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.”
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