Bakken Oil, Eagle Ford, Utica Shale and other US Oil: "1. Harold Hamm, multi-billionaire CEO of Continental Resources, estimates that entire Bakken oil field, fully developed, has 24 billion barrels.
Continental Resources has seen its "proved reserves" of oil and natural gas (mostly in North Dakota) skyrocket to 421 million barrels this summer from 118 million barrels in 2006. Continental expects their reserves and production to triple over the next five years. If they reach that goal Harold Hamm will increase his networth from about 8 billion dollars to over 20 billion.
The USGS (US Geological Survey) will do a new assessment of the Bakken starting in October, 2011 and will be completed in about two years.
Harold Hamm calculates that if Washington would allow more drilling permits for oil and natural gas on federal lands and federal waters, "I truly believe the federal government could over time raise $18 trillion in royalties.""
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