Oil reserves revised upward in Bakken Oil Formation

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BILLINGS - "It's the largest field found in the world in 40 years," said the CEO of Continental Resources, Harold Hamm. He said he is confident in the oil production of the Bakken Oil Formation in Eastern Montana and Western North Dakota.

"This is the largest field ever found in America ever," Hamm said. "It's bigger than Prudhoe Bay. Our estimate is that it holds 24 billion barrels recoverable, and we think that's a conservative number. We think that will prove to be on the low side of what we really do get out of it."

In 2008, the U.S. Geological Survey estimated the Bakken formation could have up to 4.3 billion barrels of recoverable oil. But they've sent a team of geologists and geochemists back to the Bakken to study rock samples from previous drillings. They normally reassess oil formations after about 10 years, but the Bakken isn't a typical oil formation.

Officials with the USGS said Bakken oil is a light, sweet crude of high quality. It is commonly used for processing into gasoline. It is in high demand, particularly in the industrialized nations.

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