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wickowick 
LSU Fan
Head of Island
Member since Dec 2006
12835 posts
 Online
| Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 9:51 am)
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Looks like they have more oil than they thought up there in them tharn hills ...
quote:
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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theOG 
Oklahoma Fan
Member since Feb 2010
3160 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 10:48 am to wickowick)
how can i make money on this?
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
47488 posts
Online
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 10:56 am to theOG)
quote:
how can i make money on this?
Go up there and work for $100k.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17399 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 12:56 pm to Golfer)
Work!?!
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TheIndulger
LSU Fan
Lafayette
Member since Sep 2011
4663 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 9:10 pm to Golfer)
quote:
Go up there and work for $100k.
100k if you're willing to work. Lots of women up there too.
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greenhead11
LSU Fan
Member since Feb 2012
608 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 9:45 pm to theOG)
Not sure if I can give advice to an City fan, but check out ENB, EPD building the pipelines. I need to look into some of the drillers
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theOG
Oklahoma Fan
Member since Feb 2010
3160 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 9:50 pm to greenhead11)
haha, appreciate it. i also wouldn't mind working there. have my JD and i'm barred in LA, but i'm interest in becoming a o&g title attorney.
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Cold Pizza 
Ohio State Fan
Member since Sep 2011
7639 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 10:01 pm to TheIndulger)
quote:
Lots of women up there too.
No. Ladys' night is an absolute sausage fest. Unless you are willing to pay for it. I'm told the imported talent is pretty good.
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Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 10:04 pm to wickowick)
This article is old news. They're going back and updating a study done 4 years ago.
They're getting better at drilling and fracking and I'm sure they will raise extractable reserves with this update but it's no revelation.
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kfizzle85
LSU Fan
Houston
Member since Dec 2005
19845 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/27/12 at 10:20 pm to Cold Pizza)
I would imagine anyone who even remotely follows energy realizes that companies revise their reserve estimates, whether 1P, 2P, or 3P literally nonstop. eta: Not disagreeing with you just trying to further your point, EIA number for a basin is pretty useless info other than just being a generic statistic.
This post was edited on 3/27 at 10:37 pm
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TheIndulger
LSU Fan
Lafayette
Member since Sep 2011
4663 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/28/12 at 1:01 am to Cold Pizza)
I know, theres zero talent there. I've heard the strippers are leaving vegas for north dakota 
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kfizzle85
LSU Fan
Houston
Member since Dec 2005
19845 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/28/12 at 2:38 am to greenhead11)
quote:
but check out ENB, EPD building the pipelines. I need to look into some of the drillers
You may want to check this out first in regards to EPD and the Bakken and oil in general. If you don't feel like reading 160 slides I'll shorten it: very, very little of their activity is oil related, and approximately zero of it (including the Seaway, which is what I'm assuming you're referring to with the EPD/ENB comment) is related to the Bakken with no apparent plans to really make any kind of manuevering that way given their focus on NGL and thus wet gas and not oil.
This post was edited on 3/28 at 2:41 am
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Athanatos 
Vanderbilt Fan
Baton Rouge
Member since Sep 2010
5606 posts
Online
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/28/12 at 4:37 am to kfizzle85)
Might want to put a NSFW tag on that porno brah
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gonads&strife 
New Orleans Saints Fan
Member since Dec 2011
1885 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/28/12 at 8:36 am to wickowick)
quote:
Oil reserves revised upward in Bakken Oil Formation
The article only says that the USGS is going out to re-survey, not that they have and have revised upwards.
Frankly reserves beyond PDP are an educated guestimate at best. I've never trusted a companies 2P or 3P reserves and even 1P can be shaky. Reserves are important for financing and move the stock and you can use that to your advantage, but I would never take them as fact.
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kfizzle85
LSU Fan
Houston
Member since Dec 2005
19845 posts
| re: Oil reserves revised upward in Bakken Oil Formation (Posted on 3/28/12 at 8:48 am to Athanatos)
quote:
4:37 a.m.
 
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