- "We're going to give Texas and Alaska a run for their money."
- The success of the Bakken is well-known and other formations could eventually add substantial growth.
- The Three Forks has come into its own in 2010.
- The first well targeting the "third formation," the Tyler Formation, will be drilled later this year.
- The first phase of drilling in the Bakken could lead to approximately 28,000 Bakken wells. So far, only 2,200 have been drilled, most in the past few years. [Note the phrase: "the first phase."]
- Total pipeline capacity is not expected to be reached until 2015.
- NDIC expects $3.5 billion to be spent in 2011 for natural gas and pipeline investments in North Dakota.
- Each well should produce an averageof 575,000 bblsof oil, resulting in an average of $7 million in royalties paid to those owning mineral rights.
- The state collects about $4 million in tax revenue from each well.
- Wells cost about $7 million each to drill and complete.
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Thursday, May 5, 2011
Director, NDIC, Updates Conferees on North Dakota Oil Potential
Data points from a speech given by Lynn Helms, Director, NDIC, to the 19th Williston Basin Petroleum Conference, Regina, Saskatchewan. Link here (regional links break often and break early). The article was published/last modified May 5, 2011.
"The first well targeting the "third formation," the Tyler Formation, will be drilled later this year."
ReplyDeleteHopefully some good news, as I own unleased acreage in Slope County. =) Thanks for keeping us posted, Bruce!
Thank you for your kind comments.
ReplyDeleteGood luck on your well. My hunch is you will do very well.