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Massive Oil Deposit Could Increase U.S. Reserve
Next Energy News ^ | 2-13-08

Posted on 03/21/2008 6:02:12 AM PDT by Renfield

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.

The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.


TOPICS: Miscellaneous; US: North Dakota
KEYWORDS: bakken; energy; oil
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Why haven't we heard about his anywhere else?
1 posted on 03/21/2008 6:02:14 AM PDT by Renfield
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To: Renfield

And in 31 days the enviro-whackos will find an endangered species living on the very spot where the oil companies want to drill.


2 posted on 03/21/2008 6:04:01 AM PDT by SlowBoat407 (Just how will wrecking the U.S. economy save the planet?)
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To: Renfield

because people will become curious as to why we are paying so much for gas.


3 posted on 03/21/2008 6:04:18 AM PDT by television is just wrong
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To: Renfield
Why haven't we heard about his anywhere else?

What happens in North Dakota stays in North Dakota.

4 posted on 03/21/2008 6:04:18 AM PDT by Last Dakotan
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To: Renfield

So are large reserves off the coastlines and in the Gulf. But is does little good (for Americans) as long as Congress refuses to allow drilling.

Thusly, other nations benefit from those off-coast reserves because they get to drill for that oil.


5 posted on 03/21/2008 6:05:46 AM PDT by TomGuy
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To: Renfield
You are late to find this news.
6 posted on 03/21/2008 6:06:14 AM PDT by bmwcyle (Never accept the mark of the Hillary beast)
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To: Renfield
I grew up in North Dakota. There were always rumors of a massive oil find underneath the relatively small oil fields centered around Tioga, in the northwest part of the state.

We always joked that if such a discovery was ever made, we'd better drill it quietly as an economic boom would throw a monkey-wrench into elitist plans to turn the state into a buffalo preserve.

7 posted on 03/21/2008 6:07:05 AM PDT by Vigilanteman ((Are there any men left in Washington? Or are there only cowards? Ahmad Shah Massoud))
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To: Last Dakotan
What happens in North Dakota stays in North Dakota.

I thought they renamed it. Isn't is now The Other Dakota?
8 posted on 03/21/2008 6:07:43 AM PDT by TomGuy
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To: Renfield

Big deal. The RAts will never let anyone drill simply because it would be better for the country. Their re-election requires that they screw the country up as much a possible so that they can “save” it.


9 posted on 03/21/2008 6:08:14 AM PDT by Seruzawa (A skeleton walks into a bar and asks for a beer and a mop.)
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To: Renfield
I wondered the same thing. I did a Google search on the Bakken Oil Formation and got basically the same info as this article. WOW!
10 posted on 03/21/2008 6:09:26 AM PDT by VRWCtaz (You're not just seeing things if you can get others to see them too. Now about the voices...)
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To: Renfield

Hallelujah!!

I hope this story is true...


11 posted on 03/21/2008 6:10:34 AM PDT by SomeCallMeTim
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To: TomGuy
So are large reserves off the coastlines and in the Gulf. But is does little good (for Americans) as long as Congress refuses to allow drilling.

There are suppose to be a huge oil deposits in Colorado too.

12 posted on 03/21/2008 6:10:55 AM PDT by Anticommie
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To: Renfield

http://www.minnpost.com/stories/2008/02/26/984/booming_oil_patch_lights_up_north_dakota_rangeland/


13 posted on 03/21/2008 6:10:57 AM PDT by ButThreeLeftsDo (Carry Daily. Apply Sparingly.)
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To: Renfield

North Dakota?!?

No more Coal for Oil!

Or something like that.


14 posted on 03/21/2008 6:11:53 AM PDT by GulfBreeze (McCain is our nominee. Yeah... I guess.)
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To: Renfield
"....the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run......"

Shoot....what's to discuss? Sounds like a no-brainer.

15 posted on 03/21/2008 6:13:30 AM PDT by Victor (If an expert says it can't be done, get another expert." -David Ben-Gurion, the first Prime Minister)
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To: Seruzawa

yes, i actually heard a Democrat strategist say that it was good news for the Dems in this election year that the economy is slowing/in recession. couldn’t believe the journalist didn’t jump right on that.


16 posted on 03/21/2008 6:13:44 AM PDT by avital2
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To: television is just wrong

Funny how oil is found along with new energy sources when the price is allowed to rise.


17 posted on 03/21/2008 6:14:08 AM PDT by nikos1121 (I'm voting for McCain...and fixin' to get excited about it.:)
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To: SlowBoat407
And in 31 days the enviro-whackos will find an endangered species living on the very spot where the oil companies want to drill.

You're right, it's as sure as the sun coming up tomorrow.

