Shale Oil Credit Ponzi is over.Shale oil was driven by easy money. The formula used for reserves and lending was pure fantasy. Depletion rates fall dramatically after the first year and just to keep production flat drilling has to double not happening at $50 WTI . Majority of wells are barely profitable at $40 WTI . This was taken from Fortune. Its easy to get financing when your costs are $65 and youre selling at $100. But when the price is $50, where will the producers find the funds to keep sinking those new wells? It will take a lot of new drilling just to keep production where it is now. This is from Oilprice.com North Dakotas oil production drops below 1 mb/d. The Bakken continues to feel the effects of low oil prices. New data shows that North Dakotas oil production dipped below 1 million barrels per day for the first time in more than two years. Output fell to 981,000 bpd in August, down from a peak of over 1.2 mb/d in December 2014