The Bakken Shale formation is certainly one of the largest oil and natural gas plays at present within the United States and occupies approximately over 200,000 square miles in North Dakota, Montana, and Canada. The formation was named after Henry Bakken, a farmer in ND the place it was initally discovered. This formation has been a boon for North Dakota which now has the bottom unemployment charge in the nation at three%, and is at present #1 within the nation for job growth and oil Refinery Process housing progress. North Dakota is now only 2nd to Texas so far as oil production goes within the US and just current handed Ecuador as the 12th largest oil producing play on the planet and is closing quick on Qatar each of which are members of OPEC. Due to the advent of horizontal drilling and hydraulic fracturing methods, the Bakken Shale Formation has grow to be economically viable for oil companies. Current Geological Surveys estimate that the formation could hold as little as 4.Three billion barrels of oil and as excessive as 40 billion. Shale performs just like the Bakken are springing up all around the US and will assist to lead the US to vitality independence in the coming years. Oil being produced out of the Bakken Shale is quick approaching 1 million barrels of oil per month.