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Continental cashing in on oil focus

Continental Resources' focus on oil production helped boost the Enid company's revenue and earnings.

BY JAY F. MARKS Modified: November 14, 2010 at 6:55 am •  Published: November 14, 2010

/articleid/3512534/1/pictures/1238466">Photo - Harold Hamm, CEO of Continental Resources, stands near some of the company's pump jacks. Photo by David McDaniel, The Oklahoman
Harold Hamm, CEO of Continental Resources, stands near some of the company's pump jacks. Photo by David McDaniel, The Oklahoman
"That's the hottest oil play in America today, probably the hottest exploration play — period.”

The Enid-based company has become synonymous with the Bakken. It was the first company to drill a horizontal well there and remains the Bakken's largest leaseholder with about 865,000 acres.

Hamm had estimated the Bakken could yield 8 billion barrels of oil, but he said he now thinks it may hold three times that much oil.

Continental also has high hopes for Oklahoma's Anadarko Woodford Shale, a liquids-rich resource play.

Hume said the play has some similarities to the Bakken, according to tests the company conducted several years ago in Dewey County.

Continental has assembled more than 250,000 acres of leasehold in the area with plans to continue ramping up its drilling schedule there.

"That's going to be a very exciting play for Oklahoma,” Hume said.


Read the rest of the story on Oklahoman.com
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