Continental set a record with third quarter production of 141,900 boe/d. Bakken production grew 7% and accounted for 94,500 boe/d of the total.
Continental operated 20 rigs in the Bakken region during the quarter and grew gross production to almost 120,000 boe/d (94,500 boe/d net). That's 51% higher than the third quarter of 2012 and even more impressively, Montana production grew 17% over the second quarter.
Continental participated in the drilling of 203 gross (75 net) Bakken-Three Forks wells and the number of drilled, but not completed wells grew to 85. The company expects to participate in a total of 761 gross (282 net) Bakken & Three Forks wells in 2013.
The company also reached its year-end target of $8.0 million well costs during the quarter.
“....In addition, we completed our first density test in the Hawkinson spacing unit, demonstrating very strong initial production in the Middle Bakken and the first three benches of the Three Forks. Once again, Continental is pioneering the expansion and improved recoveries in the world-class Bakken oil play, demonstrating the productive potential of four to five stacked zones with multiple wells in each.”
Continental Completes Hawkinson Unit & Plans Full Field Development in the Antelope Area
W. F. "Rick" Bott, COO, commented, "The Hawkinson project is a milestone event for CLR and further validates our vision for full field development of the Bakken -Three Forks reservoirs in this world class oil field."
The Hawkinson density project tested 14 wells in a single unit. Three wells were existing and another 11 were drilled to complete the test. Four Middle Bakken, three Three Forks 1, four Three Forks 2, and three Three Forks 3 wells were drilled and completed at 1,320 ft spacing and 660 ft spacing in adjacent zones. The 11 new wells yielded 13,400 boe/d in addition to the 1,450 boe/d being produced from the existing three wells. That's almost 15,000 boe/d from a single pad.
The company also announced full-field development plans in the Antelope area. This will include drilling 350 wells from pads with 20-30 wells each over the next four to five years. The area will be the first to see full field development in the deeper benches of the Three Forks.
Read the full release at clr.com