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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.

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