The second quarter of 2015 delivered “excellent results” for Continental Resources, especially in light of the prevailing low crude prices.
Continental reported a Q2 net income of $0.4 million and a net production of 20.6 million Boe, or 226,547 Boe per day, a sequential increase of 10% from first quarter 2015 and 35% higher than second quarter 2014. This included 149,897 barrels of oil per day (66% of production) and 459.9 million cubic feet (MMcf) of natural gas per day (34% of production).
Bakken Q2 Highlights
Continental’s Bakken drilling program is focused on core leasehold in Williams, McKenzie, Mountrail and Dunn counties, targeting an average estimated ultimate recovery (EUR) of approximately 800,000 Boe per well. Other highlights include:
- Production averaged 140,988 Boe per day an increase of 4% compared with first quarter 2015 and an increase of 30% compared with second quarter 2014.
- Completed 56 net (159 gross) Middle Bakken and Three Forks wells
- Operated an average of 10 rigs and three completion crews in the Bakken
- The company estimates it has at least 10 years of drilling inventory, with wells averaging 775,000 Boe per well in EUR, in the core of the Bakken.
- 95 gross operated Bakken wells drilled and waiting on first production, compared to 115 at the end of first quarter 2015
Read more at contres.com