From the article: "It's the largest failure in recent oil history in North Dakota."
While production [in the Bakken] continues to ramp up daily, there is one part of western North Dakota where the excitement of oil has gone bust.
Chesapeake's attempt to find the southern edge of the Bakken, is being described as the largest failure in drilling in the state since the 1980's.Data points:
- Chesapeake secured leases in a large part of the state, south of I-94
- drilled 8 wells, only 3 produced any oil -- but minimal amounts
- all holes are shut in
- Chesapeake's investment in this area: $60 millions; excludes money spent on leases
