The Bakken oil formation has been generating significant attention from both the media and insiders in the oil and gas industry for its vast natural resources. More than 11 million barrels of oil were produced in the play in June alone, according to television station KFYR. Along with holding significant amounts of oil and gas, the Bakken formation has provided North Dakota citizens and visitors with myriad job opportunities, CNBC reports.
The United States Geological Survey estimates that the play holds 148 million barrels of natural gas liquids, 3.65 million barrels of recoverable oil and almost 2 trillion cubic feet of natural gas.
When Jim Cramer, the host of television show "Mad Money" visited the formation on August 24, he was informed by North Dakota Governor Jack Dalrymple that the majority of the play is still untapped, CNBC reports.
The media outlet reports that Dalrymple told Cramer that "We’ve probably exploited 15 percent of the play at this point."
He added that "It’s going to be many, many years, probably 20 years of very healthy development."
As of August 26, North Dakota had 200 active drilling rigs, according to television station KFYR.