Continental Resources, Inc. operates as an independent crude oil and natural gas exploration and production company. The company has properties in the north, south and east regions of the United States. The north region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken, and the Red River units. The south region includes Kansas and all properties south of Kansas and west of the Mississippi River, including various plays in the South Central Oklahoma Oil Province (SCOOP), northwest Cana, and Arkoma areas of Oklahoma. As of December 31, 2014, the company’s estimated proved reserves were 1,351 MMBoe (million barrels of crude oil equivalent), with estimated proved developed reserves of 502 MMBoe, or 37% of its total estimated proved reserves. North Region The company’s principal producing properties in the north region are in the Bakken field and the Red River units. Bakken Field: The Bakken field is a crude oil resource plays in the United States. In 2014, the company continued to be a producer, leasehold owner and driller in the Bakken field. As of December 31, 2014, the company controlled a leasehold position in the Bakken field with approximately 1.9 million gross (1.2 million net) acres. North Dakota Bakken: The company’s production and reserve growth in the Bakken field during 2014 came primarily from its activities in North Dakota. In 2014, the company completed 860 gross (271 net) wells in North Dakota Bakken. The company’s 2014 drilling activity in North Dakota focused on developing its derisked areas; expanding the field vertically through drilling in the lower benches of the Three Forks formation and horizontally through step-out exploration drilling; pilot density drilling to determine optimum well spacing and patterns for full field development; and testing various enhanced completion technologies to determine optimal methods for maximizing crude oil recoveries and returns. Montana Bakken: The company’s Montana Bakken properties are located primarily within the Elm Coulee field in Richland County, Montana. In 2014, the company completed 61 gross (41 net) wells in Montana Bakken. The company’s inventory of proved undeveloped drilling locations in Montana Bakken, as of December 31, 2014, totaled 99 gross (73 net) wells. Red River Units: The Red River units comprise nine units located along the Cedar Creek Anticline in North Dakota, South Dakota and Montana that produce crude oil and natural gas from the Red River ‘B’ formation. The company’s principal producing properties in the Red River units include the Cedar Hills units in North Dakota and Montana, the Medicine Pole Hills units in North Dakota, and the Buffalo Red River units in South Dakota. The company’s properties in the Red River units comprise a portion of the Cedar Hills field. South Region The company’s principal producing properties in the south region are located in the SCOOP play. The SCOOP play extends approximately 120 miles across Garvin, Grady, Stephens, Carter, McClain and Love counties in Oklahoma and contains crude oil and condensate-rich fairways as delineated by various industry wells. The company is a producer, leasehold owner and driller in the SCOOP play. As of December 31, 2014, the company controlled a leasehold position in SCOOP with approximately 806,800 gross (480,200 net) acres. The company completed 151 gross (65 net) wells in SCOOP during 2014. The company’s inventory of proved undeveloped drilling locations in SCOOP, as of December 31, 2014 totaled 490 gross (248 net) wells. Northwest Cana: The company’s Northwest Cana properties are located in northwestern Oklahoma primarily in Blaine, Dewey and Custer counties. The company’s inventory of proved undeveloped locations stood at 43 gross (19 net) wells, as of December 31, 2014. Business Strategy The company’s business strategy is to increase shareholder value by finding and developing crude oil and natural gas reserves at costs that provide an attractive rate of return on its investment. The principal elements of this strategy are: focus on crude oil; growth through drilling; internally generated prospects; focus on unconventional crude oil and natural gas resource plays; and acquire significant acreage positions in new or developing plays. Customers As of December 31, 2014, sales to Marathon Crude Oil Company and PBF Holding Company LLC accounted for approximately 14% and 11%, respectively, of its total crude oil and natural gas revenues. Regulations With regard to the company’s physical sales of crude oil and any derivative instruments relating to crude oil, the company is required to comply with anti-market manipulation laws and related regulations enforced by the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC). History Continental Resources, Inc. was founded in 1967 and is incorporated under the laws of the state of Oklahoma.
continental resources inc/ok
(CLR:New York Consolidated)
20 North Broadway
Oklahoma City, OK 73102
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