Continental Resources: Bakken Shale and Woodford Shale Update

By Andrea: http://oilshalegas.com

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.

For more shale update, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Richland County - Bakken Shale Update

By Andrea: http://oilshalegas.com

Continental Resources, Inc. (CLR) recently announced another significant well completion in the Bakken Shale, located Richland County, Montana, with the Winters 3-35H (36% WI). The Winters is a 320-acre spaced infill well (1,320 feet inter-well spacing) in the Elm Coulee Field and produced 827 Boepd in its one-day test. The Winters has a 9,000-foot lateral and was fracture stimulated in 24 stages.

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Continental Resources Completes 13 New Bakken Shale Wells

By Andrea: http://oilshalegas.com

Continental Resources, Inc. (CLR) recently announced the completion of 13 Company-operated gross wells (7.4 net) in the North Dakota Bakken play since July 1, 2010, with an average one-day production test of 1,070 Boepd (barrels of oil equivalent per day). These wells, with their one-day test results, included:

• Roadrunner 1-15H (56% WI) in Dunn Co. - 1,722 Boepd;
• Medicine Hole 2-27H (43% WI) in Dunn Co. - 1,702 Boepd;
• Rollefstad 2-3H (73% WI) in McKenzie Co. - 1,689 Boepd;
• Bonney 2-3H (43% WI) in Dunn Co. - 1,435 Boepd;
• Howard 1-5H (52% WI) in Divide Co. - 1,201 Boepd;
• Ravin 1-1H (59% WI) in McKenzie Co. - 1,034 Boepd;
• Bjella 1-24H (41% WI) in Williams Co. - 1,029 Boepd.

For more shale updates, visit: http://blackberrystocks.blogspot.com

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Continental Resources - Bakken Shale Update

By Andrea: http://oilshalegas.com

Continental Resources, Inc. (CLR) recently announced that its proved reserves increased 21 percent to 310 MMBoe in the first half of 2010, based on its internal evaluation. This compared with the total proved reserves of 257 MMBoe at year-end 2009. The increase in the first half of 2010 primarily resulted from extensive drilling activity in the North Dakota Bakken Shale play.

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Continental Resources: Largest Position in Bakken shale

By Andrea: http://oilshalegas.com

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.

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Laramie County, WY: Niobrara Shale Update

By Andrea: http://oilshalegas.com

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."

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Three Forks Bakken Shale Continental Resources Inc (CLR)

Continental Resources Inc. (CLR) recently came out with a bakken shale update in the three forks / sanish oil field. As you can see below, these flow rates are really good, especially in North Dakota.

Notable Company-operated wells that targeted the Three Forks zone, with initial test results, included:


Meldahl 1-23H (35% WI) in McKenzie County. - 2,489 Boe;
Ole 1-29H (36% WI) in McKenzie County. - 1,864 Boe;
Bang 2-33H (45% WI) in Dunn County. - 1,860 Boe;
Roger 1-18H (22% WI) in Dunn County. - 1,486 Boe;
Stortroen 1-13H (49% WI) in McKenzie County. - 1,461 Boe;
Lundberg 1-8H (39% WI) in Dunn County. - 1,238 Boe;
Strid 1-26H (35% WI) in Williams County. - 1,092 Boe.

Notable Company-operated wells that targeted the Middle Bakken zone, with initial test results, included:


Franklin 1-20H (34% WI) in Divide County. - 1,288 Boe;
Bohmbach 2-35H (68% WI) in McKenzie County. - 1,271 Boe;
Brockmeier 1-1H (59% WI) in McKenzie County. - 1,217 Boe;
Anseth 1-29H (69% WI) in Williams County. - 1,088 Boe.

http://phx.corporate-ir.net/phoenix.zhtml?c=197380&p=irol-newsArticle&ID=1456530&highlight

For more shale news updates, visit http://blackberrystocks.blogspot.com

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Bakken Shale - CLR Continental Resources Update - Three Forks - Williams County, Divide County

This morning, Continental Resources ( CLR ), the biggest operator in North Dakota's Bakken Shale is out with an operational update and news on their Bakken Shale progress:

Continental Resources, Inc. (CLR) today announced initial production results for four wells that it recently completed in the northern portion of its North Dakota Bakken acreage, including its fifth well targeting the Three Forks/Sanish (TFS) formation.

