Bakken Production, Reserves Continue to Grow, but Price Concerns Bubble Up

DENVER, COLORADO--October 8, 2014--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--New estimates for North Dakota's Bakken and Three Forms suggest the formations contain between 413 billion and 643 billion barrels of original oil in place, an industry insider said at the 5th Annual Bakken & Three Forks Summit, held by Information Forecast Incorporated (Infocast) (Woodland Hills, California) in Denver. With an estimated recovery factor of 15%, those formations hold between 62 billion and 96 billion barrels of recoverable oil reserves, far higher than previous estimates. Within this article: New oil recovery estimates for the Bakken and Three Forms formations in North Dakota, with details on multi-pad drilling, closer spacing of wells, and cemented liner completions. Other companies featured: Whiting Petroleum Corporation (NYSE:WLL)