Continental Resources is one of the largest operators in the Bakken Shale. The company was an early entrant in the Elm Coulee Field in Montana and began exploring in North Dakota in the early 2000s. The company current holds or has agreements in place for 1.1 million acres prospective for the Bakken Shale. As of the latter half of 2012, more than 60% of the company’s production was attributable to the Bakken.
Continental Resources is one of the top ten oil producers in the U.S. and is the largest leaseholder in the Bakken Shale of North Dakota and Montana. The company was founded in 1967 by Harold Hamm and is based in Oklahoma City, OK. The company’s headquarters moved from Enid to Oklahoma City in 2012. Other major assets include the Red River units in North Dakota and South Dakota, and the Anadarko Woodford in Western Oklahoma.
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Continental’s Quarterly Bakken Commentary
November 8, 2012
During the quarter, CLR participated in 137 gross (46 net) wells in the Bakken. Continental completed 46 gross (34 net) operated wells in the Bakken in the third quarter of 2012, with 41 gross (29 net) wells in North Dakota and 5 gross (5 net) wells in Montana.
Production from wells drilled in the third quarter averaged 1,076 boe/d in North Dakota and 886 boe/d in Montana (24-hr rates). In ND, 22 of the 41 wells came online at more than 1,000 boe/d, while two of the five wells in MT eclipsed that level of production.
The Antelope-Bohmbach ECO-Pad in McKenzie County, consisting of the Antelope 3-23H and 4-23H and the Bohmbach 3-35H and 4-35H wells. The four wells tested at an aggregate initial rate of 6,240 boe/d in total, for an average of 1,560 boe/d per well, with average flowing tubing pressure of 3,800 psi. Continental has an 85 percent working interest in the wells.
Continental is the leading leaseholder in the Bakken, with 984,040 net acres at September 30, 2012. The Company currently has 19 operated drilling rigs in the Bakken, including 15 operated rigs in North Dakota and four in Montana. The company has also agreed to acquire 120,000 acres in Williams and Divide counties for $650 million.