cnbc 24 billion barrels of oil in bakken shale

24 Billion Barrels of Oil in Bakken Shale

There are 24 billion barrels of oil in the Bakken shale, Harold Hamm, Chairman and CEO of Continental Resources told Cramer Wednesday. And most of that is untapped.

Hamm downplayed talk of naysayers who think the shale's production is only a drop in the bucket and that the US is not producing enough oil to compete with foreign countries.

The Bakken was just slow to catch on because of technology, he said.
"It took some time to do it, over ten years or so," the CEO added. "It's there now, and everybody's coming to the conclusion it's as big as we're saying - 24 billion barrels."

The shale is over nine million acres, he said. And about 85 percent of the drilling is yet to be done.

There's also an interesting interview with Harold Hamm, CEO of Continental Resources.

http://www.cnbc.com/id/44255518