The Hottest Oil Play in North American. Located under portions of the Dakotas, Montana and Canada, the Bakken Formation is the largest contiguous oil deposit in the lower 48 states. Gulfport began establishing a presence in the play early in the play's development, allowing for the realization of significantly lower entry costs. Highlighted facts regarding our Bakken assets include:
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- The Bakken formation covers over 200,000 square miles of the subsurface of the Williston Basin
- In April of 2008, the USGS released a report estimating there to be 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in the Bakken formation
- Until recently, lower than average porosity and permeabillity have hindered field development
- However, extensive verticle faulting combined with the application of horizontal drilling techniques and advancements in fracturing technology have helped transform the tight shale play into one of the hottest oil plays in North America
- Based upon identified geologic trends, Gulfport began actively pursuing acreage in the play, effectively achieving first mover advantages
Growing Presence. Gulfport has expanded its acreage position in the play and continues actively leasing in the area.
- As of November 6, 2008, Gulfport had secured 17,660 net acres in the play
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