014
Whiting Hits Record Production in the Fourth-Quarter of 2013
- Wed, Feb 26, 2014
QEP Bakken Production Increases in Q4 2013, Despite Adverse Weather Conditions
- Tue, Feb 25, 2014
EOG Resources Nearly Doubling Bakken Activity in 2014
- Mon, Feb 24, 2014
Enerplus Capital Budget in Bakken – $304 Million – 2014
The Bakken Shale ranks as one of the largest oil developments in the U.S. in the past 40 years. The play has single-handedly driven North Dakota’s oil production to levels four times higher than previous peaks in the 1980s. As of 2012, ND is second to Texas in terms of oil production and boasts the lowest unemployment rate in the country at ~3%.
The Bakken Shale Play is located in Eastern Montana and Western North Dakota, as well as parts of Saskatchewan and Manitoba in the Williston Basin. Oil was initially discovered in the Bakken play in 1951, but was not commercial on a large scale until the past ten years. The advent of modern horizontal drilling and hydraulic fracturing helps make Bakken oil production economic. The U.S. Geological Survey has estimated the Bakken Shale Formation could yield 4.3 billion barrels of oil and estimates from Continental Resources stretch as high as 40 billion barrels.
The name “Bakken” originates from a North Dakota farmer, Henry Bakken, who owned the land where the first well encountered the Bakken formation.
Bakken Shale Geology
The Bakken Shale is a rock formation that was deposited in the late Devonian, early Mississippian age. The formation consists of three layers: an upper shale layer, middle dolomite, and a lower layer of shale. The shale layers are petroleum source rocks as well as seals for the layer known as the Three Forks (dolomite) or Sanish (sands) formations.
A 2008 USGS study pegged recoverable reserves at approximately 4 billion barrels and a 2010 NDIC study estimates the underlying Three Forks formation could yield an additional 2 billion barrels. Both estimates are likely conservative. The Bakken is estimated to hold as much as 400 billion barrels of oil equivalent in place. Four billion barrels only represents 1% of the oil estimated to be in place, while current recovery estimates range from 3-10%. Continental Resources has publicly expressed beliefs the Bakken will yield anywhere from 24-40 billion barrels. If you’d like to read more, visit our Bakken Geology page for additional information.
Bakken Shale Companies