Tyler Formation under close watch
The Williston Basin’s Tyler Formation is being watched as the possible “next big thing” in oil exploration in North Dakota. The North Dakota Department of Mineral Resources spokeswoman, Alison Ritter, said that the agency estimates 1 billion barrels of oil in the formation. Most drillers are expected to stay in the Bakken, where the resources are proven, but Kathleen Neset of Neset Consulting said that there’s increased leasing activity in the Tyler Formation. Williston Exploration is an oil producer that owns about 3,000 acres in the Tyler Formation and has drilled one well there already, and expects to drill five or six more in the next few years, at the price tag of $15-20 million. See more in the Platts blog here.