U.S. oil and natural gas drilling increased markedly in the third quarter this year, according to API's 2010 Quarterly Well Completion Report: Third Quarter. An estimated 11,297 oil wells, natural gas wells and dry holes were completed, which was 45 percent higher than during the same period in 2009.

"I think this really demonstrates the oil and natural gas industry's continued commitment to finding new energy sources to meet growing U.S. and world demand, as well as the importance of new supply areas, many of which were only opened recently thanks to the industry's ability to apply innovative techniques to existing technologies," said Hazen Arafa, director of API's statistics department.

An estimated 4,434 U.S. natural gas wells were completed in the third quarter, as drillers used horizo... more »

After months of mixed economic news and 9-10 percent unemployment, it's heartening to read about areas of the country that seem to be doing well.

As we pointed out last week, North Dakota's record oil production for 2009 and its ongoing "oil boom" has had a very positive impact on the state's economy, revenue and jobs.

Recently, North Dakota Petroleum Council (NDPC) president Ron Ness said he expected 2010 North Dakota oil production "to be way off the chart."

He was right.

Carpe Diem blogger Mark Perry highlights the state's record monthly oil production for May 2010 in a blog post from this week. Mark says:

"Total Monthly Production: 9,189,101 barrels in May, the first time that monthly production topped 9 million barrels. Amazingly, oil production in North Dakota has doubled in just... more »

North Dakota produced a record amount of crude oil last year, putting it ahead of Louisiana as the fourth-largest oil-producing state. The state produced 79.7 million barrels of crude oil in 2009, and it expects to produce even more this year.

"Oil production was off the chart in 2009," Ron Ness, president of North Dakota Petroleum Council, told the Associated Press. "I think 2010 is going to be way off the chart."

According to the annual oil patch statistics released by the petroleum council, North Dakota produced 218,455 barrels per day in 2009 from areas inside and outside of the Bakken Formation, which is an oil-rich shale formation that stretches under the western half of the state. A couple of years ago, the U.S. Geological Survey made headlines when it announced the Bakken could hol... more »

The blogosphere is buzzing about a recent Wall Street Journal editorial titled, "Oil Industry Booms--in North Dakota." The article discusses the state's recent economic prosperity as companies utilize advanced technologies to turn the Bakken Shale deposit into one of the fastest-growing oil-producing areas in the United States.

In just three years, the Bakken Shale has helped North Dakota double its oil production--surging to 80 million barrels in 2009--making the state the nation's fourth-largest oil producer, after Texas, Alaska and California.

The National Association of Manufacturers' (NAM) Shopfloor blog writes:

"Thanks largely to the oil boom, North Dakota's economy has fought off the recession. The state's unemployment rate in December was 4.3 percent... It's trouble other states w... more »

The U.S. Geological Survey calls the Bakken formation the largest continuous oil accumulation it has ever assessed--and nearby, there may be even more North Dakota oil than was previously thought.

In a recent AP article, Lynn Helms, director of the North Dakota Department of Mineral Resources says:

"Recent production results from 103 newly tapped wells in the Three Forks-Sanish formation show many that are "as good or better" than some in the Bakken, which lies two miles under the surface in western North Dakota and holds billions of barrels of oil."

Currently, a study is being conducted to determine whether it's a unique reservoir and if it is, according to Helms, "it could literally double the potential we have--a Bakken 2, if you will."

For more information, read the full article.