Enerplus said in an investor presentation that its Bakken assets probably hold 50% more oil than it previously thought.
The Motley Fool said Kodiak Oil & Gas and Oasis Petroleum have also said Bakken “is a lot bigger than previously thought.”
“Drilling down into the data What Enerplus found was that as it evaluated well data and core data across its average, there was more oil saturating the rocks beneath its acreage,” the Motley Fool said.
“Not only was there more oil in the Bakken Shale and the first bench of the Three Forks formation than estimated, but Enerplus is finding that there’s also oil in the second bench of the Three Forks formation.”
Enerplus estimates it should be able to extract 97 million barrels of oil equivalent from its acreage in the Williston Basin.
“Since 2009, Kodiak Oil & Gas’ proved reserves have grown by a 147% compound annual growth rate as the company has converted its resources into reserves,” the Motley Fool said.
“Meanwhile, Oasis Petroleum’s proved reserves surged 53% last year alone as the company’s drilling program continues to prove up its acreage.”
“Bottom line here,” the report said, “Enerplus’ position in the Williston Basin is better than it thought.”