Come to think of it, the last time I was in th Dakotas a few years ago I smooshed a bug on my windshield that I had never seen before. If his kind isn't given protection by the US government against greedy oil companies I'm sure the entire world ecology will collapse and humans will become extinct along with every other living creature.

18 posted on 03/21/2008 6:16:38 AM PDT by epow (Obama for President, in your heart you know he's the Wright man for the job.)
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To: SlowBoat407

...one day... prairie dog


19 posted on 03/21/2008 6:17:42 AM PDT by pointsal
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To: Renfield

If this was that viable an oil field, it would have been drilled for many years ago. Horizontal drilling works in some cases. But there’s lots of reasons why it has been largely abandoned and cost is just one.


20 posted on 03/21/2008 6:18:21 AM PDT by DaGman
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To: Renfield

Doesn’t Ted Turner own most of North Dakota now?


21 posted on 03/21/2008 6:18:36 AM PDT by nkycincinnatikid
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To: Renfield

We already have enough oil to be independent, but politicians won’t allow it.


22 posted on 03/21/2008 6:20:38 AM PDT by onedoug
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To: Renfield
My employer has locations in Dickinson, ND and Sidney, MT. We can't hire drivers for our trucks because they're all working in the oil patch.

Drill!!!

23 posted on 03/21/2008 6:21:03 AM PDT by stboz
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To: Renfield

It means nothing unless you drill it, refine it and ship it.....


24 posted on 03/21/2008 6:21:28 AM PDT by never4get (We are all born ignorant, but one must work hard to remain stupid)
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To: Renfield

The oil companies will claim “instability” of supply, (technically correct), and raise prices.


25 posted on 03/21/2008 6:21:30 AM PDT by brownsfan (Algore makes P.T. Barnum look like a piker.)
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To: Renfield

It has been reported time & again over the years. The problem was getting it out. NOw they have developed drilling that can drill vertically and then turn 90 degrees and drill through the formation to increase production. Without this technology it was impossible to even think about recovering it.


26 posted on 03/21/2008 6:22:14 AM PDT by HD1200
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To: SlowBoat407

The North Dakota Rabies Mosquito no doubt.


27 posted on 03/21/2008 6:22:39 AM PDT by usmcobra (I sing Karaoke the way it was meant to be sung, drunk, badly and in Japanese)
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To: DaGman

Wake up. They have developed drilling that can drill vertically and then turn 90 degrees and drill through the formation to increase production. Without this technology it was impossible to even think about recovering it.


28 posted on 03/21/2008 6:23:08 AM PDT by HD1200
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To: Victor

“Sounds like a no brainer”! Don’t forget the Greenie whackos. Guarantee that when they get wind of this, some kind of mouse or rat will be endangered by drilling aand they will do everything to stop it.


29 posted on 03/21/2008 6:24:01 AM PDT by Old Retired Army Guy (tHE)
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To: TomGuy
Thusly, other nations benefit from those off-coast reserves because they get to drill for that oil.

Read THIS

30 posted on 03/21/2008 6:24:44 AM PDT by epow (Obama for President, in your heart you know he's the Wright man for the job.)
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To: SlowBoat407

“the enviro-whackos will find an endangered species living on the very spot”

Yes, we must protect the endanged buffalo turd fly.


31 posted on 03/21/2008 6:25:00 AM PDT by RouxStir (No Peeing Allowed in the Gene Pool.)
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To: Renfield
And this is only the beginning. By adapting the research that a US subsidiary of Royal Dutch Shell did by injecting steam and using rock strata heaters to recover oil from shale rock, that 200+ billion barrel reserve could end up being twice to three times that! In fact, there is talk that the Middle Eastern nations want to invest in this new technology because a lot of supposed "tapped out" oilfields in the Persian Gulf could suddenly become productive again.

In short, I'll almost bet within ten years the amount of recoverable oil could be 8-10 times what is known now--and the majority of it won't be in Kuwait, Saudi Arabia, Bahrain, Qatar and the United Arab Emirates. Once we get stable, democratic governments in Iran and Iraq, modern oil recovery technology could add somewhere in the range of 900 billion barrels of oil to the world just from these two countries. We could be literally swimming in crude oil by 2020.

32 posted on 03/21/2008 6:25:10 AM PDT by RayChuang88
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To: Renfield

The “Conventional Wisdom.”

Oil doesn’t matter anymore. The “energy crisis” is not about a lack of oil; it’s about using enviro-wacko polices to change the United States, reducing it to the status of other countries in the world.

There are no calls for drilling new oil, ‘cept among a few politicians who are ignored by the MSM and the establishment.

