Oil Estimate Grows - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Oil Estimate Grows

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There's twice as much oil that can be recovered in our region than estimated just five years ago.

That's the assessment of the US Geological Survey announced this morning.

The new estimate includes oil in both the Bakken formation and the Three Forks formation of eastern Montana and the western Dakotas.

The USGS keeps its estimate for recoverable oil in the Bakken the same as in 2008 - at 3.65 billion barrels.

But the new survey says there's even more than that in the Three Forks, a formation right below the Bakken that was not assessed in the 2008 estimate.

That means the USGS now guesses there are 7.4 billion barrels of undiscovered, recoverable oil in our area.

Senator John Hoeven says that number could be low.

And that's there mean their actually top-line number is 11.4 billion barrels so about three times. I think you're going to see industries say that that's conservative so look this is very good news, clearly a lot more energy which is good for our state but it's good for our country," says Senator John Hoeven.

The report also says there are 6.7 trillion cubic feet of natural gas in the two formations.

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