Back in 2008, the U.S. Geological Survey gave an official estimate of how much total recoverable oil may be in the Bakken formation of North Dakota and Montana. At about 3.5 billion barrels, many thought it was a bit low. Now, after five years, the USGS has done another assessment and determined that the region will be able to produce more than double that amount. 

For those who have followed oil companies in this region, this shouldn't come as too much of a surprise. The original assessement did not include some of the deeper formations, and people in the business believe that the 7 billion barrel estimate just released is still a bit conservative. In this video, Fool.com contributor Tyler Crowe takes a look at how investors should react to the news, and if it changes the investment thesis on Bakken-centric producers like Kodiak Oil & Gas

Kodiak Oil & Gas is a dynamic growth story -- it offers great opportunities; but with those opportunities come great risks. Before you hitch your horse to this carriage, let us help you with your due diligence. To find out whether Kodiak is currently a buy or a sell, you're invited to check out The Motley Fool's premium research report on the company, which comes with a full year of updates and analysis as key news breaks. To get started simply click here now.


The article This Oil Play Just Got a Government Stamp of Approval originally appeared on Fool.com.

Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +, or on Twitter, @TylerCroweFool. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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