Continental Resources is one of the largest (maybe the largest) leaseholder in the Bakken at 865,000 net acres. They recently held the YE2010 earnings call and divulged some good information. Here are some notes away from the typical financials.
– Continental has 3 full time frac crews and 2 part time crews
– CLR is drilling with ECO-Pads at 3 wells per pad. This efficiency saves 10% in well costs. There has been a slight increase in well costs in the Bakken, about 6% for CLR, but this seems less than the Eagle Ford and Granite Wash. ND well costs are about $6.5-$7.0MM.
– CLR recently drilled two MT step outs. They IP’ed at 642 and 412 BOEPD, 24 stage fracs and cost $6-$6.4MM. This was a good step in shoring up CLR’s MT acreage, of which most of their 165k net acres is in this area north of Elm Coulee.
– ND Bakken EURs are about 518 MBOE.
– Current frac stage count is 30.
Below is a map of their Bakken producers, most of which lie on the Nesson Anticline.
Here is a slide from a March presentation showing a typical completion design.
Continental has established itself as a leader in domestic unconventionals producing impressive wells in the Bakken, Woodford, and the emerging Niobrara. They also have a position in the Paris Basin and expect to begin operations in the summer.
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