Continental Resources, Inc. (CLR), Linn Energy LLC (LINE), Kodiak Oil & Gas Corp (USA) (KOG): Bakken Details

9. 50,000 future wells
The industry has already drilled about 5,000 wells in the Bakken, which means that the play might only be 10% developed. This has oil-field services companies like Heckmann Corporation (NYSE:HEK) envisioning a real long-term opportunity in the play. The company, which is an environmental solutions provider focusing on the water used in fracking, has a very large Bakken operation. While some will point to falling rig counts, the industry has become much more efficient in getting its well costs down, meaning its drilling more wells with fewer rigs. That could yield even more profitable wells in the future as long as oil prices stay elevated.

10. 7.4 billion barrels of oil
Five years ago the U.S. Geological Survey estimated that the Bakken might contain 3 billion-4.3 billion barrels of oil. Now, with the development of the Three Forks formation, it’s nearly doubled the estimated amount of oil that could be pulled out of the region. Some in the industry, including Continental Resources, Inc. (NYSE:CLR), think that the estimates are still way too low, as the company believes those formations could hold 24 billion barrels of oil equivalent.

Foolish bottom line
The numbers don’t lie: The Bakken is a phenomenal oil play that should produce for many years to come. As it does, those companies operating in the region will enjoy their share of profits.

The article 10 Incredible Numbers From the Bakken originally appeared on Fool.com and is written by Matt DiLallo.

Motley Fool contributor Matt DiLallo owns shares of LINN Energy and Heckmann, and has the following options: Short Jun 2013 $4 Puts on Heckmann. The Motley Fool owns shares of Heckmann and has the following options: Long Jan 2014 $4 Calls on Heckmann and Short Jan 2014 $3 Puts on Heckmann.

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