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Norstra Energy Inc NORX
Posted On: 05/21/2013 6:21:44 AM
Post# of 93
Posted By: Jerseyfish

NORX



The Bakken Formation

The Bakken Shale Formation was entirely undeveloped until the oil and gas

industry developed new technologies for horizontal drilling and fracking.

Since then, development of this formation throughout Montana, North

Dakota, Saskatchewan and Alberta has been unprecedented. The Bakken is

America’s most immediate opportunity for a path to energy independence.

In the past 5 years the Bakken Shale has already doubled the proven oil

reserves of the USA, with growing estimates of over 40 billion barrels of oil,

compared to 21 billion for the rest of the country. On November 3rd, 2011, a

new production record was set for a Bakken well when the Whiting Petroleum

Tarpon Federal # 21-4H posted an IP of 7,009 BO in a 24 hour period. Wells

with IP’s over 5,000 BOPD in the Williston Basin are no longer unusual.

Currently, North Dakota has over 450,000 BO monthly production and is

expected to top 1,000,000 BO by 2015. Industry experts predict that drilling

will not slow until 2030, and that Bakken production will continue until 2100.

“The U.S. Geological Survey (USGS) has called the Bakken Formation the

largest continuous oil accumulation it has ever assessed.......as much as 500

billion barrels of oil sitting untapped beneath Montana, North Dakota...

a potential supply of oil four times as large as that held in Saudi Arabia’s

massive Ghawar region.”

“

In 2004, production was 278,540 barrels,

and in 2007 the yield jumped to just shy of

5 million barrels

.

In 2011, over 180 million barrels were produced.

With more and more companies buying and

developing Bakken Formation land, this trend

is unlikely to stop in the coming years.

”













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