Continental Resources Announces Second Outstanding Well In The Anadarko Woodford/Southeast Cana
Continental Resources, Inc. (NYSE: CLR) today announced it has successfully completed the Lyle 1-30H (99% WI) in Grady County, Oklahoma, with the well flowing 7.1 million cubic feet per day (MMcfpd) of natural gas and 325 barrels of oil per day (Bopd) in its initial one-day test period.
The Lyle 1-30H was drilled as a step-out and confirmation well, four miles southeast of the Company-operated Lambakis 1-11H (98% WI), which was announced in August 2011. The Lambakis 1-11H flowed 5.4 MMcfpd of natural gas and 160 Bopd in its initial one-day test period.
While it is too early to determine an estimated ultimate recovery (EUR) for the well, Continental believes the Lyle 1-30H should be at least as large as the Lambakis 1-11H, which has an EUR in excess of 9 Bcfe, or 1.5 million Boe, based on internal evaluation. Since late May 2011, the Lambakis 1-11H has produced a cumulative 827 MMcf of natural gas, which is typically 1300 BTUs or higher, and 19,300 barrels of oil.
Continental owns approximately 96,000 net acres in the liquids-rich Southeast Cana project and is currently drilling an additional step-out well four miles southeast of the Lyle 1-30H to further expand the extent of known production on its acreage.
Continental's production growth has continued to build in the fourth quarter of 2011.
Based on October results and preliminary November production results, the Company expects to report average production of at least 73,000 barrels of oil equivalent per day (Boepd) for the fourth quarter of 2011. This would result in Continental exceeding the upper end of its 2011 guidance of 39 percent production growth for the year. Continental does not yet have final November results for production from non-operated wells.
Continental reported average production of 66,289 Boepd for the third quarter of 2011.
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