Stanley, North Dakota Near Bakken Formation Becoming Oil Boomtown

Herb Geving, a man from Stanley, ND, is becoming is a modern-day Jed Clampett, according to reports on Wednesday.

Geving, 74, lives in an 11,000-square foot home, courtesy of three oil wells that he owns on his North Dakota property. Geving is now retired after being a cattleman, farmer and owner of a North Dakota garbage business.

Since January, Geving has been collecting checks worth thousands of dollars without lifting a finger, reminding many of Clampett, the main character of "Beverly Hillbillies".

Stanley, a small North Dakota town, sits in the oil-rich Bakken Formation, which is said to have deposits of up to four billion barrels of oil, according to the U.S. Geological Survey (USGS).

Since the beginning of the year, Stanley's population has gone from 1,250 to 1,600 with an large increase in jobs, real estate values and number of millionaires.

The average real estate price for a home in Stanley has jumped from around $30,000 to about $100,000 in the last three years.

According to CNN, it is not uncommon for 20-year olds with no experience to get a job in Stanley's oil fields with starting salaries of $70,000 a year. Gary Dazell told CNN that he makes more than $100,000 a year hauling water to and from the oil fields.

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