Sunday, October 24, 2010

Continental Resources: Bakken Shale and Woodford Shale Update

By Andrea:

Continental Resources, Inc. (CLR) recently released an operational update where they announced that they expect to produce 20.6 million barrels of oil equivalent (MMBoe) in 2011, an increase of 30 percent over expected production for 2010. The Company confirmed that 2010 total production is expected to be 15.8 MMBoe, in line with guidance.

"Our 2011 capital expenditures budget of $1.36 billion will support accelerated growth," said Harold Hamm, Chairman and Chief Executive Officer. "We've committed 91 percent of 2011 capex, or $1.2 billion, to drilling, workovers and facilities, which directly support production growth.

"Of this drilling-related capex, 92 percent will be invested in the Bakken Shale play in North Dakota and Montana and in the Woodford Shale play in Oklahoma," he said. "These two plays will be critical to driving our growth for the next five years."

In the third quarter ended September 30, 2010, Continental continued to add to its acreage positions in strategic, liquids-rich plays. The Company now has 864,559 net acres leased in the Bakken Shale play, an increase of 47,707 net acres in the third quarter. In the Niobrara Shale play of Colorado and Wyoming, the Company now has leased 73,000 net acres, an increase of 13,929 net acres in the third quarter of 2010.

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