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Itsme

(actually, you only have 20 days left - this story is dated 4/5/08).

Bakken Oil Formation

We're talking about the opportunity to meet all U.S. oil needs for the next two decades. That's huge.

Think about that. What if we could reduce our dependency on foreign oil? The Middle East would lose its marbles.

Locals call it "The Bakken." It's a behemoth oil reserve stretching across North Dakota, Montana and southeastern Saskatchewan... a reserve so massive it contains 10 times more barrels of oil than Alaska's North Slope. Keith Kohl has been telling you about this for months in his The Bakken Oil Formation report.

While the U.S. Geological Survey has reported the Bakken Formation could hold more than 400 billion barrels of recoverable oil, a new report offering an accurate assessment of the Bakken Formation will be released over the next 30 days, finishing the work started by scientist Leigh Price.

Price had estimated that the Bakken Formation held as many as 900 billion barrels of oil, but died before the work could be published or reviewed. Some pegged it at close to 200 billion to 300 billion, with others calling for more than 400 billion.

Until recent years, the technology simply wasn't available to economically extract the oil from the Bakken shales, making product efforts overwhelming. But with breakthrough techniques such as horizontal drilling, the full potential of the Bakken play can now be developed. And it's well worth it given high oil prices and technological advancements.

Link to full story: Bakken Oil Formation

By the way, just to give scale to the this:

"Just how big is the Bakken oil field?

Oil Sands, Alberta - 1.6 trillion barrels
Bakken Basin, Montana/North Dakota - *503 billion barrels
Ghawar, Saudi Arabia - 125 billion barrels
Prudhoe Bay, Alaska - 13 billion barrels
Pembina Cardium, Alberta - 1.6 billion barrels

*Source: Energy Information Admin."

Who knew North Dakota could actually have value? Some oil company will probably pay to relocate all 15 people there so they can build one big refinery.

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Thender

Just heard about this....

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