The Green Kool-Aid has been consumed by Republicans and Democrats alike, including (especially) McCain.

The Media has won this battle.


33 posted on 03/21/2008 6:25:17 AM PDT by rightinthemiddle (The Mainstream Media Controls Our Party. Go, RINOS!)
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To: Renfield

Northwestern North Dakota oil development brings new wealth

Nov 11, 2007 - 04:04:45 CST

PARSHALL (AP) - Like an old woodsman gazing into a well-built campfire, Herb Geving stared into the steady, whooshing flame illuminating what once was pasture for his horses and playground for coyotes.

“Just look at it,” he said softly, lifting the broad brim of his cowboy hat to fully appreciate the intense red-orange flare licking high into the western Dakota night.

“They say the higher it flames, the more she’ll produce,” he said. “Just look at ‘er go!”

A nearly full moon rose in the southeast and joined the stars vainly trying to compete with the natural gas flaring from Geving’s new oil well, one of three he has an interest in, one of many now lighting the rangeland from Parshall northwest toward Stanley, one of perhaps hundreds to come in this new and rapidly developing oil field.

“I love to come out here and watch it, to be a part of it,” Geving said, adjusting the hat again, surveying the broad land and sky and the singular flames - his and the others that stretch to the horizon like landing lights for an isolated and seemingly endless runway.

“A millionaire by next fall,” he said.

It’s about as much as he will say about the windfall that will come to him, a retired rancher and garbage hauler who held onto the mineral rights on much of his land: holding and waiting until prices rose and the oil people found new ways to extract the riches below, making development profitable.

A neighbor whose well came in earlier received a check for $570,000, his share after four months of production, Geving said. As many as 30 wells are producing or soon will be in this new play area, “and they’re talking about putting in between 500 and 700,” he said.

“Going to be a lot of millionaires.”

People in the region “are just starting to see the potential” in this new oil play, said Gary Petersen, president of Lakeside State Bank in New Town, 16 miles west of Parshall.

“Overall, people are optimistic about what’s happening,” he said. “I haven’t seen a big oil check come through my bank yet, and folks aren’t running down the street giddy. That’s not the nature of people here. But there sure has been a lot of leasing activity and lots of reports of successful wells.

“The hope is that the extra activity will help supplement incomes and allow people to improve their lifestyles a little,” he said.

Seismographers tested the area, including Geving’s land, in the early 1970s.

“There was three guys come in here with a helicopter, and there was a lot of seismographing,” he said. Nothing came of that search then, “but I told my family we were going to have oil. I knew it was there. Now I can say, ‘I told you so.’”

Tim and Felicia Jarski, who work at the Reservation Telephone Cooperative in Parshall, said people who hold no mineral rights in the strike area may envy those who hit it rich, but they don’t resent them.

“It’ll change life for a few people,” said Tim Jarski, 48. “There are some landowners who don’t have mineral rights, and they’re worried their land will take a beating and they won’t get much compensation. I think most of the rest of us think it’s a good thing because it will create jobs and increase tax revenue.”

Parshall is a town of 1,027 (2005 estimate) that sits just inside the boundaries of the Fort Berthold Indian Reservation. About 55 percent of the population is American Indian. The 2000 census found the median household income at $24,500, with a little more than a fourth of the population living below the poverty line.

The city stands to make big money on the millions of gallons of water it’s selling to the well drillers, and the furious oil activity is bound to ripple through the local economy in other ways. A cafe is expected to reopen soon, and maybe someone will respond to the note posted in a window of the Parshall Public Library: “Wanted: Someone to take my place as librarian ... as soon as possible.”

http://www.bismarcktribune.com/articles/2007/11/11/news/state/142556.txt


34 posted on 03/21/2008 6:25:31 AM PDT by HD1200
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To: RayChuang88

You are exactly right about the potential amount of oil the earth retains. God put it there for a reason and that reason was for his creation to put it to use.


35 posted on 03/21/2008 6:26:49 AM PDT by HD1200
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To: Renfield
We cannot drill there, we would disturb the tufted tit mouse.
36 posted on 03/21/2008 6:27:30 AM PDT by Piquaboy (22 year veteran of the Army, Air Force and Navy, Pray for all our military .)
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To: nikos1121

Yeah, it’s “funny” how new supplies are found in order to satisfy a demand when prices rise...

funny in the same way that if I let go of an object it falls to the ground.

gravity? meet economics.


37 posted on 03/21/2008 6:28:24 AM PDT by MrB (You can't reason people out of a position that they didn't use reason to get into in the first place)
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To: Renfield
Why haven't we heard about his anywhere else?

