Companies Going Big In Bakken $XOM, $CLR, $KOG, $STO, $EOX
When you hear the name Bakken you think of huge companies making lots of money. The amount of wells and new companies has increase dramatically in the last few years as everyone rushes to stake their claim. These are some of the most active companies in this play
The Bakken formation is a large unconventional resource that underlies most of the western portion of North Dakota and Eastern Montana. This oil shale formation is located in what is called the Williston Basin. This formation is a rich deposit that the U.S. Geological Survey calls the largest continuous oil accumulation it has ever evaluated. There are currently over 6,617 oil wells in North Dakota, and that number is anticipated to increase as more oil is extracted.
The Bakken Formation consists of three levels: Upper shale, Lower Shale, and the Middle Member, which is a dolemetic sandy layer. The Middle Member of the Bakken is flooded with oil and gas at high pressures.
Montana oil production dates back to the 1950s. By the year 2000, the entire state of Montana produced 18 million barrels of oil. Four years later, this figure doubled to 36 million barrels due almost entirely to the application of horizontal drilling in the Bakken, most particularly in the Elm Coulee Field in Richland County Montana.
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