The Bakken oil fields in North Dakota just hit a key milestone.
Over one billion barrels of oil have now been produced from this prolific region, according to industry group, IHS Inc. (IHS).
That’s astounding in itself, as no one would’ve predicted 10 years ago that such gargantuan resources even existed.
And since IHS estimates that there are more than 24 billion barrels in the Bakken fields, this is just the beginning.
Granted, the 24-billion barrel estimate refers to what could be recovered at any cost. According to the Energy Information Administration (EIA), the estimate of economically recoverable oil is closer to eight billion barrels.
Still, that’s enough to keep the region booming for years to come. And since the fields aren’t expected to plateau in production until the mid-2020s, there’s a ton of time to make money in the Bakken.
The timing couldn’t be better to get in, either, since production is ratcheting higher…
The Bakken accounts for 10% of U.S. oil production. And as you can see in the chart below, the Bakken is producing one million barrels per day. That’s $100 million in business at current prices.
Daily production should only accelerate from here, too, as more rigs are put into the field. And, thanks to continued infrastructure improvements, more oil is getting to refiners faster.
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Now, let’s break down the best way to invest in the region’s ongoing success…
CLR is a Screaming “Buy”
Continental Resources, Inc. (CLR) is the biggest leaseholder and producer in the Bakken region.
Its revenue is expected to skyrocket to over $4 billion next year – up from just under $1 billion in 2011.
And the company still maintains that it’s in the early stages of growth!
But that’s not even the best part…
You see, the company has a reputation for wildcatting and making major finds. And the company thinks that its most recent discovery – a new find in Oklahoma – could dwarf the Bakken by a factor of almost three!
Yes, it’s estimating that the new find – what they’re referring to as the South Central Oklahoma Province (or SCOOP) – holds 70 billion barrels.
As a result, rig counts in Oklahoma have increased at their fastest pace since 2011, as explorers are gearing up to go elephant hunting.
Now, it’s easy to throw around numbers and estimates. And 70 billion barrels would put the find at the top of the list in the United States.
Granted, the company isn’t sure how much is economically recoverable. But if you’re looking for a way to play the next big oil boom, Continental Resources is right in the middle of the action.
And “the chase” continues,