Forward-Looking Information
This presentation includes forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. All information, other than historical facts included in this presentation, regarding strategy, future operations, drilling plans, estimated reserves, future production, estimated capital expenditures, projected costs, the potential of drilling prospects and other plans and objectives of management is forward-looking information. All forward-looking statements speak only as of the date of this presentation. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Actual results may differ materially from those anticipated due to many factors, including oil and natural gas prices, industry conditions, drilling results, uncertainties in estimating reserves, uncertainties in estimating future production from enhanced recovery operations, availability of drilling rigs, pipe and other services and equipment, availability of oil and natural gas transportation capacity, availability of capital resources and other factors listed in reports we have filed or may file with the Securities and Exchange Commission.
This presentation also includes information on reserves potentially recoverable through additional drilling or enhanced recovery operations. Non-proven estimates are generally not permitted to be disclosed in SEC filings and are subject to a substantial risk of not being realized.
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• IPO May 2007, NYSE :CLR, $14 Billion Mkt. Cap.
• #1 oil producer in the Williston Basin
• #2 oil producer in the Rockies
• On track to triple 2009 production and reserves by YE 2014– 5,300 potential net undeveloped locations– 3.2 Billion boe net unrisked reserve potential– $2.00 Billion 2011 CAPEX– $1.75 Billion Budgeted 2012 Capex
Continental Resources Highlights
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Organic Growth Company Through Exploration and Technology
Focus on “Unconventional Reservoirs and Resource Plays”
• Red River- ND (1995)
• Bakken - MT (2003)
• Bakken - ND (2004)
• Arkoma Woodford - OK (2006)
• Anadarko Woodford - OK (2008)
• Niobrara- CO,WY (2010)
Drilled over 1,000 operated horizontal wells
1,370,000 net undeveloped acres 518,000 net developed acres
Counties with CLR leasehold 4
Bakken Oil Field
SASKATCHEWAN
MANITOBA
WYOMINGSOUTH DAKOTA
MONTANA
WILLISTON BASIN
NORTH DAKOTA
Bakken Oil Field
• Potentially the largest oil field discovered worldwide in last 40 years
• Up to 24 Billion boe of estimated recoverable reserves (20Bbo and 4Bboe of natural gas)
• Doubles U.S. proved reserves
• Helping reverse decline of U.S. oil production
• Creating jobs5
Bakken Petroleum SystemOver-pressured, basin centered oil field
Huge continuous oil accumulation
• ~14,700 square-miles…size of MA and CT combined
• Largest ever assessed by USGS
3,600+ hz completions
200 active rigs
• ~2,000 new wells being added per year
CLR leasehold strategically located within thermal kitchen CLR acreage
Bakken
Three Forks
MATURE BAKKEN“KITCHEN”
MATURE BAKKEN“KITCHEN”
MIGRATED CONVENTIONAL OIL FIELDS
MIGRATED CONVENTIONAL OIL FIELDS
25
0 M
ile
s
200 Miles
Fault Zone
MARGINALLY MATURE BAKKEN
MARGINALLY MATURE BAKKEN
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Bakken Petroleum System
MATUREU.S. CANADA
SW NEIMMATUREMARG.MATURE
Three Forks
275 Miles
Lodgepole (Top Seal)
“Bakken Kitchen”Continuous, over-pressured oil trap
“Bakken Kitchen”Continuous, over-pressured oil trap
M Bakken
Nisku (B
ottom Seal)
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ORIGINAL OIL IN PLACE (OOIP) : BAKKEN – THREE FORKS
577 BBO
326 BBO
ISOPACH INTERVAL
1st Bench
2nd Bench
3rd Bench
Upper Bakken
Lower Bakken
Three Forks Added Reserve Potential
Estimated OOIP now stands at 903 BBO
5% recovery = 45 BBO
Estimated OOIP
Nisku
Middle Bakken
Lodgepole
4th Bench
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1953 Antelope Field - Discovery• 52 Vertical Wells• 12.9 MMbo & 30.1 Bcf
1970+ Vertical Bail-Out Completions• 70+ Vertical completions
1988 Elk Horn Ranch/Bicentennial• 192 Hz wells 1988-1993• 22.4 MMbo & 51.9 Bcf• Short HZ – No frac
2000 Elm Coulee• 648 Hz wells completed (10/2010)
• 96 MMbo & 74 Bcf (10/2010)
• 50,000 Bopd peak production • Dual leg HZ wells - Open hole frac
2006 ND-MT2,075 Hz wells completed (10/2010)
300 Mbopd and 210 MMcfd (10/2010)
Single leg HZ -Liner/multi-stage fracs
Bakken Play…50 Years in the Making
160 Miles
MontanaMontana North DakotaNorth Dakota
Approx. Area of Thermal
Maturity
2000Dual Leg HZ
Open Hole Frac
2000Dual Leg HZ
Open Hole Frac
1988Short HZ- No Frac
1988Short HZ- No Frac
1953Vertical (Disc)
1953Vertical (Disc)
2006Single leg HZ-
Liner/Multi stage frac
2006Single leg HZ-
Liner/Multi stage frac
Bakken Producer 9
Phases of Oilfield Development
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Yr 1-5
Leasing and exploratory drilling
Yr 1 Yr 10 YR 20 Yr 30 Yr 40 Yr 50 Yr 60
Yr 3-7
Leasing and development drillingInfrastructure design
Yr 5-10
Infrastructure build-out
Yr 10-60
Full-field development and producing life
Bakken Production History (MT & ND)
~490,000 Bopd
~3,700WELLS
Multi Leg HZ Open hole Frac
HZ wells No frac
Single Leg HZ Liner / Multi-stage Frac
Dai
ly O
il P
rod
uct
ion
(B
OP
D)
Wel
l Co
un
t
1980
2010
1985
1990
1995
2000
2005
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Largest leaseholder in the Bakken play• 901,370 net acres
Most active driller • 22 operated rigs drilling (2/1/12)
Pioneered development of the Three Forks reservoir and use of ECO-Pad®
CLR: Bakken Leader
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ECO-Pad® DevelopmentDual-zone development
• 8 Potential wells per 1,280-acre unit (4 Middle Bakken and 4 Three Forks)
4.8 MMBoe total EUR • 603 MBoe EUR per well X 8 wells
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Upper Bakken shale
TF 2nd Bench
Lower Bakken shale
TF 3rd Bench
TF 4th Bench
Middle Bakken dolomite
Lodgepole limestone
Nisku anhydrite
TE
CH
NIC
AL
LY
P
RO
VE
NIN
DIC
AT
ED
PA
Y 1st TEST DRILLING
FUTURE TEST
FUTURE TEST
Upper Three Forks 1st Bench
2 Miles
660’ 1,320’
Multiple fracture stages with a 500’ stimulation radius
10,000’ below
surface1st ECO-Pad well pair
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