Posted on 05/15/2008 6:25:17 PM PDT by mondoreb
HUGE Oil Field in Montana is Good News for Consumers --Which Makes it Unpalatable for the Mainstream Media
While Jeroen van der Veer, Shell’s chief executive, fears for the future of oil supplies after 2015--maybe he's confusing Shell's oil supply with the rest of the world's--Newsmax has just released information on the HUGE oil discovery in Montana: the Williston Basin or "Bakken" field.
About 470 miles outside the state capitol of Helena - in a place called Richland County, Montana - more millionaires are being created per capita than anywhere else in America.As one can see from the map below, before the 'Bakken' discovery, the U.S. was still a major oil producer--it is just a major consumer, also.It's the largest domestic oil discovery since Alaska's Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil.
The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, Montana is looking at a resource base worth more than $5.3 trillion.
* "When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea." says Terry Johnson, the Montana Legislature's financial analyst.
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For years, U.S. oil exploration has been considered a dead end. Even the "Big Oil" companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves... and we now have access of up to 500 billion barrels.
And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
(Excerpt) Read more at deathby1000papercuts.com ...
Which puts it in the "uninteresting" category for the MSM right now.
somebody’s gonna discover trillion barrel field about 8 miles down one of these days.
I’d feel better about this if something other than Newsmax carried it.
So, how will the enviroweenies kill this? Oh, yeah, carbon tax.
As I heard it, the Bakken Field was well known, but new Tech made it profitable to exploit now.
Drill baby drill, make those Montana millionaires!
--I'd like to know more about this--
Only 4 billion barrels...not 400 billion.
The Dems will come up with a bill to stop any drilling in MT. They just love us being dependent on the A-Rabs.
Yeah, my jaw hit the floor as well. Back when I heard about it a few weeks ago!
Roughly the configuration of an "overthrust belt" you might well drill somewhat less than 8 miles to find the gas and oil hidden in it.
IF anyone knows anything about this oil field, when do the original homesteaders get alerted?....do you wait or do you have to be proactive to actually see any money.....
Your info is about 40 years out of date.
Newsmax is not the most reliable source for info.
look what it got him.
An Aunt, now deceased, received a great deal of income on royalties from a section of land which was part of the homestead of her parents, this is in the Minot area of ND. This was from '81 to '89.
We still have a section, the one next to hers, and have leased drilling rights to an oil company, who drilled, then capped the wells. They have recently renewed the lease and we are keeping our fingers crossed.
They contacted us about twelve years ago and have been renewing the lease each four years.
The numbers in the article are wildly inflated and it appears to be riddled with inaccuracies.
It sounds tricky...and it is. Plus, it's expensive. They're using the same technology to exploit the Barnett shale for natural gas down here in Texas.
For more, go here.
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