Interested in oil and gas investing opportunities in Oklahoma? We have put together this page to help you get a better understanding of the formations, technologies, and production rates in the state.
This information will help you get a feel for the state, and the methods used in the area before you invest. Please check out our Insider’s Guide and Legit Meter for more information on oil and gas investing, including what to look for and how to evaluate an opportunity.
Oklahoma’s Oil and Gas Production
Oil and gas production has deep roots in Oklahoma’s history, with 70 of the 77 counties in the state having some oil and gas activity.
Oklahoma ranks fifth behind Texas, North Dakota, California, and Alaska in natural gas-producing states in the United States. The state accounts for 7.1% of U.S. gross production and 8.4% of marketed production as of 2013.
4% of the total U.S crude oil production comes from within Oklahoma’s borders. After growth in the area peaked at 168.4 million barrels in 1984, crude production declined until it reached 61.3 million barrels in 2005. But due to increased drilling in Oklahoma’s shale plays, the state has seen a year over year increase of 21.7% and 22.6% in 2012 and 2013.
Oklahoma’s Shale Formations
Oklahoma’s shale formations, which include the Ardmore-Woodford, Cleveland/Tonkawa, Hogshooter, Marmaton, Mississippian Lime, South Central Oklahoma Oil Province (SCOOP) and STACK formation, have some of the best potential for recoverable reserves.
The U.S Geological Survey has estimated that the 3,300 square mile Ardmore-Woodford formation has over 400 million barrels of recoverable oil alone. The Mississippian Lime formation region is one you should keep an eye on as well. The region produces roughly 3.5 million barrels a month and experts have estimated the region will create one million jobs in the next 15 years. These numbers have Oklahoma pushing for the fourth and third place spot for oil producing states in the U.S.
Oklahoma Drilling Technologies
Developers in the area have reached the point where they understand how to use the wells and technologies available to them to help maximize the recoverable oil in Oklahoma. Although the state has primarily used traditional vertical oil production and drilling methods for years, the use of fracking and horizontal drilling technologies in recent years has increased and helped Oklahoma improve its oil production to 320,000 barrels a day. The energy giant GE has also chosen Oklahoma as the state for its new “tech hub” that will be used by the company to explore and test new drilling technologies.
Where can I find more information on Investing in Oklahoma’s oil and gas industry?
You can get our complete oil and gas investing guide and legit meter here (free). It contains everything you need before getting started in oil and gas investing. We also have several resources on our website that will help you get a better understanding of Oklahoma oil and gas investing.
For more information on the shale formations, you can check out our Oil and Gas formation page . This page gives you a better look at what formations are in the region as well as the companies located there and what types of wells they have drilled. Our resources page has valuable information and websites that can provide a detailed and complete look at the industry.