Oil Energy Money

North Dakota always had bragging rights on the lower 48′s largest oil shelf but now it has the figures to back it up.  Some 1,300 people crowded the Williston Basin Petroleum Conference to hear the good news.

The Department of Mineral Resources (DoMR) states there could be 167 bn barrels under the ground.  Industry insiders were already piqued at earlier estimates of 4.3 bn barrels so the new figure is understably exciting.  Unfortunately, only around 1.4% of the 167 bn is extractable using today’s technology and 40-50% in total.  Still, 1.4% adds up to 2 billion barrels and Lynn Helms, of the DoMR says “There is enormous opportunity and potential to increase that.”

The Williston Basin conference in Regina, Sask hosts over 160 companies from electrical cooperatives to oil services.  Industry pro’s and newcomers mingle to discuss and network over two days, the 28th and 29th of April.  Now in its 17th year, the conference normally attracts two to three hundred people but this year interest surged due to Bakken’s possibilities.  Everyone from old captains to blue-collar workers are looking to invest in the field as a patriotic, safe source of future returns.

Bakken is indeed important since America’s proven oil reserves are currently at 20.1bn barrels.  However, if you’re looking to invest your assets in oil for the first time, please speak to a qualified investment manager and not the opportunistic websites popping up to exploit the interest in Bakken (and there are many).

 Bev Kadrmas, a conference attendee and service company owner, said in an article at the Bismarck Tribune that she’s been through a few booms, “Everybody is extremely excited about the Bakken, but I’ve seen two busts before. There are ups and downs. This is a high risk business.”

Very Indepth over-view of Bakken at The Oil Drum

Bakken Shale Google discussion group