Oil officials: 2008 was great year in ND oil patch; may never be... | KXNet.com North Dakota News
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Oil officials: 2008 was great year in ND oil patch; may never be...Jun 8 2009 5:23PM
Associated Press Bismarck, N.D. (AP) North Dakota's oil patch had a great year in 2008 with record production, revenue and rig activity. But oil industry officials say it may never be matched again. Lynn Helms is the director of the state Department of Mineral Resources. He says last year was extremely rare. He called it quote "a bubble in the economy kind of thing." The North Dakota Petroleum Council released its annual oil patch statistics today. Ron Ness, the group's president says records in the state's oil patch were set across the board. He says it was spurred by high oil prices that led to investment in North Dakota's oil patch. The group says North Dakota produced a record 62.8 million barrels of oil last year. That's up nearly 18 million barrels from 2007. Ness says his group compiles its annual statistics from industry and government reports. The group says 17 of North Dakota's 53 counties produced oil in 2008. Bowman County accounted for 26 percent of the of state's production in 2008 and Mountrail had 25 percent. Ness says the oil and gas industry paid nearly $527 million in oil and gas taxes last year in North Dakota. That's up from $251.7 million in 2007. Ness and Helms said they expect oil activity in 2009 to compare with 2007. (Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 06-08-09 1715CDT |
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