Breitling Oil and Gas California Morning Podcast #24

Oil resources in shale formations of North Dakota, Montana and nearby states are 7.4 billion barrels, U.S. government researchers said, doubling an estimate for the region made five years ago.

The U.S. Geological Survey said today the resources can be extracted using current technology and exclude those oil-shale reserves that have already been tapped or listed by industry.

The agency for the first time studied the Three Forks formation, which is estimated to include almost 4 billion barrels even more than the Bakken.

Oil production in North Dakota is booming, making that state the second-largest U.S. producer after Texas.  Bakken production rose to 715,000 barrels of oil a day in this year’s fourth quarter

About 450 million barrels of oil have been produced from the area since 2008, the geological survey said in its report.

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