Continental Resources announced plans to triple production from 36 million boe in 2012 to 108 mmboe in 2017. That's an increase from a little less than 100,000 boe/d to 300,000 boe/d. The company's proved reserves are expected to follow suit, increasing to near 1.8 billion barrels of oil equivalent in the same timeframe.
Continental expects 2013 production growth in the range of 30-35% based on a $3.4 billion capital budget accounting for the drilling of 738 gross (300 net) wells.
Production and reserves growth were just two points in the company's analyst day presentation. Highlights include:
- Bakken is a true oil field, producing more than 85% oil
- Continental accounts for 13% of Bakken production, 10% of the active rigs, and has 10% of potential acreage leased
- 1.5 Billion boe of potential reserves in the Bakken and Three Forks 1 - additional reserves in the TF 2, TF 3, and TF 4 zones
- Accelerating exploration of lower Three Forks
- At 160-acre spacing there is potential for almost 14,000 wells and 4.5 Billion boe of resource potential
- Elm Coulee exploration has extended the field 8 miles further north
- OOIP estimates increasing from 577 Billion boe to 903 Billion boe. Lower Three Forks resource adds considerable potential
- Well performance continues to improve - Over 600,ooo boe/well expected today
- Results support 320-acre spacing