EOG Resources Inc (EOG), Oasis Petroleum Inc. (OAS), Continental Resources, Inc. (CLR): Bakken Keeps Getting Bigger

It’s also leading the exploration of the lesser-known Three Forks formation, which, when combined with the Bakken, is believed to contain 20 billion barrels of recoverable oil, which would almost double the current U.S. oil reserves.

In addition to Continental Resources, Inc. (NYSE:CLR), there are a number of home-grown oil companies working overtime to turn this national treasure into a leading driver of national security. Two of these companies, Kodiak Oil & Gas Corp (USA) (NYSE:KOG) and Oasis Petroleum Inc. (NYSE:OAS), are almost exclusively focused on developing the oil shale of North Dakota. Kodiak Oil & Gas Corp (USA) (NYSE:KOG) has invested heavily over the past few years, which has enabled the company to grow its production from just 1,260 barrels of oil equivalent per day, or BOE/d, in 2010 to a plan of at least 30,000 BOE/d this year. Oasis Petroleum Inc. (NYSE:OAS) has experienced a similar growth trajectory, growing from just 3,300 BOE/d in 2010 to an estimate of at least 31,500 BOE/d by the end of the year. The extra 60,000 BOE/d that these two companies are producing is oil that America no longer needs to import, thereby increasing our nation’s energy security.

Final Foolish thoughts
While the nation still has a long way to go until we can declare our independence from foreign oil, it is a future that is growing more real by the day. If it wasn’t for the technological advancements of horizontal drilling and hydraulic fracturing, we’d still be worried about our ever-increasing need for foreign oil. Instead, we have become OPEC’s worst nightmare.

The article Fracking Improved Our National Security More Than the Department of Defense originally appeared on Fool.com is written by Matthew DiLallo.

Fool contributor Matt DiLallo has no position in any stocks mentioned. The Motley Fool has long January 2014 $30 calls on Chesapeake Energy.

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