The Bakken Shale | August 2021
Named after Henry Bakken, the farmer who owned the land where oil was originally discovered, the Bakken Shale is located in North Dakota, Montana, Manitoba, and Saskatchewan. The USGS estimated in 2013 that this basin has an expected ultimate recovery of 7.4 billion barrels. North Dakota Department of Natural Resources put the break-even point at US$46/bbl (2020). The top formations within the region are the Three Forks and the Spanish formations.
State Drilling Statistics (End of 7/9)
Total Rigs in North Dakota- 22
Total Rigs in United States- 497
Total U.S. Rigs up 94% YTD
Bakken Top Producers
Top Producer By BOE – Continental Resources
Comstock Resources Offering US Shale Oil and Gas Assets
Comstock Resources, the oil company owned by Dallas Cowboys owner Jerry Jones, is offering to sell properties in North Dakota’s Bakken oilfield, according to a marketing document obtained by Reuters, as rising energy prices increase buying and selling in the sector. Crude oil prices are up about 38% year to date as economies recover and fuel demand recovers from travel restrictions imposed to combat the pandemic. Shale oil companies in the United States are also looking for larger scale in order to increase returns and operational efficiency. A non-operated working interest in 436 wellbores is among the properties on the market. According to the document, the holdings are worth around $200 million based on futures pricing.
3 North Dakota oil well fires extinguished after 16 days
Authorities say three oil well fires in McKenzie County were put out over the weekend after they had been burning for 16 days. According to Beth Babb, a spokesperson for Petro-Hunt, the company operating the well pad, crews put out the fire at the first well northeast of Watford City. According to an early estimate provided by Petro-Hunt to the state, the incident spilled 100 barrels of oil and 100 barrels of produced water.
Oil turns a rural county in North Dakota into a boomtown
McKenzie County in western North Dakota grew at the fastest rate of any American county over the last decade, thanks to the Bakken oil boom, which attracted thousands of workers and more than doubled the county’s population. The region’s housing, schools, and infrastructure have been put under strain as a result of the region’s exceptional rate of growth. Since 2010, the mostly rural county’s population has increased by 131%, from 6,400 to 14,700. Williams County, which includes Williston, grew by about 83 percent, from about 22,400 people in 2010 to nearly 41,000 people today. The influx of new residents in western North Dakota triggered an explosion of development, including new hotels, restaurants, and even a new airport.
Top Producers By BOE
|Rank||Company||MMBOE Production (6/21)|
North Dakota Production
North Dakota Natural Gas
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