The youngest oil-producing formation in North Dakota is the Triassic Spearfish Formation (Fig. 6), which unconformably overlies the Madison Group across much of eastern North Dakota. The Spearfish Formation is productive where oil has migrated into it from Madison Group strata. Commission Guidance on Gas Capture effective 11-20-2018. The Oil and Gas Division regulates the drilling and production of oil and gas in North Dakota. Our mission is to encourage and promote the development, production, and utilization of oil and gas in the state in such a manner as will prevent waste, Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.