Continental Resources Successfully Completes Initial Test Well In Third Bench
Of The Three Forks Reservoir In The Bakken Field
OKLAHOMA CITY, Dec. 3, 2012
OKLAHOMA CITY, Dec. 3, 2012 /PRNewswire/ -- Continental Resources, Inc. (NYSE:
CLR) announced today it successfully completed the Charlotte 3-22H (91% WI),
the first horizontal well to test the third bench (TF3) of the Three Forks
zone in the Bakken field of North Dakota and Montana.
The Charlotte 3-22H flowed 953 barrels of oil equivalent per day (Boepd) at
1700 psi on a 28/64 choke in its initial one-day test period. Located in
McKenzie County, North Dakota, it was drilled to a total depth of 21,324 feet,
including a 9,701-foot lateral section, and was completed with Continental's
standard 30-stage fracture stimulation design.
"We're very pleased with the initial performance of the Charlotte 3-22H," said
Harold Hamm, Chairman and Chief Executive Officer. "The well has been
producing for 15 days and its performance compares favorably with other first
bench (TF1) and second bench (TF2) producing Three Forks wells."
Continental has been a pioneer in the discovery and development of the Three
Forks reservoir in the Bakken field. The Company was the first to demonstrate
incremental reserves from the TF1 in 2008 and the first to establish
commercial production from the TF2 in 2011. Establishing production from the
TF3 is yet another significant milestone in the growth of the Company's assets
in the world-class Bakken oil field. If the Charlotte 3-22H continues to
perform in line with the second bench Charlotte 2-22H, it will be the first
well to establish commercial production in the third bench.
"This could be a real game-changer," Mr. Hamm said. "The Charlotte 3-22H is
the first well in a 14-well program that we plan to complete by year-end 2013
to test productivity of the second, third and fourth benches of the Three
Forks over a broad area of the play."
The 1280-acre Charlotte unit is the first unit in the Bakken field to have
wells producing from three separate horizons – the Middle Bakken, TF2 and TF3
Continental estimated in late 2010 that the Bakken field would eventually
yield 24 billion barrels of oil equivalent (Boe), based on technology
available at that time. This estimate included 20 billion barrels of oil and 4
billion Boe of natural gas, and assumed 577 billion barrels of original oil in
place in the Bakken and TF1. With the addition of oil found in the lower Three
Forks benches, which includes the TF2, TF3 and TF4, the Company now estimates
the field has 903 billion barrels of original oil in place, a 57 percent
"The successful completion of the Charlotte 3-22H is another step in our
efforts to assess the productivity and reserve potential of the lower benches
of the Three Forks which is one of the goals of our 2013 drilling program"
said Jack Stark, Senior Vice President of Exploration. "The results are very
encouraging and indicate there may be upside to our estimate of 24 billion Boe
of recoverable reserves for the Bakken field."
About Continental Resources
Continental Resources is a Top 10 petroleum liquids producer in the United
States. In October 2012, the Company announced a new five-year plan to triple
production and proved reserves by year-end 2017. The Company's growth plan is
based on developing its industry-leading leasehold in the nation's premier oil
play, the Bakken of North Dakota and Montana, as well as its position in the
SCOOP and Northwest Cana plays of Oklahoma. The company reported total
revenues of $1.6 billion for 2011. Visit www.clr.com for more information.
Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements included in this press release other than
statements of historical fact, including, but not limited to, statements or
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and similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such identifying words.
Forward-looking statements are based on the Company's current expectations and
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outcome and timing of future events. Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable and
based on reasonable assumptions, no assurance can be given that such
expectations will be correct or achieved or that the assumptions are accurate.
When considering forward-looking statements, readers should keep in mind the
risk factors and other cautionary statements described under Part I, Item 1A.
Risk Factors included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2011, registration statements and other reports filed from
time to time with the Securities and Exchange Commission (SEC), and other
announcements the Company makes from time to time.
The Company cautions readers that these forward-looking statements are subject
to all of the risks and uncertainties, most of which are difficult to predict
and many of which are beyond the Company's control, incident to the
exploration for, and development, production, and sale of, crude oil and
natural gas. These risks include, but are not limited to, commodity price
volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other operating
risks, regulatory changes, the uncertainty inherent in estimating crude oil
and natural gas reserves and in projecting future rates of production, cash
flows and access to capital, the timing of development expenditures, and the
other risks described under Part I, Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended December 31, 2011, registration
statements and other reports filed from time to time with the SEC, and other
announcements the Company makes from time to time.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. Should one or more of the
risks or uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, the Company's actual results and plans
could differ materially from those expressed in any forward-looking
statements. All forward-looking statements are expressly qualified in their
entirety by this cautionary statement. This cautionary statement should also
be considered in connection with any subsequent written or oral
forward-looking statements that the Company, or persons acting on its behalf,
Except as otherwise required by applicable law, the Company disclaims any duty
to update any forward-looking statements to reflect events or circumstances
after the date of this press release.
CONTACTS: Continental Resources, Inc.
Warren Henry, VP Investor Relations Kristin Miskovsky, VP Public Relations
SOURCE Continental Resources
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