Hall of Fame Member
Posts: 10,497 
Location: The Evil Empire
Location: The Evil Empire
March 11th, 2008, 07:12 AM
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.
In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.
It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.
The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.
Link
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.
In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.
It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.
The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.
Link
House Member
Posts: 3,187
Location: USA
Location: USA
March 11th, 2008, 08:07 AM
I am still all for an alternative source of energy. I do not think we should be dependant on US Oil companies either. I think that no matter how much we pump out of the ground here in the US that US Oil will still allow OPEC to dictate oil prices because it is still lucrative for them to have high oil prices. By relying on OPEC to do the dirty work in raising prices US oil will still charge what the world market value is.
I am still all for an alternative source of energy. I do not think we should be dependant on US Oil companies either. I think that no matter how much we pump out of the ground here in the US that US Oil will still allow OPEC to dictate oil prices because it is still lucrative for them to have high oil prices. By relying on OPEC to do the dirty work in raising prices US oil will still charge what the world market value is.
House Member
Posts: 3,187
Location: USA
Location: USA
March 11th, 2008, 08:16 AM
Quoting MikeyDB
You are a future fossil... and in about 100 Million years you just may be pumped into a future car and burned up in 20 miles and that will be that.
I'm with you on that one Walter! 
As a fossil I resemble that remark every time I hear it!
As a fossil I resemble that remark every time I hear it!
Steven Hawking's Tutor
Posts: 4,612
March 11th, 2008, 08:22 AM
Nah ...not buying it Eagle...
Every atom that has ever existed in the universe that hasn't been reduced to energy is still here. My old bones wouldn't last twenty miles...I'm still using them and I'm lucky if I can get across the livingroom....
I sure hope we're doing something different when my bones are ready for harvest!
Nah ...not buying it Eagle...
Every atom that has ever existed in the universe that hasn't been reduced to energy is still here. My old bones wouldn't last twenty miles...I'm still using them and I'm lucky if I can get across the livingroom....
I sure hope we're doing something different when my bones are ready for harvest!
House Member
Posts: 3,187
Location: USA
Location: USA
March 11th, 2008, 08:32 AM
But back to the topic...this is in the long run great news if by some miracle there is enough oil for the US to become independant of foreign oil. Somehow I just think it is wishful thinking. It has always been cheaper to purchase foreign oil as it is cheaper for them to pump and process it.
But back to the topic...this is in the long run great news if by some miracle there is enough oil for the US to become independant of foreign oil. Somehow I just think it is wishful thinking. It has always been cheaper to purchase foreign oil as it is cheaper for them to pump and process it.
Hall of Fame Member
Posts: 10,497
Location: The Evil Empire
Location: The Evil Empire
March 11th, 2008, 08:37 AM
Quoting EagleSmack
I'll gladly pay $5 a gallon at the pump so I won't have to hear anymore "whining".
But back to the topic...this is in the long run great news if by some miracle there is enough oil for the US to become independant of foreign oil. Somehow I just think it is wishful thinking. It has always been cheaper to purchase foreign oil as it is cheaper for them to pump and process it.
Grossly Underrated
Posts: 5,536
Location: In the bush somewhere near Sudbury
Location: In the bush somewhere near Sudbury
March 11th, 2008, 08:47 AM
Would this be the same oil formation that lays under Saskatchewan? Horizontal drilling Hmmm....
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
Would this be the same oil formation that lays under Saskatchewan? Horizontal drilling Hmmm....
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
Hall of Fame Member
Posts: 10,497
Location: The Evil Empire
Location: The Evil Empire
March 11th, 2008, 09:02 AM
Quoting lone wolf
It never fails for someone to take the bait.
Would this be the same oil formation that lays under Saskatchewan? Horizontal drilling Hmmm....
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
Grossly Underrated
Posts: 5,536
Location: In the bush somewhere near Sudbury
Location: In the bush somewhere near Sudbury
March 11th, 2008, 09:04 AM
Woof!
Quoting I think not
Nice back-peddle!
It never fails for someone to take the bait.
Woof!
Hall of Fame Member
Posts: 10,497
Location: The Evil Empire
Location: The Evil Empire
March 11th, 2008, 09:26 AM
Quoting lone wolf
I like busting your chops wolf, don't ask me why.
Nice back-peddle!
Woof!
Woof!
Quoting karrie
It should because there is alot of potential. I'm waiting to hear the USGS's report next month, if reserves prove to be true, this is going to go a long way.
I just bought shares in a small oil company in the Bakken formation ITN. It's been a screaming busy area for my hubby's company. We're used to workers pouring into Alberta for work, and now his company is having to truck guys off to Saskatchewan to cover the rush.
March 11th, 2008, 09:31 AM
*ducks and runs*
Quoting I think not
The reserves in the Bakken formation are proven on the Sask side... if you wanted to buy into this reserve now, just do it on the proven side of the fence.... you know, where all the good people live.
I like busting your chops wolf, don't ask me why.
It should because there is alot of potential. I'm waiting to hear the USGS's report next month, if reserves prove to be true, this is going to go a long way.
It should because there is alot of potential. I'm waiting to hear the USGS's report next month, if reserves prove to be true, this is going to go a long way.
*ducks and runs*
House Member
Posts: 3,187
Location: USA
Location: USA
March 11th, 2008, 09:40 AM
Quoting lone wolf
Are both locations close to each other?
Would this be the same oil formation that lays under Saskatchewan? Horizontal drilling Hmmm....
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
http://www.canada.com/saskatoonstarp...5-17fb0c61cd61
Woof!
