Northern Oil and Gas, Inc

Williston Basin Overview
March 18, 2015 – 11:32 am
Rig Count

7.4 Billion Barrels of Recoverable Oil

On April 30, 2013, the United States Geological Survey (USGS) released an . The assessments found that the formations contain an estimated mean of 7.4 billion barrels of undiscovered, technically recoverable oil. The updated assessment for the Bakken and Three Forks represents a twofold increase over what has previously been thought.

The USGS assessment found that the Bakken Formation has an estimated mean oil resource of 3.65 billion barrels and the Three Forks Formation has an estimated mean resource of 3.73 BBO, for a total of 7.38 billion barrels, with a range of 4.42 (95 percent chance) to 11.43 BBO (5 percent chance). This assessment of both formations represents a significant increase over the estimated mean resource of 3.65 billion barrels of undiscovered oil in the Bakken Formation that was estimated in the 2008 assessment.

Source: www.northernoil.com
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