The Bakken formation is quite possibly one of the most misunderstood oil and gas plays in the United States. While some observers may fear the high decline rates, they should be encouraged by some of the more recent news related to total recoverable reserves. From Continental Resources' big jump in booked reserves to the American Petroleum Institute's bold statements, there is still much we don't know about the region that could bode well for exploration and production companies.

In this video, Motley Fool contributor Tyler Crowe and analyst Joel South discuss why the Williston Basin region may be much more than what we originally thought.

Joel South has no position in any stocks mentioned. Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +, or on Twitter: @TylerCroweFool.

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