Petrogas Company Inc. announced that it purchased from the Bureau of Land Management 160 acres of oil and gas leases in Valley County, Montana. Montana produced 28 million MCF of gas and nearly 83 million bbls of oil in 2015 and there are currently only about 41,000 wells on file. Three years ago, the United States Geological Survey (USGS) released a new assessment for oil and gas reserves in North Dakota, South Dakota and Montana. The assessment includes new estimates for the Three Forks Formation and updated estimates for the Bakken Formation. By combining the estimates for Three Forks and Bakken, the USGS found that the region has far greater reserves of oil and natural gas than previously thought. The USGS estimates that the two formations have a total of approximately 7.4 billion barrels of undiscovered, technically recoverable oil, which is twice the amount that was reported in the 2008 assessment. Valley County, where the company's newest acquisition is located is right on the south western edge of the Bakken field and already has proven oil production.