• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

North Dakota Oil Rush

Status
Not open for further replies.

Green Hornet

Thread Starter
Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
While at my son's soccer match yesterday I was speaking with another parent who has relatives in North Dakota. He was talking about the current oil boom taking place there.

Gold rush type environment. Huge influx of workers and not enough housing and services. Apparently the new drilling technology has allowed for higher productivity of under performing wells. A major problem is the distribution system...no trains in the area and no pipeline. They have to rely on tanker trucks.

Has anyone else heard of this?
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
North Dakota oil discovery called biggest in U.S.

Posted Apr 10 2008, 06:53 PM by Jon Markman Filed under: Investing, Energy, oil, Jon Markman
Rating:


Watch out, Texas! Get back California, Louisiana and Alaska! North Dakota and Montana are on track to knock all of you off your high horses as the oil capital of the United States.

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.
At today’s price of $110 per barrel, that puts the value at $475 billion, give or take a few bill, or more than enough to make people think ND stands for North Dallas. Or maybe that’s New Dhabi.
http://blogs.moneycentral.msn.com/t...kota-oil-discovery-called-biggest-in-u-s.aspx
 

Green Hornet

Thread Starter
Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
North Dakota oil discovery called biggest in U.S.

Posted Apr 10 2008, 06:53 PM by Jon Markman Filed under: Investing, Energy, oil, Jon Markman
Rating:


Watch out, Texas! Get back California, Louisiana and Alaska! North Dakota and Montana are on track to knock all of you off your high horses as the oil capital of the United States.

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.
At today’s price of $110 per barrel, that puts the value at $475 billion, give or take a few bill, or more than enough to make people think ND stands for North Dallas. Or maybe that’s New Dhabi.
http://blogs.moneycentral.msn.com/t...kota-oil-discovery-called-biggest-in-u-s.aspx


That would be what he was talking about. Wow!

Thanks for the article
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Re; Good Name

North Dakota oil discovery called biggest in U.S.

Posted Apr 10 2008, 06:53 PM by Jon Markman Filed under: Investing, Energy, oil, Jon Markman
Rating:


Watch out, Texas! Get back California, Louisiana and Alaska! North Dakota and Montana are on track to knock all of you off your high horses as the oil capital of the United States.

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.
At today’s price of $110 per barrel, that puts the value at $475 billion, give or take a few bill, or more than enough to make people think ND stands for North Dallas. Or maybe that’s New Dhabi.
http://blogs.moneycentral.msn.com/t...kota-oil-discovery-called-biggest-in-u-s.aspx
=================
Looks like someone needs to re name that land;
badlands hardly does it justice,LOL.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
It is in a long line of "oil rushes"..be cautious. They are more smoke and mirrors than you might think. The latest is the Haynesville Shale in N. LA. Then the Marcellus Shale in Penns and WVA. Then the Fayetteville Shale in Ark. Then the Caney and Woodford in OK. Then the granddaddy of them all, the Barnett in N. Texas. And a host of lesser ones sprinkled across the nation.

They are more speculation than substance and in a few years everyone will look around and say "whot hoppund?"...
 

Green Hornet

Thread Starter
Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
Terrel,

Thanks for the heads up. I was not going to get involved, it just sounded interesting in the current economy.

The sister of my friend is a RE Agent back there and is, apparently, making a fortune and builders cannot build fast enough. Of course, no one ever stretches the truth :)
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I bet you are right but let them be warned it will end as quick as it started. In 1980, ditto for Elk City, OK. By 1983 you could buy new houses for $6,000 - $14,000...a lot of the local farmers bought a house for each of their kids..even the teenagers. You could rent a house in Elk City for taxes and insurance - $100 a month or so. Motels were $14 a night...were $40 during the boom. Also, if they have minerals to sell or lease, they need to really check and get the best deal just don't hold out too long...especially watch for leases that hose your royalty interest with all sorts of "Post-Production expenses". Ask for a lease without them.
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Re; Bad lands or good land rush

I bet you are right but let them be warned it will end as quick as it started. In 1980, ditto for Elk City, OK.

By 1983 you could buy new houses for $6,000 - $14,000...a lot of the local farmers bought a house for each of their kids..even the teenagers. You could rent a house in Elk City for taxes and insurance - $100 a month or so. Motels were $14 a night...were $40 during the boom. Also, if they have minerals to sell or lease, they need to really check and get the best deal just don't hold out too long...especially watch for leases that hose your royalty interest with all sorts of "Post-Production expenses". Ask for a lease without them.

===============
Home for $6-14k sounds great buy, even in 1983;
well where the rain falls enough to grow good grass/clover , anyway. Lots of those ''bad lands'' do look bad on the surface.
 
Last edited:
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks