Continental Resources, Inc. operates as an independent crude oil and natural gas exploration and production company with 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. Bakken Field: The Bakken field of North Dakota and Montana is one of the premier crude oil resource plays in the United States. As of December 31, 2013, there were 183 rigs actively drilling in the Bakken field. As of December 31, 2013, the company controlled a leasehold position in the Bakken field with 1,779,877 gross (1,209,821 net) acres. The company had 1,405,576 gross (909,052 net) acres in the North Dakota Bakken field. Its Montana Bakken properties are located primarily within the Elm Coulee field in Richland County, Montana. As of December 31, 2013, the company had 374,301 gross (300,769 net) acres in Montana Bakken. Red River Units: The Red River units are 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, a thin continuous, dolomite formation at depths of 8,000 to 9,500 feet. 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. As of December 31, 2013, the company had 156,703 gross (137,294 net) acres in the Red River units and adjacent areas, all of which is developed acreage. 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. The SCOOP properties are located in southern Oklahoma primarily in Garvin, Grady, Stephens, Carter, McClain, and Love counties. As of December 31, 2013, the company held 677,684 gross (403,854 net) acres under lease in SCOOP. The East region includes undeveloped leasehold acreage east of the Mississippi River. Business Strategy The principal elements of the company’s business strategy include focusing on crude oil; investing in drilling projects and acreage acquisitions; acquiring undeveloped acreage at a lower cost; focusing on unconventional crude oil and natural gas resource plays; and acquiring significant acreage positions in new or developing plays. Reserves As of December 31, 2013, the company’s estimated proved reserves were 1,084.1 million barrels of oil equivalent. Regulations With regard to physical sales of crude oil and 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 and the Commodity Futures Trading Commission. Customers The company’s major customers include Marathon Crude Oil company, United Energy Trading, and Tesoro Refining and Marketing company. Significant Events In October 2014, Continental Resources, Inc. announced it has formed a joint venture with a U.S. subsidiary of SK E&S Co. Ltd. to jointly develop a significant portion of Continental's Northwest Cana Woodford natural gas assets, primarily in Blaine and Dewey counties, Oklahoma. 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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