Samson Oil & Gas to Drill a Bakken Formation Well in North Dakota and Pride International, Inc. to Host Analyst Meeting
Oil and Gas Exploration industry news provided by Financial News USA (OTC: FNWU). Samson Oil & Gas (AMEX: SSN) currently produces around 100 BOPD (gross) from a horizontal well placed in the Bluell Formation of the North Harstad oil field which is located in the central part of the Williston Basin. This well has been on production for 15 months and has demonstrated the productive capacity of this formation such that development wells adjacent to this location are being planned as part of Samson’s effort to enlarge its oil production profile to take advantage of the exceptional oil price that is currently in effect. In addition to this Bluell activity Samson has received a proposal from the operator of the field to drill a Bakken Formation well. This well is proposed to be drilled to a vertical depth of 11,335 feet, plugged back and then drilled horizontally for 4,800 feet in the middle Bakken zone. Read more
Petrostar to Commence Drilling Bakken Oil Play in SE Saskatchewan
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT: LMQ) (”Petrostar” or the “Company”) announces that it has finalized its agreement with its Joint-Venture partner on leases that are located in the Bakken Oil Play, in SE Saskatchewan.
Petrostar will drill three initial wells in what we believe are three new pools of Bakken Oil in SE Saskatchewan.
Upon the success of each of these wells, the joint venture will be expanded to nine or more additional wells to develop these three pools and any additional pools that can be identified.
The drilling locations have been surveyed and permitting applications submitted, which are anticipated to be approved on or before June 30, 2008. Petrostar, as operator, has contracted the services of Terroco Drilling Ltd. for a drilling rig and other ancillary services to initiate drilling as soon as the permits are received.
The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana and North Dakota in the USA.
Historic Oil Film Featuring North Dakota
Table of Contents: Twenty-Fours Hours of Progress I-(1950) Run time: 13:51 How the oil industry is central to the American economy. It was actually quite easy to pick up, basically it involves how gas products are used by the general public in a 24 hour period. Desert Venture (Part I) & (Part II)- Run time: 30:53 If you can get past the Saudis forever smiling to the Americans, this is a highly enjoyable educational film on how of course, the Americans were responsible for Oil in Saudi Arabia. American Frontier-(1950s) Run time: 12:37 Humanistic film showing the effects of an oil discovery on Williston, North Dakota and the surrounding region. This film documents the coming of oil drilling to North Dakota and it’s effects on the people living there. Destination Earth-(1956) Run time: 13:36 In this corporate-sponsored cartoon, Martian dissidents learn that oil and competition are the two things that make America great. Down the Gasoline Trail-(1935) Run time: 7:55 Cartoon showing what happens to a drop of gasoline from the time it flows into the gas tank to when it is exploded in the engine cylinder. Oil for Aladdins Lamp- Run time: 20:32 The romance of the petroleum industry, showing how dependent our society is on oil and petrochemical products. Remake and update of the original (1933) version.
The Bakken is the largest domestic oil discovery since Alaska’s Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil.
The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.
* “When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.” says Terry Johnson, the Montana Legislature’s financial analyst.
* “This sizeable find is now the highest-producing onshore oil field found in the past 56 years,” reports The Pittsburgh Post Gazette.
It’s a formation known as the Williston Basin, but is more commonly referred to as the “Bakken.” And it stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. oil exploration has been considered a dead end. Even the “Big Oil” companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves… and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! That’s enough crude to fully fuel the American economy for 41 years straight. To America, this discovery couldn’t have come at a better time. You see, when all the wells are finally drilled and pumping, we won’t have to import any foreign oil from the Middle East. Not a single drop! Read more
The Bakken Oil Field The Oil Find That Trumps Saudi’s Biggest Oil Field
Comfortable with $100+ oil prices, OPEC oil exporters refused to increase output, a move that quickly sent oil above $108 a barrel.
“At the moment there is enough oil in the market and no need to change OPEC’s output,” said OPEC general secretary Abdullah al-Badri, opting to blame the “US economic recession, lack of refining capacity and depreciation of the dollar’s value” for higher oil prices.
While true, what if the U.S. could tell OPEC oil exports where they could stick their oil? What if we could significantly reduce our dependency on foreign oil, and sit back as the Middle East lost billions in oil revenue?
Well… if all goes according to plan, we may be able to do just that.
The Next Oil Boom Is Upon Us… in the Bakken Oil Field
U.S. consumers paid out $340 billion to import 14 million barrels a day… just for 2007. And it’s only likely to get worse. We’re already paying more $3.30 for a gallon of gas on gushing pre-summer driving season oil prices. Read more
Bakken Formation: Will it fuel Canada’s oil industry?
It’s common knowledge that there is a lot of oil in the Western part of North America, but it’s difficult and expensive to get out of the ground. What may surprise some, though, is that much of that oil is under regions that aren’t known as major oil producers —Saskatchewan, Manitoba, North Dakota and Montana.
According to the U.S. Geological Survey (USGS), there may be as many as 503 billion barrels of oil in the Bakken Formation – a natural geological phenomenon in the region – and estimates say that anywhere from three to 50 per cent of it is recoverable by currently available technology.
The Bakken Formation is a 350 million-year-old underground layer of rock that occurs in much of the Williston Basin, a vaguely heart-shaped warp in the otherwise flat prairies on the U.S.-Canada border. It was discovered in 1953 by a geologist named J.W. Nordquist and named after Henry Bakken, owner of the Montana farm where Nordquist first drilled.
While it was postulated as early as 1974 that the Bakken could contain vast amounts of petroleum, it wasn’t until Denver-based geologist Leigh Price undertook a field assessment for the USGS in 1995 that anybody tried to find out how much was actually there. Read more
