Bakken: The Biggest Oil Discovery in U.S. History

Tue Apr 15, 2008 10:20am EDT

* Reuters is not responsible for the content in this press release.

  BALTIMORE, MD, Apr 15 (MARKET WIRE) -- 
 The Bakken oil formation, which stretches across North Dakota, Montana and
southeastern Saskatchewan, is suddenly drawing worldwide attention.

    On Thursday, April 10, the U.S. Geological Survey (USGS) published an
official study on the massive Bakken reserve.

    Among the agency's findings:

    * Up to 4.3 billion barrels of oil could be recovered from the Bakken
shaleformation -- a 25-fold increase compared to its initial assessment in
1995.

    * The Bakken is the largest "continuous" oil accumulation ever assessed by
the USGS.

    This comes after a 2006 report by the Energy Information Administration
(EIA), which
stated, "A study provides estimates ranging up to 503 billion barrels of
potential resources in place."

    According to the EIA, the success of horizontal drilling and fracturing
efforts in
Montana is the reason a decision was made to re-evaluate the 1995 USGS
Assessment of Resources, which put estimates of  technically recoverable oil
from the
Bakken Formation at only 151 million barrels.

    The Bakken oil formation lies in the "Williston Basin," a geological
formation in the north central U.S., underlying much of North Dakota, eastern
Montana, northwestern South Dakota, and southern Saskatchewan and Manitoba,
Canada.

    According to Brian Hicks, Energy and Capital publisher and author of the
soon-to-be released book, "Profit from the Peak," "The Bakken oil
formation represents an unprecedented opportunity to get in on the ground-floor
of a
bona-fide oil boom."

    To learn more about the oil rush occurring in Montana and North Dakota,
click here or visit: http://www.energyandcapital.com/bakken/?id=5142

    This report was filed by Keith Kohl, managing editor of the daily energy
newsletter, Energy and Capital, and its web site:
www.energyandcapital.com.

    

Christina Babylon
(410) 814-5945 x 5100

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