The Omar 1-1H (41% WI) in Williams Co. flowed at an average rate of 1,126 barrels of crude oil equivalent per day (boepd) from the TFS formation during its seven-day production period test. The Omar 1-1H was drilled as a single lateral on 1,280-acre spacing.

Also in the northern portion of Continental's North Dakota acreage, the Company completed three wells targeting the Middle Bakken zone. The Company completed the Bliss 1-16H (54% WI) in Divide Co., the Skar 1-21H (54% WI) in Divide Co., and the Overlee 1-30H (54% WI) in Burke Co. for average rates of 476, 394 and 198 boepd respectively in their seven-day production period tests. The three wells were completed as single laterals on 1,280-acre spacing.
Continental is operating 10 rigs in the North Dakota Bakken play at this time, with six of those targeting the Three Forks/Sanish formation, which typically lies 50-to-125 feet below the Middle Bakken zone across the Company's North Dakota acreage.

"These four new completions further validate the productive potential of the northern part of our Bakken acreage," said Harold Hamm, Chairman and Chief Executive Officer. "We are in the process of completing three more TFS wells in this area at this time. Data from these will add to our understanding of the TFS potential in Burke, Divide and Williams counties."

Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing resource plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.

CLR is also active in the Haynesville Shale in Louisiana.

Oil & Natural Gas Prices - Opinion from CLR CEO - Haynesville, Marcellus, Bakken Shale

Yesterday in Continental Resources ( CLR ) 2nd quarter conference call, The CEO, Harold Hamm gave his opinion on the Future of Oil and Natural Gas prices for the near future and 2009. He also commented on production of Natural Gas from Marcellus and Haynesville Shale. I found this interesting and hope my readers do too.

Eric Hagen - Merrill Lynch
Great. Then last one was just for Harold. Any comment on commodity prices, oil in particular. And also on the idea that the market will be swamped with gas, next year from the shale plays Marcellus Hayneville?

Harold G. Hamm - Chairman and Chief Executive Officer
You see some of these plays are atop of that gas first of all. You'll see some of these plays that come on somewhat slower. And Marcellus is going to be one of those that takes I think quite a bit slower then some of the others, basically it's due to infrastructure. Lot of needs out there for better infrastructure pipes and rigs and services and you name it. So I think that will... that's going to come up slower than some of the rest of them. And Hayneville we are seeing some opposite rates going out there. But even that play is going to, probably heat up a lot slower as far as supply coming to market. That's going to have its own challenges, pressure gas, tectonic area, under pressure systems and et cetera. So I wouldn't think next year is going to be about of gas on the market. That would count on that at all.

As far as crude oil; we've just not seen anything change in fundamentals. We've seen demand slacken a little bit in the U.S. but rest of world we've not seen that slackening happen. So the fundamentals of being short with little bit transportation fuels remains. So as far as crude oil gain offer cheap in the next foreseeable future, I'd still see that happening.

I think as we go forward its going to become even more critical in 2009 and beyond. So we... I'd kind of stay at settling down to a range maybe $120 to $135 range. And that's good, I don't think the country is ready to $200 oil. And I think it would be devastating to see that. So obviously, we have to change to natural gas as transportation fuel in the future. But there are things, and we will have adequate supply to do that. And the country needs to make that move going forward.

Haynesville Shale Update - 7/30 - CLR, - Bakken Shale

I wanted to give a Haynesville Shale update this morning on a new company drilling the Haynesville.


Continental Resources ( CLR )


Continental CLR is now drilling at the Haynesville Shale....as you can recall from my other blog posts, they are the largest operator in the Bakken Shale Oil Field in North Dakota. Continental Resources has 17,000 acres in Louisiana but aren't saying in what parishes. They will be spudding their first well in the 4th quarter.

Leasing News

Broadmoor Neighborhood Association

Approximately 475 to 500 local residents attended this Haynesville Shale meeting at 6:30 p.m. July 22 the Captain Shreve High School auditorium.
BNA had strongly recommended homeowners hold off on signing oil/gas leases until attending the meeting to listen and discuss various matters related to mineral leases, bonus payments, drilling and other related topics. Nonbinding letters of intent for membership in Shreve Centre Coalition LLC, legal since July 18, were distributed to attendees. BNA President Ken Krefft served as moderator at the panel discussion, which included a question-and-answer session.


