Thread: New Oil Find
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      04-25-2008, 06:43 PM   #29
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Quote:
Originally Posted by Neurorad View Post
Thanks, Calgary Agent.

In layman's terms, you're saying the oil in the Bakken formation is now accessible, because of new technology? Was new oil discovered there, as claimed by the USGS 'Fact Sheet' and press release?

Why wouldn't it be stated clearly in the press release?
I wouldn't put a lot a faith in anything a gov't agency reports (with respect to reserves). The same is true here in Canada (they would be the last to know).

The reason companies never pursued the Bakken trend (State-side or in Canada) is because when they originally discovered it, it was dismissed as a zone that couldn't be produced, and oil/gas companies simply turned their attention to economic prospects. Nobody ever bothered to spend the time estimating the potential for the zone as it was technically impossible to exploit it economically. Of course since the price of oil went from $20-$40/bbl, then $70, $90, and now close to $120/bbl, interest was rekindled. Thanks to modern drilling / frac'ing techniques, it's been a prize worth revisiting.
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