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The Bakken Oil Boom in North Dakota
America is sitting on top of a massive multibillion barrel oil field that may revolutionize our dependence for foreign oil. Thanks to advances in hydrofracking technology the Bakken Formation in North Dakota could boost America's oil reserves giving western economies an edge in the world oil market.
With the use of new horizontal drilling and fracing technology, oil producers will be able to fetch what is believed to be over 20+ billion barrels of recoverable oil held in the 200,000 square mile Bakken reserve. Thru ever changing technology, new techniques come into play for more safe and productive ways of attaining this sweet crude.
In 2007 a leading oil company took a gamble by waking this sleeping giant and began drilling in the Bakken shale formation near Parshall N.D. Today, approximatly 200 drilling rigs grace the plains of western ND creating new wells daily in what is expected to be one of the greatest oil booms in North American history. Along with the discovery of the Bakken oil field two other formations have now been located to create a maze of oil fields under the states of North Dakota, South Dakota and Montana. These two oil plays are respectfully known as the Three Forks Sanish and the Tyler formations and together will dramatically impact the output of this already massive oil discovery and historic event.
What is Hydraulic fracking/fracing?
According to Wikipedia fracking or hydrofracking is the process of initiating and subsequently propagating a fracture in a rock layer, by means of a pressurized fluid, in order to release petroleum, natural gas, coal seam gas, or other substances for extraction.[1] The fracturing, known colloquially as a frack job (or frac job),[2][3] is done from a wellbore drilled into reservoir rock formations. The energy from the injection of a highly pressurized fluid, such as water, creates new channels in the rock which can increase the extraction rates and ultimate recovery of fossil fuels.
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