Bakken Oilfield Fails

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just for fun a little info about the bakken oilfield.

The Bakken Oil Field is receiving national attention as it has become one of the most prolific oil fields in the country thanks to advances in horizontal drilling and fracking technology.

the Bakken shale formation is spread across Western North Dakota, Eastern Montana and Southern Saskatchewan in Canada.

The Bakken Oil Field is part of the larger Williston Basin which is an intracratonic sedimentary basin that runs from South Dakota, up into western North Dakota, eastern Montana and southern Saskatchewan. This entire structure is known for its rich deposits of petroleum as well as potash.

Oil drillers targeting the rich Bakken shale formation in western North Dakota and eastern Montana have produced 1 billion barrels of crude, data from the two states

Drillers first targeted the Bakken in Montana in 2000 and moved into North Dakota about five years later using advanced horizontal drilling and hydraulic fracturing techniques to recover oil trapped in a thin layer of dense rock nearly two miles beneath the surface.

A combination of technological advancements, deep sea drilling issues and high oil prices have made the Bakken Oil Field one of the hottest prospects in the western hemisphere. Along with the advancements in technology, there has been a steady stream of upgrades to the amount of recoverable oil industry experts expect. The latest analysis came from Continental Resources which is one of the largest oil drillers working in the Bakken Formation. Continental CEO Harold Hamm recently expressed on CNBC that their analysis leads them to believe that once fully developed, up to 24 Billion barrels of oil could be recovered from the Bakken.

Companies such as Tesoro have a large refining presence in North Dakota and oil infrastructure and engineering companies such as Halliburton are setting up new offices in ND.
There are many oil service companies that are involved in providing equipment for drilling the Bakken wells such as National Oilwell Varco and Carbo Ceramics. These companies have experienced explosive growth this past year as the drilling pace ramped up. Companies like Nabors and Baker Hughes have been shipping rigs into the Bakken as they are expecting to drill over 1200 new wells this year.
There are also companies like Enbridge and Williams who run pipelines that are being expanded in order to handle the ramp up of oil volume coming from the Bakken. below is a small list of companies operating in the Bakken oilfield area

BHI BAKER HUGHES INC - Horizontal Drilling Rigs
NOV NATIONAL OILWELL VARCO INC - Drilling Equipment
LUFK LUFKIN INDUSTRIES INC - Oil Services
BEXP BRIGHAM EXPLORATION (Bought Out By Statoil of Norway)
MHR Magnum Hunter Resources
BAS BASIC ENERGY SERVICES
CRR CARBO CERAMICS * - Equipment For Fracking
HAL HALLIBURTON CO
OAS OASIS PETROLEUM INC
CPX COMPLETE PRODUCTION SERVICES
HES HESS CORP
CLR CONTINENTAL RESOURCES INC * - Oil Exploration & Production
NOG NORTHERN OIL & GAS * - Oil Lease Holder
KOG KODIAK OIL & GAS * - Oil Exploration & Production
WLL WHITING PETROLEUM CORP * - Oil Exploration & Production
GEOI GEORESOURCES
TSO TESORO CORP
HOC HOLLY CORP
DRC DRESSER RAND GROUP INC
CAM CAMERON INTERNATIONAL CORP
PTEN PATTERSON UTI ENERGY INC
EOG EOG RESOURCES INC
FTI FMC TECHNOLOGIES INC
MRO MARATHON OIL CORP - Oil Exploration & Production
FTK FLOTEK INDUSTRIES INCORPORATE
KEG KEY ENERGY GROUP INC
PSV PURE ENERGY SERVICE LTD
ENB ENBRIDGE INC * - ND Oil Pipelines
SLB SCHLUMBERGER LTD
FRC CANYON SERVICES GROUP INC
HP HELMERICH & PAYNE INC
COP CONOCOPHILLIPS
NBR NABORS INDUSTRIES LTD * Oil Drilling Rigs
OKE ONEOK INC
WMB WILLIAMS COMPANIES INC