Why was the 2008 USGS recoverable reserve estimate for the Bakken estimate 25 times their own prior estimate?
The new USGS recoverable reserve estimate for the Williston Basin that is now ongoing (and all of their similar estimates) include a technology-being-used at-the-time of the estimate, as part of how they do the estimate.
A good example is the 2008 USGS Bakken estimate which was 25 times their own prior estimate, and one of the major reason why. By 2008 Horizontal drilling and fracking were the norm but not in their prior estimate, so the technology has a very dramatic affect.
So, while we keep seeing articled about backward looking data and what production was, the focus should also include what technology improvements will be used next year and the year after and how much more will that result in producing.
One quick example....since 2010...is Hiway Fracking.
It has some very improved results that are illustrated in case studies.
And, if you have not yet seen the short video on how it works, it is very interesting.