The USGS says that the oil resources in shale formations of North Dakota, Montana and nearby states are 7.4 billion barrels which is double an estimate for the region made five years ago. The agency for the first time studied the Three Forks formation, which is estimated to include 3.73 billion barrels, exceeding the recoverable oil in the Bakken. Five years ago, Three Forks, which lies further underground than the Bakken, was considered out of reach. Bakken production rose 39 percent from a year earlier to 715,000 barrels of oil a day in this year’s fourth quarter. About 450 million barrels have been produced in the last five years.
February, daily monthly production for the US is 7.18 million barrels per day of crude oil. North Dakota had 778,000 barrels per day in February. Texas had 2.3 million bpd.
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