Latest Oil Numbers Break More Records - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Latest Oil Numbers Break More Records

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Records continue to fall in terms of oil production in North Dakota

Over 940-thousand barrels of oil were produced a day in October.

Records were also set for the month in terms of the number of producing wells and the amount of natural gas captured.

Director of Mineral Resources Lynn Helms says despite the high numbers he considers production "lack-luster" compared to what was expected.

Extreme cold weather had something to do with it.

Helms also says the fall in oil prices--from 93 dollars a barrel in September to around 73 dollars today--is forcing companies to make decisions to save money.

We've seen a complete turn-a-round in the movement of oil shifting back towards the rail. The rail capacity is there, rail transport facilities have the capacity as I stated to the legislature yesterday, they could move 90% of a million barrels a day if they needed to," says Director of Mineral Resources Lynn Helms.

In fact, for the first time over 700,000 barrels of oil were shipped by rail in October.

Helms also said today the state Flaring Task force would release its findings at the end of January.

Results of their research to reduce flaring were expected this month.

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