South Dakota oil potential dampened by North Dakota's boom - KSFY News - Sioux Falls, SD News, Weather, Sports

South Dakota oil potential dampened by North Dakota's boom

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BUFFALO, S.D. (AP) - Despite widespread hope that North Dakota's oil rush will spread across the border, some say it's doubtful South Dakota will experience much of it.

South Dakota state geologist Derric Iles says drillers are virtually assured of a profitable well in North Dakota. He says they have little time to bother with unknown prospects across the border.

Iles believes South Dakota is underexplored and may hold untapped reserves that could be exploited using know-how gained from North Dakota's Bakken formation. The formation is not present in South Dakota.

State and industry officials say dry holes are a rarity for drillers in the Bakken. Ninety-nine percent of the rigs hit oil, and nine out of 10 wells make money.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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