Because it would destroy the habitat of the endangered polar bear, caribou, buffalo ... ethanol precursor producing farmer... Yeah, that's it...

No! Wait!!

That's probably a non-native, non-Muslim, non-minority, non-female, human being... On top of that he is probably a WASP male oppressor capitalist who believes in working to get ahead... Doesn't count.

I know!!! We can't drill in North Dakota because it is all a national park... Or it will be as soon as a Democrat is elected president and issues the appropriate executive order... Yeah... That's the ticket...
38 posted on 03/21/2008 6:29:34 AM PDT by Lucky Dog
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To: avital2

The Dems and the Media want a Recession. They want high Oil prices.

They worship at the church of Al Gore. High oil prices will cause people to look at Green Technology...we are being “weened” off oil whether we like it or not.

The added benefit is, a “recession” will help elect a Democrat.

“Global Warming” is the biggest sham & scam in history.


39 posted on 03/21/2008 6:29:38 AM PDT by rightinthemiddle (The Mainstream Media Controls Our Party. Go, RINOS!)
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To: Renfield

It’s been discussed right here on FR for a couple of years now. Lots of old posts if you look. Also, the quote from the article (With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil) is pretty much a gross exaggeration. There may be that much oil total in those formations but conservative estimates for how much can be recovered range from 1% to 10%.


40 posted on 03/21/2008 6:37:21 AM PDT by saganite
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To: Renfield

To prevent drilling, the demonrats will get this area declared a national wildlife refuge for the spotted snot flea.


41 posted on 03/21/2008 6:41:47 AM PDT by CPOSharky (Energy plan: Build refineries and nuke plants, drill for our oil, mine our coal.)
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To: SomeCallMeTim

“Hallelujah!!”

As you, I like this good news. But, before we get too excited about this, let’s keep in mind that the “real” choke-point in the oil/gasoline supply-chain is lack of refinery capacity. Wouldn’t it be nice if a huge new refinery could be built in North Dakota to support this new and developing oil find? I know, stupid dreamer me. This will probably never be allowed by the Enviro-Nazis and their Willing Idiot Enablers in Congress. Speaking of Willing Idiot Enablers, wonder when the general electorate will wake up and vote these people out of office? Ans: NEVER...


42 posted on 03/21/2008 6:44:33 AM PDT by snoringbear (')
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To: Renfield

The good people up here on the Dakota tundra are not swayed much by environmental wackos. The first new oil refinery in decades is moving forward in Elk Point, SD and the wackos haven’t derailed it yet. My only regret is my western South Dakota farm land is not on top of this oil formation. I guess I will have to wait for Ted Turner to make me an offer.


43 posted on 03/21/2008 6:45:32 AM PDT by The Great RJ ("Mir we bleiwen wat mir sin" or "We want to remain what we are." ..Luxembourg motto)
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To: Renfield

The traitorous imbecile DemoCommunist plague rats of the sicko dead ender Death Culture will soon start their sqealing, screeching, and feces throwing, accusing anyone who want to tap this oil of “species genocide”, and “ecological murder”, and “How dare we consider our own survival when the view for those who conquer us might have their view ruined!”.

Beware the Democrats! They not only want to be herded into death clinics and death camps, they want to drag everyone else in with them that they can.


44 posted on 03/21/2008 6:49:41 AM PDT by DGHoodini (A person educated without being taught morals, is a menace to society.)
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To: SlowBoat407

I will personally go out there and shoot all the endangered species and suffer the consequences myself...


45 posted on 03/21/2008 6:50:18 AM PDT by phs3 (Call a terrorist a freedom fighter, I call you the enemy.)
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To: Renfield

We’d need at least a tarrif on foreign oil sufficient to KEEP this resource cost effective. Ideally we’d want to BAN the importation of oil.


46 posted on 03/21/2008 6:50:24 AM PDT by jeddavis
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To: Renfield

Doesn’t matter - the evniromental nuts won’t let us take advantage.


47 posted on 03/21/2008 6:53:00 AM PDT by TheBattman (LORD God, please give us a Christian Patriot with a backbone for President in 08, Amen.)
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To: Renfield

Great news! Now we can supply the illegals with more work drilling wells.


48 posted on 03/21/2008 6:55:15 AM PDT by jetson
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To: Victor
Sounds like a no-brainer.

No brainers are a great mental challenge to the no-brained attitudes of our political overlords/

49 posted on 03/21/2008 6:55:28 AM PDT by AndyJackson
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To: phs3
I will personally go out there and shoot all the endangered species and suffer the consequences myself...

What a guy. When you get to prison, post us your bunk number and we'll send you pastries every day.

50 posted on 03/21/2008 7:09:33 AM PDT by Dan Evans
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