Bakken Shale

Bakken Shale ImageThe Bakken shale is primarily an oil play. It straddles the US border with Canada and runs through two states – North Dakota and Montana – and two Canadian provinces – Saskatchewan and Manitoba. The US Geological Survey estimates there are 3.65 billion barrels of recoverable crude oil in the Bakken, which would make it the largest oil field in the US outside Alaska. The Bakken is located in the Williston Basin, but not all of the basin includes the Bakken.

The Sanish-Three Forks area is located below the Bakken shale zone and is potentially another new oil reservoir. Brigham Exploration Co. has been active in this area. Natural gas is also found in some parts of the Bakken. The USGS estimates there is about 2.0 trillion cubic feet of gas and another 150 million barrels of natural gas liquids. Major players in the Bakken include EOG Resources, Continental Resources, and Enerplus Resources.

Bakken Shale Map

Bakken Shale News

Foreign oil, gas investment strong in Canada

Oct 24, 2013

Foreign investment in Canadian oil and gas, a topic that raised governmental concern when CNOOC Ltd. of China last year announced plans to acquire Nexen Inc. of Calgary for $15.1 billion, has averaged $20 billion/year since 2007, reports the Canadian Energy Research Institute (CERI).

Crestwood buys Arrow Bakken gathering systems for $750 million

Oct 10, 2013

Crestwood Midstream Partners LP’s wholly owned subsidiary Crestwood Arrow Acquisition bought Bakken-shale gathering company Arrow Midstream Holdings LLC in a deal valued at $750 million.

Activity Snapshot: North Dakota Bakken

Oct 1, 2013

Oasis Petroleum adding to its Williston basin assets

Sep 5, 2013

Oasis Petroleum Inc. has signed four separate, unrelated purchase agreements to acquire certain assets in the Williston basin totaling 161,000 net acres and costing $1.5 billion.

Saskatchewan straddle plant planned to handle Bakken production

Sep 4, 2013

SaskEnergy unit Bayhurst Energy Services Corp. (Besco) will join Mistral Midstream Inc., Calgary, to build a liquids-extraction plant in southeastern Saskatchewan, just north of the North Dakota border.

Whiting Petroleum to acquire Williston basin assets

Aug 29, 2013

Whiting Petroleum Corp., Denver, has signed a purchase and sale agreement with an undisclosed private party to acquire certain producing oil and gas wells and development acreage in the Williston basin in Montana for $260 million.

Wyoming delegation asks Jewell to exempt state from BLM fracing rules

Aug 20, 2013

Wyoming’s congressional delegation asked US Sec. of the Interior Sally Jewell to exempt the state and others that already regulate hydraulic fracturing from the US Bureau of Land Management’s final regulations when they are issued.

Senators promote North Dakota's regulatory role during Jewell visit

Aug 19, 2013

North Dakota's two US senators—John Hoeven (R) and Heidi Heitkamp (D)—welcomed US Sec. of the Interior Sally Jewell to the state for a 2-day visit on Aug. 6.

URTeC: Wolfcamp play dwarfs Bakken, Eagle Ford

Aug 12, 2013

“The Spraberry Wolfcamp could possibly become the largest oil and gas discovery in the world,” said Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield while speaking Aug. 12 at the Unconventional Resources Technology Conference (URTeC) in Denver.

PwC US: Eagle Ford, Marcellus most active shale plays for 2Q M&A

Aug 7, 2013

Transactions involving unconventional oil and gas assets remained a key driver for deal activity in the second quarter, and midstream shale assets values beat upstream shale deal total for a second consecutive quarter, PwC reported in an analysis of industry’s merger and acquisition activity.

Senators promote North Dakota’s regulatory role during Jewell visit

Aug 7, 2013

North Dakota’s two US senators—John Hoeven (R) and Heidi Heitkamp (D)—welcomed US Sec. of the Interior Sally Jewell to the state for a 2-day visit on Aug. 6. They used the occasion to show her how the state is aggressively developing energy resources in it with its own comprehensive regulatory approach.

Rail emerging as long-term North American crude option

Aug 5, 2013

WoodMac: US unconventional plays will help reduce imports from abroad

Jul 31, 2013

Unconventional oil and gas plays will continue to drive US and Canadian production for years, with the Bakken formation in North Dakota and Montana along with the South Texas Eagle Ford shale play accounting for much of the tight oil production increase, said analysts with Wood Mackenzie Ltd.

Deadly train derailment in Quebec carried Bakken crude

Jul 8, 2013

A runaway train carrying crude oil from the Bakken formation derailed early July 6 in Lac Megantic, Que., resulting in fires and explosions that destroyed much of the town, leaving dozens dead or missing, Canadian authorities said.

Natural Resource Partners to buy stake in Bakken, Three Forks

Jun 17, 2013

Natural Resource Partners LP, Houston, agreed to acquire an 11% working interest in producing assets in the Bakken and Three Forks formations in North Dakota and Montana from Abraxas Petroleum Corp. for $35.3 million, marking NRP’s entry into the Bakken formation.

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