A new report by the U.S. Geological Survey says the Bakken formation in the Williston Basin of Montana and North Dakota contains mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of gas and 148 million barrels of gas liquids.

The USGS assessed the geologic elements of the Bakken petroleum system, including distribution of the source rock, its thickness, organic richness, maturation, petroleum-generation capabilities and migration. It also looked at the type of reservoir rocks, their distribution and quality, and the character of traps and time of their formation.

The estimate represents undiscovered, technically recoverable oil and associated gas ...

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