The much anticipated U.S. Geological Survey report on just how much oil is potentially in the Bakken Formation was released on Thursday. And, even though the numbers may not be what some people expected, they were mighty impressive.

The survey estimated that this area in western North Dakota holds up to 4.3 billion barrels of recoverable oil or 25 times more than of the 151 million barrels the USGS estimated were there when it did its last survey in 1995.

"The most important number is what is recoverable," Sen. Byron Dorgan, D-N.D., said Thursday. "It's big, but it's not like some of the numbers that were thrown around. Obviously, there's more oil out there. This is going to bring much more attention nationally and internationally to this region."

There had been estimates that as much as 400 billion barrels were in the Bakken. But, according to the USGS, the Bakken Shale is the largest "continuous" oil accumulation the agency has ever assessed. It is larger than any other USGS oil assessment in the contiguous United States. The next largest contiguous oil accumulation in the United States is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billion barrels of technically recoverable oil.

The Bakken Formation encompasses some 25,000 square miles in North Dakota, Montana, Saskatchewan and Manitoba. About two-thirds of the acreage is in western North Dakota, where the oil is trapped in a thin layer of dense rock nearly two miles beneath the surface. Dorgan requested the USGS to do the study to gain a reliable estimate of the amount of oil that could be produced in the Bakken Shale using the technology that is available today. Dorgan said the estimate should help spark even more investment in North Dakota's oil industry.

"The oil industry in North Dakota has already seen substantial growth, but this report is important because it gives oil companies another set of eyes," Dorgan said. "The substantial amount of oil that it estimates is in the Bakken Shale should attract significant new investment to this region. We're going to see new growth that will boost our economy and help our country shed its dependence on foreign oil."

A previous USGS study in 1999 by Dr. Leigh Price was never released because the author died before it could be peer-reviewed. That prompted Dorgan to ask the USGS to complete a new study and release its findings.

Local officials were obviously thrilled with Thursday's announcement.

"This is exciting," Williston Mayor Ward Koeser said. "It's exciting news that will be heard all across the country. I believe the Bakken oil will play a key role in America's quest to become energy independent. The city of Williston's location at the center of this Bakken play should bode well for our future growth and development. This is great news for the city of Williston, the state of North Dakota and the entire United States."

North Dakota's entire oil production reached 137,000 barrels a day in January, which are the latest available figures. However, industry officials believe the state's record of 148,500 barrels a day set in 1984 will be surpassed this year.

"This kind of falls in line with what we've been seeing and hearing," Williston Economic Development Director Tom Rolfstad said. "We see this activity growing throughout the (Williston) Basin."

Other state officials were likewise happy with the news.

"The study is of value to validate the potential of the Bakken in North Dakota," North Dakota Petroleum Council President Ron Ness said. "The study only represents what the USGS believes are technically recoverable reserves and industry will focus on trying to produce whatever level of production is ultimately economically recoverable."

Brian Kalk, the Republican endorsed candidate for the Public Service Commission, hailed the report by saying, "The release of this study shows that North Dakota will continue to be a key player in the energy field for decades to come. This is very good news for every North Dakotan. If handled correctly, at all levels, it will mean more good paying jobs and more property for out citizens. We must take advantage of this."

Dorgan also said that another conveyance, such as an additional refinery or an expansion of the current refinery in Mandan, is going to be needed for this product.

"We have always produced much more than we use," Dorgan said. "I would hope that the state and the private sector would be interested in this project. I expect this to last a pretty long time."