Continental Resources Announces $60 Million Williston Basin Property Acquisition and Conference Presentation
ENID, Okla., January 14 / -- Continental Resources (NYSE:CLR) announced today the execution of a definitive agreement to acquire producing oil properties in North Dakota and Montana from an affiliate of Chesapeake Energy Corporation for $60 million. The Williston Basin properties currently produce approximately 700 barrels of oil equivalent per day. As of December 2007, proved reserves for the properties were estimated at approximately 4 million barrels of oil equivalent.
"This group of oil properties is high quality and will fit well with our existing Williston Basin assets. We will assume operations on all of the 32 gross (29 net) wells. The average daily gross production per well rate of 38 barrels equivalent is relatively high for mature wells," said Jeff Hume, Continental Resources Senior Vice President of Operations.
Conference Presentation
Continental Resources also announced its participation in the Deutsche Bank 2008 Small and Mid Cap Growth Conference to be held in Naples, Florida on February 13 - 15, 2008. President Mark E. Monroe will present at the conference on Friday, February 15, 2008 at 8:40 a.m. Eastern Time. Mr. Monroe's presentation will be webcast live on the Company's website at http://www.contres.com/.
About Continental Resources
Continental Resources is an independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new or developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. The Company completed its initial public offering in May 2007.
Source: Continental Resources
CONTACT: Don Fischbach of Continental Resources, Inc., +1-580-233-8955
Web site: http://www.contres.com/
