May 1, 2013 at 6:48 am
The government estimates up to 7.4 billion barrels of oil can be recovered from the Bakken and Three Forks formations in the Dakotas and Montana.
The U.S. Geological Survey released the updated estimate today increasing the outlook by more than 3 billion barrels.
The USGS estimated in 2008 that up to 4.3 billion barrels of oil could be recovered from the Bakken. U-S-G-S’s Brenda Pierce says there is a catch in that not all the oil may be economically feasible to recover.
Pierce calls the oil and gas accumulation in the bakken…big.
The Bakken and the Three Forks formation below it encompass more than 25,000 square miles within the Williston Basin. About two-thirds of the formations' acreage is in western North Dakota.
In addition to oil the formations contain six-point-seven trillion cubic feet of recoverable natural gas.