NoDak oil levels double
The Three Forks Formation could yield nearly 2 billion barrels of petroleum, according to a geologic study released today by the North Dakota Geological Survey and Department of Mineral Resources.While North Dakota has the lowest jobless rate in the country it also has the biggest housing shortage. They need developers who can build apartments and other housing for oilfield workers some of whom are sleeping in their cars. There are probably other opportunities like this if the Democrats would get out of the way and quit strangling domestic production.
Results of the study essentially double the estimated recoverable amount of oil in the Bakken and Three Forks formations. Current estimates now put the amount of recoverable oil from the Bakken Formation at 2.1 billion barrels and the Three Forks Formation at 1.9 billion.
The results of the study were announced this morning in Bismarck by Gov. John Hoeven, Attorney General Wayne Stenehjem and Agricultural Commissioner Doug Goehring. Hoeven, Stenehjem and Goehring make up the North Dakota Industrial Commission, which requested the study.
"Knowing that there are additional recoverable deposits in the Bakken will help us attract new investments, build infrastructure and continue oil development in sustainable ways over the long term," said Hoeven.