North Dakota has billions upon billions of barrels of oil under its prairies. The most recent estimates put the total oil reserves for North Dakota at approximately 500 billion barrels of oil. However, not all of this oil is recoverable with today’s technology. With today’s technology, industry spokespeople approximate recoverable reserves somewhere in the 30 billion barrel range.
Although there has been a resurgence of oil activity in North Dakota associated with Hydraulic Fracturing and Horizontal Drilling, legacy production has been available in North Dakota since the 1950’s. The most recent drilling boom is associated with a 99% success drilling rate in the Bakken Formation. These new technologies will allow the recovery of billions of barrels of oil over the next 30+ years.
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