Bakken FormationHow much oil is really in the bakken

Formation

Bakken FormationSo I am going to tell you what I know about

how much oil really is in the big “Bakken Formation.” Well, in the last century the big oil boom has made North Dakota into one of the top four oil producing states.

As the Big and even small companies are running to grab a piece of what’s proving to be one of the nations hottest places for oil and rig count.

Picture of a drillingRig near Lake Sacajawea)

As more big oil spots are found, the rig count is started to climb outrageously.

Drilling Rigs There has been a staggering number of about

135 rigs he has seen in the past years that have blossomed with high counts of oil drilled. (Stephen Lee)

Three Forks and BakkenStephen Lee said he has been talking to a lot

of state geologists who have been doing research on about how much oil is in the three forks

Bakken and Three Forks together holds about 4 billion barrels of oil that can be recovered with “now days” technology.

As Teri puts it, North Dakota is mostly on track for the most part. But if they want to keep bringing it in they have to bring in more than 1 billion dollars in oil extracted and gross production taxes. (David Samson)

North Dakota’s production of barrels-per- day is about 300,000 barrels. (Stephen Lee)

As he was saying a great thing that the Bakken and Three Forks hold a whopping 4 billion barrels of oil its a great number of barrels but its kind of a bad thing if your nation burns up to seven billion barrels of oil per year. (Stephen Lee)

The oil rich shale layer is located two miles under the ground in the Williston basin. The Bakkens location is in a big part of Saskatchewan Canada, Montana, and North Dakota. (Chuck Haga)

In the past 30 years the Bakken formation brought a rounded estimate at about 3,218,538,635 in the whole extraction process.

The bakken formation was founded in 1951, by Amerada Oil Co. on the Clarence Iverson farm near Tioga, North Dakota.

(Old 1951 drilling derrick)

First Oil BoomRight after the first oil was founded in the

Bakken, it set off a big oil boom in five oil booming counties McKenzie, Mountrail, Billings, Bottineau and Burke county.

More oil was found in other counties soon after thefirst boom.

The Bakken formation sparked high oil counts in 2005 as soon as the horizontal drilling production started.

2008 is when the Bakken formation was bringing in “big bucks”. In 2008 the U.S. Geology center was stunned to see how the mass production was  doing in the Bakken and to figure out how much oil they really did think there is in there

There estimates are between 4.3 and 5 million barrels of oil.(Oil Timeline)

New method called horizontal drillingHorizontal drilling is the method where the drill pipe is drilled down so many feet vertically then curved Horizontally.

http://www.northernoil.com/drilling.php

The Bakken compared:- 8-times as much oil as Saudi Arabia- 18-times as much oil as Iraq- 21-times as much oil as Kuwait- 22-times as much oil as Iran- 500-times as much oil as Yemen

Hydraulic Fracturingis a process that results in the creation of

fractures in rocks. The most important industrial use is in stimulating oil and gas wells, where hydraulic fracturing has been used for over 60 to 70 years in more than one million wells. The fracturing is done from a wellbore drilled into reservoir rock formations to increase the rate and ultimate recovery of oil and natural gas.

ConclusionI have just explained to you some of the facts

about the Bakken Formation. I hope that if some of you never have heard of this formation have some what maybe a little bit of an understanding of how this works and when it was founded.