Today's Trends: North Dakota Lease Sales Underscore Oil Boom

GRAPH: North Dakota Lease Sale History

Last month, North Dakota launched a lease sale for acreage situated on one of the U.S.' largest oil formations -- the Bakken shale play.

Drilling activity has accelerated in the region in late 2009 and early 2010, and North Dakota rig count additions have outpaced the recovery in most other land drilling markets.

The recent lease sale garnered proceeds of $47 million, the second highest amount in the state's history following the November 2009 lease sale ($71 million).

Both sales bode well for burgeoning drilling activity in the state. Expect North Dakota's rig count -- currently around 80 units -- to trend higher and potentially break above last year's record of 90 rigs in the near future.


Our Privacy Pledge

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
EU Business Development Manager - Refining/Maintenance Services
Expertise: Business Development
Location: Houston, TX
Manager - Financial Reporting
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours