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Parshall Oil Field
The Parshall Oil Field is an oil field producing from the Bakken Formation and Three Forks Formation near the town of Parshall, in Mountrail County, North Dakota. The field is in the Williston Basin. The field was discovered in 2006 by Michael Johnson and sold the play to EOG Resources, which drilled, and now operates, most of the wells. It was the discovery of the Parshall Field that was largely responsible for the North Dakota oil boom. Parshall's break-even price is at US$38/barrel, which is the lowest on the Bakken Formation; overall, Bakken's break-even point is of US$62/barrel. Discovery Mike Johnson, a petroleum geologist in Denver, Colorado, is recognized as responsible for the discovery. Johnson has been recognized for this achievement by the American Association of Petroleum Geologists (AAPG) and the Rocky Mountain Association of Geologists (RMAG). Over the years, oil companies had drilled a number of dry holes through the oil-bearing Bakken Shale at Parshall. Johnson ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bakken Formation
The Bakken Formation () is a rock unit from the Late Devonian to Early Mississippian age occupying about of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba. The formation was initially described by geologist J. W. Nordquist in 1953. The formation is entirely in the subsurface, and has no surface outcrop. It is named after Henry O. Bakken (1901–1982), a farmer in Tioga, North Dakota, who owned the land where the formation was initially discovered while drilling for oil. Besides the Bakken formation being a widespread prolific source rock for oil when thermally mature, significant producible oil reserves exist within the rock unit itself. Oil was first discovered within the Bakken in 1951, but past efforts to produce it have faced technical difficulties. In April 2008, a USGS report estimated the amount of recoverable oil using technology readily available at the end of 2007 within the Bakken Formation at 3.0 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Three Forks Group
The Three Forks Group is a stratigraphical unit of Famennian age in the Williston Basin. It takes the name from the city of Three Forks, Montana, and was first described in outcrop near the city by A.C. Peale in 1893 (for the Three Forks Shale). Lithology The Three Forks Group is composed of Dolomite, mudstone and bituminous shale. Hydrocarbon production In the subsurface of the Williston Basin, the Three Forks is referred to as the Three Forks ''Formation'', which lies between the Birdbear Formation below, and the Bakken Formation above. Oil produced from the Three Forks Formation in the Williston Basin of North Dakota and south-eastern Saskatchewan is often included in production statistics with the overlying Bakken Formation. For instance, the Three Forks and Bakken were combined in estimates of potential production released by the United States Geological Survey on April 30, 2013. The estimate by the USGS projects that 7.4 billion barrels of oil can be recovered from th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parshall, North Dakota
Parshall (Hidatsa: ''dibiarugareesh'') is a city lying within the jurisdictional boundaries of the Mandan, Hidatsa, and Arikara Nation. It is located on the Fort Berthold Indian Reservation in Mountrail County, North Dakota, United States. The population was 949 at the 2020 census. Parshall was founded in 1914 by George Parshall, and is the home of the Paul Broste Rock Museum. On February 15, 1936, Parshall recorded a temperature of -60 °F (-51 °C), setting a state record low temperature, which still stands today. Relatively nearby Steele, ND recorded a state record high of 121 °F (49 °C) less than five months later. During the calendar year 1934, in the midst of the severe multi-year drought that affected most of North America during much of the 1930s, Parshall recorded a total of 4.02 in (101 mm) of precipitation, less than 12 per cent of the long-term normal and much drier than is normally the case in much of the Sonoran Desert. Randy Hedberg, a former NFL quarterback, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mountrail County, North Dakota
Mountrail County is a county in the northwestern part of North Dakota, United States. As of the 2020 census, the population was 9,809. Its county seat is Stanley. The county was originally created in 1873, then removed in 1892, annexed by Ward County. It was re-created and organized in 1909. History The Dakota Territory legislature created the county (as Mountraille County) on January 4, 1873, with area annexed from Buffalo County. It was not organized at that time, nor was it attached to another county for administrative or judicial purposes. The new county lost territory in 1885 when a portion was annexed off to create Garfield County (now extinct). This situation continued until February 21, 1891, when Mountrail County was attached to Ward County, for "judicial and other purposes". The following year (November 8, 1892), the North Dakota legislature voted to dissolve the county and have its territory absorbed by Ward County. An election held in Ward County on November 3, 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Williston Basin
The Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, southern Saskatchewan, and south-western Manitoba that is known for its rich deposits of petroleum and potash. The basin is a geologic structural basin but not a topographic depression; it is transected by the Missouri River. The oval-shaped depression extends approximately north-south and east-west. The Williston Basin lies above an ancient Precambrian geologic basement feature, the Trans-Hudson Orogenic Belt that developed in this area about 1.8-1.9 billion years ago, and that created a weak zone that later led to sagging to produce the basin. The Precambrian basement rocks in the center of the basin beneath the city of Williston, North Dakota lie about below the surface. Deposition of sediments began in the Williston area during Cambrian time, but subsidence and basin filling were most intense during the Ordovician, Silurian, and Devonian Periods, when ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EOG Resources
EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas. The company is ranked 186th on the Fortune 500 and 337th on the Forbes Global 2000. The company was named Enron Oil & Gas Company before its separation from Enron in 1999. History In 1998, Mark G. Papa was named chairman and chief executive officer. In 1999, the company became independent from Enron and changed its name to EOG Resources, Inc. In 2000, the company swapped properties with Occidental Petroleum. EOG received properties in East Texas and the Oklahoma Panhandle in exchange for properties in California and the Gulf of Mexico. In February 2000, the company also swapped properties with Burlington Resources. EOG received properties in West Texas and the New Mexico, specifically in the Permian Basin, in exchange for properties in Texas and Oklahoma. The company was added to the S&P 500 in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Dakota Oil Boom
The North Dakota oil boom refers to the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of Parshall Oil Field in 2006, and peaked in 2012, but with substantially less growth noted since 2015 due to a global decline in oil prices. Despite the Great Recession, the oil boom resulted in enough jobs to provide North Dakota with the lowest unemployment rate in the United States from 2008 to at least 2014. The boom gave North Dakota, a state with a 2013 population of about 725,000, a billion-dollar budget surplus. North Dakota, which ranked 38th in per capita gross domestic product (GDP) in 2001, rose steadily with the Bakken boom, and had a per capita GDP 29% above the national average by 2013. By October 2020, total oil rig count in the state had fallen dramatically. According to the North Dakota Department of Mineral Resources, the total oil rig count in the state had fallen from 58 active rigs on October 3, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Break-even (economics)
The break-even point (BEP) in economics, business—and specifically cost accounting—is the point at which total cost and total revenue are equal, i.e. "even". There is no net loss or gain, and one has "broken even", though opportunity costs have been paid and capital has received the risk-adjusted, expected return. In short, all costs that must be paid are paid, and there is neither profit nor loss. Overview The break-even point (BEP) or break-even level represents the sales amount—in either unit (quantity) or revenue (sales) terms—that is required to cover total costs, consisting of both fixed and variable costs to the company. Total profit at the break-even point is zero. It is only possible for a firm to pass the break-even point if the dollar value of sales is higher than the variable cost per unit. This means that the selling price of the goods must be higher than what the company paid for the good or its components for them to cover the initial price they paid (var ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Association Of Petroleum Geologists
The American Association of Petroleum Geologists (AAPG) is one of the world's largest professional geological societies with more than 40,000 members across 129 countries as of 2021. The AAPG works to "advance the science of geology, especially as it relates to petroleum, natural gas, other subsurface fluids, and mineral resources; to promote the technology of exploring for, finding, and producing these materials in an economically and environmentally sound manner; and to advance the professional well-being of its members." The AAPG was founded in 1917 and is headquartered in Tulsa, Oklahoma; currently almost one-third of its members live outside the United States. Over the years, the activities of the AAPG have broadened so that they bring together not just geology but also geophysics, geochemistry, engineering, and innovative analytics to enable the more efficient and environmentally-friendly approaches to the development of all earth-based energy sources. New transformative techn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rocky Mountain Association Of Geologists
The Rocky Mountain Association of Geologists (RMAG), based in Denver, Colorado, is one of the oldest and largest regional geological societies in the United States. The society is a nonprofit organization founded in 1922. It is a regional affiliate of the American Association of Petroleum Geologists The American Association of Petroleum Geologists (AAPG) is one of the world's largest professional geological societies with more than 40,000 members across 129 countries as of 2021. The AAPG works to "advance the science of geology, especially as ... (AAPG).American Association of Petroleum GeologistsAffiliated societies. RMAG publishes geological research, sponsors monthly lectures, and geological field trips. The society organizes and sponsors numerous educational conferences and continuing education courses, often in association with other geological societies. Publications * ''The Mountain Geologist'', a quarterly peer-reviewed journal of geological research. * ''The Outcrop' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Well Log
Well logging, also known as borehole logging is the practice of making a detailed record (a ''well log'') of the geologic formations penetrated by a borehole. The log may be based either on visual inspection of samples brought to the surface (''geological'' logs) or on physical measurements made by instruments lowered into the hole (''geophysical'' logs). Some types of geophysical well logs can be done during any phase of a well's history: drilling, completing, producing, or abandoning. Well logging is performed in boreholes drilled for the oil and gas, groundwater, mineral and geothermal exploration, as well as part of environmental and geotechnical studies. Wireline logging The oil and gas industry uses wireline logging to obtain a continuous record of a formation's rock properties. Wireline logging can be defined as being "The acquisition and analysis of geophysical data performed as a function of well bore depth, together with the provision of related services." Note ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elm Coulee Oil Field
Elm Coulee Oil Field was discovered in the Williston Basin in Richland County, eastern Montana, in 2000. It produces oil from the Bakken formation and, as of 2007, was the "highest-producing onshore field found in the lower 48 states in the past 56 years." By 2007, the field had become one of the 20 largest oil fields in the United States. Geologist Richard Findley was undaunted by the failure of "horizontal" Bakken play of the early 1990s. This early attempt to exploit the Bakken Formation using horizontal drilling failed because the wells were placed in the shale members of the Bakken. Findley found that the dolomitic middle Bakken member in Montana had oil shows and porosity in sample cuttings, as well as porosity on well logs. Also, the porous middle Bakken member could be mapped over a large area in Montana, which Findley called a "Sleeping Giant". The Bakken formation had long been known to produce small amounts of oil throughout much of the deeper Williston Basi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
