Right here in America there is a modern day oil & gas boom. Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Shale Formation of the Williston Basin Province, Montana and North Dakota.

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Tuesday, May 3, 2011

Hess Says Bakken Production to Average 40,000 BPD This Year


Hess Corp. (HES) expects to average 40,000 barrels a day of oil production this year from wells in North Dakota’s Bakken shale formation.
Wells located on new acreage “exceeded expectations,” Greg Hill, president of exploration and production at the New York-based company, said today on a conference call with investors.
Bakken production averaged 25,000 barrels a day in the first quarter, Chief Executive Officer John Hess said on the call. Production was equivalent to 13,000 barrels a day in the same period last year, Hess reported.
The company has 18 rigs drilling in the Bakken, mostly on leases acquired last year in a $1.05 billion purchase from TRZ Energy LLC and in the $336.9 million acquisition of American Oil & Gas Inc.
Hess rose $3.25, or 4 percent, to $83.92 at 11:30 a.m. in New York Stock Exchange composite trading. A close at that price would be the largest one-day gain in two months. Before today, the shares had risen 5.4 percent this year.
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