Continental Resources Announces Upcoming Investor And Analyst Day Highlights And Webcast

OKLAHOMA CITY, Sept. 17, 2014 /PRNewswire/ -- Continental Resources, Inc. (the "Company") CLR plans to conduct its 2014 Investor and Analyst Day meeting tomorrow, Thursday, September 18, 2014 at 8:00 a.m. CT.  An audio webcast and presentation materials will be available before 8:00 a.m. CT on the day of the event and can be found on the Company's website at www.CLR.com in the Investor Relations section.  Topics to be covered during the event include: 

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Bakken:

• Detailed geologic and reservoir studies suggest Continental's Bakken net unrisked resource potential totals approximately 4.1 billion Boe (barrels of oil equivalent), in addition to the Company's proved developed reserves of approximately 240 million Boe (MMBoe).
• Successful well density tests conducted during 2013 and 2014 indicate optimal well density for full development of the Bakken Petroleum System on average should include seven to nine wells in the Middle Bakken Formation (MB), seven to nine wells in the Three Forks One Formation (TF1) and three to five wells in the Three Forks Two Formation (TF2) in each of their productive fairways. 
• The Company executed an expansive enhanced completion program across its vast leasehold position in the Bakken.  Early results suggest an approximate 25% uplift in production and similar potential uplift to economic ultimate recovery (EUR).  The Company is seeing the most favorable results utilizing a hybrid completion design, which includes greater proppant volume (approximately 200,000 pounds per stage) and a combination of slickwater and crosslinked gel fluids.   

SCOOP:

• Based on additional leasehold acquired and two years of delineation and exploration drilling, Continental estimates its South Central Oklahoma Oil Province (SCOOP) net unrisked resource potential has increased to approximately 3.6 billion Boe, nearly the size of its Bakken opportunity.
• The updated SCOOP Woodford type curve EUR is 1.725 MMBoe in the condensate fairway and 655 thousand Boe (MBoe) in the oil fairway. Both are based on a 7,500 foot horizontal lateral length. 

Exploration Discovery: Springer Shale

• Continental's exploration team does it again – the Company is announcing a new oil discovery, the Springer Shale, located in the heart of the SCOOP.
• The original discovery well and two subsequent confirmation wells have cumulative production of approximately 640 MBoe in the 20 months following the original discovery well.  Continental currently has 11 producing wells in the oil fairway of the Springer Shale with an average 24-hour initial production (IP) rate of 1,140 Boe per day and an average 30-day IP of 700 Boe per day.  
• Initial Springer Shale oil fairway production data suggests an EUR of 940 MBoe, with 67% oil and 17% natural gas liquids, for an average 4,500 foot lateral length.

2014 and 2015 Guidance:

With the success of the enhanced completion testing program in the Bakken and the exceptional returns achieved in the new Springer Shale oil discovery, the Company is accelerating drilling and completion capital expenditures in the second half of 2014 for a total full-year estimate of $4.55 billion in 2014 and $5.2 billion in 2015.  Going forward, a majority of the Company's Bakken wells will incorporate enhanced completions, and completed well costs are expected to average approximately $10 million per well.  This is an increase of approximately $2 to $2.5 million above the Company's standard completion design cost from year-end 2013.  The Company plans to average eight operated rigs in the Springer Shale for the remainder of the year, an increase from just one rig earlier in the year.  This acceleration will have limited impact on overall 2014 production results, given only a quarter of the year is remaining and the lag between capital expenditure and resulting production.  However, the Company estimates exiting 2014 at net production of approximately 200 MBoe per day, an increase from previous internal projections. 

Company guidance highlights for 2015 include projected year-over-year production growth of 26% to 32% over 2014.  The Company's complete guidance outlook for 2014 and 2015 are as follows: 

 

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 information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, returns, budgets, costs, business strategy, objectives, and cash flow, are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "plan," "continue," "potential," "guidance," "strategy," 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 assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes 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, 2013, 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 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, completion and production equipment and services and transportation infrastructure, environmental risks, drilling and other operating risks, lack of availability and security of computer-based systems, 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, 2013, 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, may make.

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.

About Continental Resources

Continental Resources CLR is a Top 10 independent oil producer in the United States. Based in Oklahoma City, Continental is the largest leaseholder and producer in the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its recently discovered SCOOP play and the Northwest Cana play. With a focus on the exploration and production of oil, Continental is on a mission to unlock the technology and resources vital to American energy independence. In 2014, the Company will celebrate 47 years of operation. For more information, please visit www.CLR.com.

SOURCE Continental Resources