To view all of the stock of companies drilling in the Shale plays in Canada and the USA....visit http://oilshalegas.com

Continental Resources ( CLR ) Bakken Shale - Earnings

This morning Continental Resources ( CLR ) has released earnings. CLR reported net income of 124 million or .75 cents per share for the 2nd quarter of 2008. In last years 2nd quarter, Continental Resources reported 44 million in net income - .27 cents per share on a pro forma basis. Now you can see why CLR is one of the Top 2008 Stock Gainers. Total revenues were 303.4 million vs 145.3 Million a year ago.

The Company's average sales price per barrel of crude oil equivalent was $102.86 for the most recent quarter, compared with $54.44 for the second quarter last year.

Bakken Shale

In the second quarter of 2008, Continental increased its lease acreage position in the Bakken Shale play to approximately 525,000 net acres, with153,000 net acres in Montana and 372,000 net acres in North Dakota.
Here is each well list and the production rate for each well:

-- Mathistad 1-35H (40% WI) in McKenzie Co. -- 1,260 boepd;
-- Dodge 1-17H (20% WI) McKenzie Co. -- 989 boepd;
-- Whitman 11-34H (32% WI) in Dunn Co. -- 765 boepd;
-- Bice 1-29H (44% WI) in Dunn Co. -- 693 boepd;
-- Cleo 1-12H (26% WI) McKenzie Co. -- 654 boepd;
-- Carson Peak 44-2H (33% WI) in Dunn Co. -- 601 boepd;
-- Kermit 1-32H (45% WI) McKenzie Co. -- 596 boepd;
-- Bridger 44-14H (45% WI) in Dunn Co. -- 383 boepd;
-- Bonneville 31-23H (45% WI) in Dunn Co. -- 362 boepd;
-- Mountain Gap 31-10H (44% WI) in Dunn Co. -- 331 boepd.

Where is the Three Forks Region?

Eight of the 10 wells listed above were completed in the Middle Bakken formation, which has typically been the drilling target in the North Dakot Bakken play. The Bice 1-29H and Mathistad 1-35H were Continental's first to wells to be targeted for the Three Forks/Sanish (TFS) formation, which is typically found 50-to-100 feet beneath the base of the Upper Bakken. Since the Bice 1-29H completion in late May, Continental has adjusted most of its drilling program to target specifically the TFS and determine its potential toadd incremental reserves to the play.

Woodford Shale:

Continental's lease position in the Arkoma Woodford is approximately46,000 acres

Haynesville Shale

The Company has grown its land positions to approximately 17,000 net acres in the Haynesville Shale play in northern Louisiana and approximately

Bakken Shale Discovery - BEXP Brigham

Brigham Exploration today announced that the well they have drilling is hitting over 700 barrels of Oil per day. Their first well is hitting over 600 barrels per day in oil equivalent.

Big news out of the Bakken Shale! Continental Resources last week said their well was hitting over 1000 barrels a day with half being natural gas.

For more of the Bakken Shale....visit these two websites

http://www.oilshalegas.com/bakkenshale.html

http://bakkenshale.net

Bakken Shale - North Dakota

Last week Continental Resources came out with positive news regarding one of the oil wells hitting over 1,000 barrels of Oil per day. This was exciting news for investors of CLR as the stock hit $82 per share today. I have been hearing from residents in that area that there is talk of the whole state of North Dakota being in the Oil Shale Formation of Bakken Shale. This would be huge for that state, especially the people who own land up there.

For more information on the Bakken Shale....visit http://bakkenshale.net

Bakken Shale News CLR

Continental Resources CLR is out with some exciting news from the Bakken Oil Shale. Their second well is hitting over 1,000 barrels of oil a day with 10% of that being natural gas. The Bakken Shale is in North Dakota and Canada.

You can find more about this news and about Bakken Shale here

http://www.oilshalegas.com/bakkenshale.html

Also, Check out the Utica Shale page we just put up

http://www.oilshalegas.com/uticashale.html