Saturday, May 23, 2009

Have you heard about this?

From my email:

The U. S.. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (it hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ..... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.

Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.'This sizable find is now the highest-producing onshore oil field found in the past 56 years' reports The Pittsburgh Post Gazette.

It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada.

For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels.

And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!That's enough crude to fully fuel the American economy for 41 years straight.2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!

U. S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels.

On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices, none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:- 8-times as much oil as Saudi Arabia- 18-times as much oil as Iraq- 21-times as much oil as Kuwait- 22-times as much oil as Iran- 500-times as much oil as Yemen- and it's all right here in the Western United States .

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?

Got your attention/ire up yet? Hope so!

By the way...this is all true. Check it out at the link below!!!

1 comment:

Bob "The Gas Guy" van der Valk said...

Randy - My nanme is Bob van der Valk and I now live in Terry, Montana, which is near the Williston Basin oil field. Sidney, Glendive and Miles City are located in the extreme eastern part of Montana where town folks have seen boom and bust cycles of crude oil exploration come and go over the last 100 years.

I have worked in the U.S. petroleum industry almost 50 years. I currently work with as their Fuel-pricing Anaystm. Web site at:

I did some research about the widely circulated April 2008 USGS report about the Bakken oil field containing 4.3 billion barrels of unrecovered oil. That seems to be at variance with the Energy Information Agency reported number of 500 billion barrels. To put that into some kind of perspective the U.S. currently uses about 20 million barrels a day.

Doing some quick math the 4.3 billion actually recoverable barrels of crude oil would last us about 215 days. Here is another update obtained at:

This is oil industry's web site for drilling activities.

The United States Geological Survey (USGS) has reevaluated the Bakken Formation that runs through North Dakota and Montana, and the results are record-breaking.

The USGS estimates Bakken to possess 3.0 to 4.3 billion barrels of "undiscovered, technically recoverable" oil and 1.85 Tcf of natural gas. The formation is also estimated to hold 148 million barrels of natural gas liquids.

"This is the largest oil accumulation in the lower 48," said USGS scientist Brenda Pierce. "It is also the largest continuous oil accumulation that we've ever assessed."
Pierce explained that technically recoverable oil is oil that is recoverable with the technology available today. The current technically recoverable oil estimate of the Bakken Formation increased 25 times compared to the 1995 USGS assessment.

Pierce attributed the increase in the 2008 estimate to the advances in technology that have allowed USGS to achieve a more accurate portrait of what is recoverable from the famous formation.

With the help of new geologic models, technical advances in production and drilling, and available industry practices, the USGS believes these "substantially larger" volumes are realistically recoverable. By the end of 2007, 105 million barrels of oil had been recovered from the Bakken oil field.

Clearly the Bakken oil field does not qualify as "the next oil boom". Caution must be exercised when considering investing any money in projects that make improper use of the USGS reports on this formation's oil bearing capacity.

To give some perspective to the Bakken estimates, the USGS states that the next-largest continuous oil accumulation in the United States is the Austin Chalk, which spreads though Texas and Louisiana. The technically recoverable oil estimate for the Austin Chalk is 1.0 billion barrels.

"It is clear that the Bakken formation contains a significant amount of oil -- the question is how much of that oil is recoverable using today's technology?" said North Dakota Senator Byron Dorgan. "To get an answer to this important question, I requested that the U.S.
Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."

USGS stated in a press release that the assessment team consisted of a number of petroleum industry companies and independents, universities and other experts that helped develop a geological understanding of the Bakken Formation. These groups provided USGS with critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment.