Thursday, September 2, 2010

Continental Resources: Largest Position in Bakken shale

Continental Resources Inc. (CLR) recently announced in their 2Q 2010 earnings call that they currently hold the largest position in the Bakken shale, and will continue to increase their acreage:

"Continental has built a commanding land position in the Bakken, taking advantage of the competitive strengths that we’ve accumulated in play over the past decade. During the past 10 years, we’ve assembled the best historical database of leasehold in North Dakota in Montana. This allowed us to move very quickly to seize the opportunity as the play expanded. We’ve assembled the largest land position in the Bakken and we’re expanding that position, and we operate the most rigs in the play today."

Continental Resources grew their land position this year by 171,505 net acres that equates to total of 270 net wells on 640 acres space and for one zone. That’s a total of more than 100 basin barrels in reserved potential and if you count the Three Forks, it’s even larger. It could be double. They've acquired prime acreage in the Bakken shale along Anadarko and West Woodford in McKenzie and Williams County as the play has expanded in that direction.

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