Citing IHS data, Continental Resources revealed the Bakken field of North Dakota and Montana reached the milestone of 1 billion bbls of cumulative light, sweet crude oil produced during first quarter of 2014.
Two-thirds of the total was produced in the last three years according to Continental.
Continental is the largest producer, driller and leaseholder in the Bakken field. In 2013, the company's proved reserves stretched to more than 1 Billion boe, with an estimated value of more than $20 billion.
The Bakken is anticipated to continue achieving milestones. In 2014, oil production is expected to reach the 1 million b/d mark, and grow markedly beyond that figure over the next 5 – 6 years.
According to the oil and gas research and consulting firm Wood Mackenzie, the Bakken and Three Forks plays hold close to $118 billion in value. Despite infrastructure concerns, estimates indicate operators will recover more than 20 billion bbls of oil reserves throughout the life of the play.
Read more at clr.com