CEO: 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.

Continental Resources is the largest producer in the area, with 23 rigs working overtime. According to Hamm, each rig brings in about $120 million a year.

With numbers like that, the “Mad Money” host thinks things are looking good for this oil and gas name.

“You’ve got a growth stock unrivaled even by Apple or Google,” Cramer said, “yet it trades like just another slow growing industrial.”

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Contact Mad Money

  • Showtimes

    Monday - Friday 6p ET
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.

Mad Money Moments

Cramer's New Book