Continental Resources Expects 13% Production Growth In The First Quarter Of 2012, Compared With The Fourth Quarter Of 201
Continental Resources, Inc. (NYSE: CLR) announced today it expects production growth of approximately 13 percent in the first quarter of 2012, compared with the fourth quarter of 2011. First quarter production is expected to average approximately 85,000 barrels of oil equivalent per day (Boepd), compared with 75,219 Boepd for the fourth quarter of 2011.
At 85,000 Boepd, the Company's 2012 first quarter production represents a 65 percent increase over production of 51,663 Boepd in the first quarter of 2011.
The Company noted it is operationally ahead of plan for the year while reducing its operated drilling rigs, as scheduled. Continental currently has 35 operated drilling rigs, compared with 43 rigs at year-end 2011.
The Company has 24 operated drilling rigs in the Bakken play, with 21 in North Dakota and three in Montana. Four of the Continental-operated rigs are currently drilling ECO-Pad® projects, and the Company's drilling vendors are upgrading additional rigs to make them ECO-Pad capable.
Continental currently has 10 operated drilling rigs in the Anadarko Woodford play, with three drilling in the crude oil production window in the Northwest Cana part of the play, and seven operated rigs in the Southeast Cana area, which primarily produces a combination of crude oil and high-liquids natural gas.
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