Thursday, September 2, 2010

Laramie County, WY: Niobrara Shale Update

By Andrea:

Continental Resources Inc. (CLR) has to date, leased roughly 60,000 net acres in the Niobrara shale in both Colorado and Wyoming and they are still actively leasing. Continental Resources recently announced that they will spot their first well in the Niobrara shale play in the 4th quarter of 2010. Jeff Hume, president and COO expressed his excitement and positive outlook in the Niobrara shale play:

"The Niobrara is a huge crude oil resource play. It covers over 3 million acres and has a potential to produce more than 2 billion barrels of oil. We’ve established a strategic position in the play, leasing almost 60,000 net acres and continue to acquire result. We hold acreage in Platt, Laramie, and Goshen Counties in Wyoming and a well count in Colorado...Niobrara development is currently on 640 spacing and we believe the play can accommodate 1280s. We plan to spot our first Niobrara well in the fourth quarter. Continental’s entry into the Niobrara is a natural strategic fit with our expertise and experience in horizontal oil resource plays."

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