A bright spot in domestic energy production is the Bakken Formation underlying North Dakota and Montana, its development made possible through new technology, investment by oil companies, and the fact that the much of the property is held in private hands, making it tougher for anti-energy litigants to delay and derail development.
It’s good news, too, for the Stohlers out there near Dunn Center.
In less than a year, Stohler and his wife, Lorene, 82, have become millionaires from the production of one well on their land near Dunn Center, a mile or so from the sod home where Oscar grew up. A second well has begun producing on their property and another is being drilled — all aimed at the Bakken shale formation, a rich deposit that the U.S. Geological Survey calls the largest continuous oil accumulation it has ever assessed.
- KXMC-TV, N.D. governor signs oil tax agreement with tribe: “Gov. John Hoeven and the chairman of the Three Affiliated Tribes signed a new tax and regulatory agreement that they believe will help increase oil and gas production on the Fort Berthold reservation…The agreement puts a 5 percent limit on oil taxes on privately owned land within the reservation, and an 11.5 percent cap on taxes on tribal trust land. “
- Kiplinger.com, The U.S.’ Untapped Oil Bounty: “The Bakken Play: With up to 100 billion barrels of oil, the reserves locked under rocks buried a mile or more beneath Montana and Saskatchewan, Canada, are more than twice the size of Alaskan’s entire oil cache. New drilling and oil recovery technologies are overcoming production obstacles and petroleum companies are rushing to stake their claims. Marathon Oil recently acquired about 200,000 acres in the area and will drill about 300 oil wells within five years. Brigham Exploration and Crescent Point Energy Trust also want a piece of the action. EOG Resources alone figures it can produce 80 million barrels of oil from its Bakken field. But It will take at least five years before the oil starts flowing in large volumes.”
- Samson Oil & Gas news release, Samson Oil & Gas to Drill a Bakken Formation Well in North Dakota: “This well is proposed to be drilled to a vertical depth of 11,335 feet, plugged back and then drilled horizontally for 4,800 feet in the middle Bakken zone. The Bakken zone is planned to be stimulated using state-of-the-art technology which will include external casing packers such that the well is stimulated along its entire horizontal length.”
Thank goodness for oil company profits.
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