It preserves fossils dating back to the Leonardian Age of the Permian Period.

[1] The formation consists of dark gray deep marine limestone interbedded with shale and sandstone[1] interpreted as turbidites.

[4] The formation contains fossils of the brachiopods Productus leonardensis, Marginifera cristobalensis, Pugnoides texanus, P. bidentatus, and Composita mexicana; the ammonites Peritrochia erebus, Paracelites elegans, Agathiceras texanum, and Perrinites.

[5] The formation was first designated the Bone Springs Limestone by Blanchard and Davis in 1929.

[9] The sandstones of the Bone Spring Formation are important petroleum reservoirs with estimated reserves in 1997 of 300,000–375,000 bbl.