Continental's Proved Reserves in Bakken Valued at $14.5 Billion - 2013

Continental 2013 Production
Continental 2013 Production

Continental's proved reserves stretched to more than 1 Billion boe in 2013, with an estimated value of more than $20 billion. The Bakken accounted for 72% of the volume and it's estimated value.

Continental's Bakken and Three Forks position contributed 741 million boe to the company's proved reserves at an estimated value of $14.5 billion.

Within the proved reserve estimates, Continental had 2,330 gross  (1,302 net) PUD (proved undeveloped) drilling locations at the end of 2013. According to the company, the Bakken accounted for about 84% or almost 1,100 PUD locations.

Read moreContinental's Bakken & Three Forks Density Test Yields Almost 15,000 boe/d

Continental Resources Company-Wide Production

Continental Resources had total production of 49.6 million boe or~136,000 boe/d in 2013. That's up 39% from a little less than 100,000 boe/d 2012. 71% of the 2014 total came from crude oil at 35 mmbbls and 29% came from natural gas at 87.7 bcf.

Average production during the fourth-quarter of 2013 was 144,250 boe/d. That's up ~2% from the third-quarter of 2013.

Harold Hamm, CEO, said, “We accomplished our key 2013 goals across the board – to generate top-tier organic oil production growth; to improve efficiency while reducing drilling and completion costs; and to delineate the lower benches of the Bakken and southern portions of the South Central Oklahoma Oil Province, or SCOOP.

Continental Resources Reserves

In 2013, Continental PDP (proved developed producing) reserves exceeded 400 million boe. At the end of the year, Continental had 2,330 gross acres (1,302 net) of PUD (proved undeveloped locations). Continental's year end 2013 proved reserves had an estimated net present value of $20.2 billion. That’s a 52% increase from 2012 estimates of proved reserves at $13.3 billion.

Continental Highlights

  •  72% of net present value for proved reserves come from the Bakken - 741 mmboe at $14.5 billion
  • 84% of Continental's PUD (proved undeveloped locations) are in the Bakken
  • Company-wide total production of 49.6 mmboe in 2013
  • Q4 company-wide production of 144,250 boe/d

Read more at contres.com