Re: Re: Bakken Oil Analysis

Lance says:

Looking back on those stories, I see a lot of “estimates,” but no real sourcing for those estimates. So it looks like I got sucked into speculation that was too good to be true.

The fellow I refer to in my post LC Price set it all off:

Then the stuff of legends came, along with one geochemist by the name of L. C. Price. Mr. Price, working for the US Geological Survey [USGS] performed extensive chemical analysis of abandoned oil wells, primarily in North Dakota and came away with an astonishing conclusion—The Bakken trend contains up to 200 billion to 500 billion, yes that is with a “B”, of original oil in place.

Source: The Bakken Trend: Lost Dutchmen Mine of the Oil Patch? – Seeking Alpha How did LC come up with his estimate? I have not seen his paper nor would I probably be able to really understand it (not having studied much geology).

Geologists and oil companies have known of this reserve for a long time, it is just costs more to coax the oil out of the ground there and only now with $110 per barrel oil is it feasible to extract that oil.