This is a form dealing with the Over-Production and Under-Production of Gas, the event Assignor's gas production, if any, from the Assigned Property is in excess of or less than Assignor's interest in the Property, then Assignee shall acquire Assignor's interest subject to that over-production or under-production.
North Dakota Over-Production and Under-Production of Gas
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Multi-State
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US-OG-502
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FAQ
The number of oil and gas wells in production in North Dakota was 18,380 in August 2023, a change of +1.1 percent from the prior month and +4.2 percent from one year ago. Approximately 8 in 10 oil and gas wells are located in the four core oil and gas producing counties.
Data ReservesCrude Oil (as of Dec. 31)4,353 million barrels2021Expected Future Production of Dry Natural Gas (as of Dec. 31)9,224 billion cu ft2021Expected Future Production of Natural Gas Plant Liquids1,522 million barrels2021Recoverable Coal at Producing Mines621 million short tons20216 more rows ?
The North Dakota oil boom was 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.
North Dakota has almost 2% of U.S. natural gas reserves, and in 2022 the state accounted for slightly more than 2% of U.S. total natural gas gross withdrawals.
There are currently 11 frac crews operating in North Dakota, up from a low of just one during the pandemic price collapse but well below the numbers typical for today's high prices.
In May 2020, due to the oil price collapse and COVID-19 pandemic, the North Dakota Oil & Gas Division estimated over 7,500 oil and gas wells in North Dakota were shut in, preventing close to 510,000 barrels of day of production.
Social and infrastructure effects The industrialization and population boom put a strain on roads, water supplies, sewage systems, and government services in the area. Some counties increased in population by almost double from 20,000 to 40,000. Halliburton preparing to frack the Bakken.
HOUSTON, Dec 16 (Reuters) - A winter blizzard sweeping across the northern United States has cut North Dakota's oil output by 200,000 to 250,000 barrels per day (bpd), or 18% to 22%, state Pipeline Authority Director Justin Kringstad estimated on Friday.
