London-Based Company Buys One Of The Tallest Buildings In Dickinson; Says 65 Years of Drilling; Oil Activity To Last Another 100 Years

The Dickinson Press is reporting:

“We recently acquired the Jordheim Plaza in Dickinson and our plans are to refurbish it,” Gavin said. “We know that property hasn’t been operational for the past number of years and we’re excited to bring that space back into action. The plan is to provide accommodation for some of the vast number of people working in the Dickinson area and beyond in an area of the city that has been void of anything like what we would bring.”

In a release sent by Louise Taylor of AB Property Marketing out of London — a firm working with PH — the plaza, which used to be the Old Ivanhoe Inn, would undergo an “eco-friendly” refurbishment and offer rooms for long-term stays to investors or companies with interests in southwest North Dakota.

“If you look at the surveys, there’s hundreds of millions of barrels under the Bakken Formation in North Dakota and in that region,” Gavin said. “If you look at what is recoverable right now, we’re looking at around about 65 years of extraction. I think we’ll see that once a certain amount of oil is extracted, technology will just continue to improve to enable us to retrieve a higher percentage of those reserves. It’s going to be a perpetual thing and go on for another 100 years.”

Hundreds of millions of barrels under the Bakken formation? I guess that would be the Three Forks formation.