A shale formation stretching North Dakota and Montana may have an estimated 3 to 4.3 billion barrels of technically recoverable oil, according to a U.S. Geological Survey assessment.
Known as the Bakken Formation, the find would make the recoverable oil in North Dakota and Montana the largest U.S. oil reserves outside Alaska.
The recently released assessment shows a 2,800 percent, or 28-times increase in the amount of oil recoverable from the Bakken Formation, compared to the agency's 1995 estimate of 151 million barrels of oil.
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