Published May 29, 2012, 10:10 AM
State: Bakken well will pump nearly 3 decades
BISMARCK, N.D. (AP) — State officials say a typical well drilled in the rich Bakken and Three formations will produce about 540,000 barrels of oil over its 29-year lifespan.
BISMARCK, N.D. (AP) — State officials say a typical well drilled in the rich Bakken and Three formations will produce about 540,000 barrels of oil over its 29-year lifespan.
The State Department of Mineral Resources says a horizontal well in the formations cost an average of $7.9 million to drill and complete.
The agency says each Bakken and Three Forks well will generate more than $20 million in net profit over its lifetime, and pay more than $4.5 million in taxes.
The average well also will pay about $7.5 million in royalties to its mineral owners.
Copyright 2012 The Associated Press.
Tags: north dakota, updates, oil, energy, news, money
More from around the web
RSS Feeds