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January 23, 2013
17:21 EDTCLRContinental Resources increases proved reserves 54% to 785 MMBoe
Continental Resources increased its year-end 2012 proved reserves to 785 MMBoe, or million barrels of oil equivalent, a year-over-year gain of 54%. With the 2012 increase, Continental has grown proved reserves at a compound annual growth rate of 45% since year-end 2009. Continental's 2012 proved reserves had a net present value discounted at 10% of $13.3B, a 45% increase over the PV-10 of $9.2B for proved reserves at year-end 2011. Proved reserves growth in 2012 primarily reflected strong production growth in the Bakken play of North Dakota and Montana, which Continental believes is the nation's premier oil play. Continental is the largest producer and leaseholder in the Bakken, with approximately 1.1M net acres. The company has also accelerated production growth in its South Central Oklahoma Oil Province, or SCOOP, an oil- and liquids-rich play in Oklahoma. 39% of Continental's total 2012 proved reserves, or 309.0 MMBoe, were proved developed producing, compared with 40% of year-end 2011 proved reserves. Crude oil reserves represented 72% of 2012 total proved reserves, a significant increase over year-end 2011, when crude oil accounted for 64% of the company's 508 MMBoe in proved reserves. The higher percentage of crude oil proved reserves in 2012 was accomplished despite two crude-oil concentrated divestitures. Continental currently operates 85% of its total proved reserves, compared with 86% at year-end 2011.
News For CLR From The Last 14 Days
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October 23, 2014
10:01 EDTCLROn The Fly: Analyst Initiation Summary
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07:27 EDTCLRContinental Resources completes four new oil wells in Oklahoma play
Continental Resources reported operations in its recently unveiled Springer play in the South Central Oklahoma Oil Province. The four new wells had an average horizontal lateral length of approximately 4,475 feet. Continental expects estimated ultimate recovery of 940K gross Boe per well in the oil fairway of the play for a well with a 4,500-foot lateral section. In November, Continental plans to commence drilling its first extended lateral well in the Springer play, with a planned lateral length of 7,500 feet. The company expects an average EUR of approximately 1.6M gross Boe for extended lateral wells of this length, reflecting the 67% longer lateral. Continental's current Springer production is approximately 6K net Boe/d per day or 9.2K gross Boe/d, of which approximately 70% is crude oil. The company currently has nine operated drilling rigs active in the Springer play.
07:01 EDTCLRContinental Resources initiated with a Positive at Susquehanna
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