BISMARCK, N.D. (AP) -- A record number of oil rigs are drilling in North Dakota's oil patch.
State statics show a record 214 rigs were drilling on Friday and more than 95 percent of them are targeting the Bakken and Three Forks formations in western North Dakota.
Records show the number of wells awaiting hydraulic fracturing services stands at 248, which is about average.
3 DECADES AHEAD
North Dakota officials say a typical well drilled in the rich Bakken and Three formations will produce about 540,000 barrels of oil over its 29-year lifespan.
The State Department of Mineral Resources says a horizontal well in the formations cost an average of $7.9 million to drill and complete.
The agency says each Bakken and Three Forks well will generate more than $20 million in net profit over its lifetime, and pay more than $4.5 million in taxes.
The average well also will pay about $7.5 million in royalties to its mineral owners.