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North Dakota sets oil, gas production highs

BISMARCK, N.D., Sept. 16 (UPI) --
The number of wells currently producing oil and natural gas in North Dakota reached a record high for July, the state resource officials said.

The North Dakota Industrial Commission of the Department of Mineral Resources said 9,322 wells were in production in July, an all-time high, and nearly all were targeting the Bakken and Three Forks formations.

Lynn Helms, director of the NDIC, said the rig count decreased from June to July but the number of wells completed increased from 102 to 251, leading to an increase in oil production in the state.

http://www.breitbart.com/system/wire/upiUPI-20130916-051613-...



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Is this good news?

The sad fact is that fracking is a last ditch effort to keep energy flowing. If one thinks the jury is still out on the environmental damage, it is not out on the cost, depletion rates, and scope of the tight oil deposits. Fracking uses up a considerable amount of energy so the net gain in energy is very low. It takes nearly a $100 a barrel price of oil to justify going after it. The depletion rate is huge; for example, the average depletion rate of wells in the Bakken Formation (the largest tight oil play in the US) is 69% in the first year and 94% over the first five years.

The move to Fracking is just more proof of the exponential growth in the acquisition cost of oil, which exponential growth will end the oil industry for all practical purposes by mid century, and take down the industrial age with it as we work our way toward that inevitable end.

And the situation is not much better for fracking of gas wells. Producers must drill more and more wells each year to keep up with the high depletion rates. Oil and gas companies who came in late in the boom are taking large losses as the reality of these poor quality wells hits them in the face.

Fracking is just as desperate as drilling down to 30,000 feet in oceans with the huge cost and great potential for accidents as we have recently witnessed.

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.