WORLD CLASS RESOURCE
There is no question that the Bakken has lived up to the hype and with recovery technologies continuing to improve that increase production and reduce costs, North Dakota does have a World Class Resource:
The Williston Basin includes the Bakken & Three Forks formations and other proven plays including the Madison, Red River and Tyler formations. Estimated ultimate recovery of oil ranges from 9 Billion BOE to 24 Billion BOE.
The discovery of the oil in the Bakken and Three Forks formation is the most important oil discovery in two generations. In terms of sheer size, the two formations together represent one of the largest consolidated oil resources in the world. Compared with the oil production of the twelve nation members of OPEC, North Dakota alone has already surpassed Ecuador, Libya, and Qatar, and will soon surpass Algeria.
Aside from the size of the resource, oil recovered from the Bakken and Three Forks oil plays is some of the highest quality in the world. The Bakken is also considered a true oil play, with oil comprising 85% or more of the resource. As an on-shore American resource, oil produced from the Bakken and Three Forks formations helps to reduce U.S. dependence on oil produced from volatile parts of the world.
A majority of the basin has stacked pay zones or multiple pay zones, with both Bakken and Three Forks throughout the heart of the development basin. Put simply, one location has the potential for multiple wells for full development that increases the net acreage footprint for a Mineral Owner or lease holder.
Operators are testing infill drilling of 12 to 16 wells per 1,280-acre spacing unit with the following estimated breakdown