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The company continues to make material gains in reducing its capital costs, with the cost of its two most recent wells, drilled late in the quarter in the core Bakken oil pool, averaging $1.2 million.
What is the Alberta Bakken?
The Bakken formation is a 350 million-year-old layer of rock occupying 520,000 km2 of the subsurface of the Williston Basin covering parts of Saskatchewan, Manitoba, North Dakota and Western Montana. The formation was discovered in 1953 and as early as 1974, it…