WDAY.com

WDAZ: Your Home Team

Published January 20, 2011, 04:25 PM

Oilman: Bakken Holds 20 Billion Barrels of Oil

Billionaire oilman Harold Hamm told North Dakota bankers in Bismarck on Thursday that government estimates of recoverable oil in the Bakken and Three Forks formations are conservative.

By: Associated Press,

BISMARCK, N.D. (AP) — Billionaire oilman Harold Hamm told North Dakota bankers in Bismarck on Thursday that government estimates of recoverable oil in the Bakken and Three Forks formations are conservative.

The chief executive of the Continental Resources oil company says the formations in North Dakota and Montana hold about 20 billion barrels of recoverable crude.

But the U.S. Geological Survey doesn't agree with Hamm's numbers. The agency released a study in 2008 that estimated up to 4.3 billion barrels of oil can be recovered in the Bakken.

USGS geologist Rich Pollastro says the agency hasn't seen enough data to amend its estimate.

Tags: